Introduction To Estate Planning
People think of estate planning as focusing on an individual’s assets and properties and how they will be distributed after death. Of course, these are important parts of the planning, but there is a lot a person can do to ensure his or her wishes are honored. Many people do not know that estate planning requires being familiar with estate laws and discussing the ways in which they affect your estate.
Why Planning Is Important
Estate planning allows a person time to make important decisions regarding their estate. Planning ahead helps alleviate disputes. A person who plans becomes more knowledgeable about taxes that will affect their estate. Generally, estate plans can be amended if needed, so people should not be concerned about their estate plans being unchangeable.
The Risks of Not Planning Ahead
People who do not put plans in place about the distribution of their estate after death run the risk of family members or friends fighting over property. A lack of end-of-life decisions can also be very burdensome for loved ones. If an estate dispute goes to court, the process is very slow, painful and expensive. In extreme cases, family relationships can be ruined. The problem gets compounded when decisions have to be made about land distribution, especially if the family members wish to sell the land against the decedent’s wishes.
Estate Plans Types
Estate planning includes distribution of assets people own, bank accounts, insurance policies, investments and real property. Estate planning should also include school tuition accounts, trusts and other plans affecting another person’s life. Another important part of estate planning includes medical care and end-of-life decisions. This section offers an overview of common estate plans that an attorney can help you understand.
Factors to Consider
There are various types of estate plans that have unique benefits and features. For instance, a plan may appear to offer better tax benefits in comparison to another, while other types of plans are favorable in other ways. The federal government and the states have estate laws which are crucial for you to know about when planning your estate. For example, you can reduce tax payments and costs if you tailor a plan that suits your needs and carries out your intentions.
Why Having An Attorney Is Important
An attorney helps in understanding the basics of estate planning and in creating a plan that reflects your wishes. Remember to carefully choose an experienced estate planning attorney when you are ready to put plans in place for your estate.
Why Choose Geraldine A. Clahar, CPA Firm
Geraldine A. Clahar, CPA, has over 30 years’ experience as a professional accountant. Her background includes work in both public accounting, (with three years at KPMG’s New York office), and private accounting in the healthcare industry. She holds a BBA in accounting from CUNY Baruch College and an MBA in Taxation from St. Johns University. Her firm, G.A. Clahar, CPA serves small- to-medium-sized businesses as well as individuals, servicing all of their accounting, bookkeeping, tax, and financial planning needs.
Our Overall Services Include:
- Assistance with bank loan applications
- Business consulting, budgeting and forecasting
- Financial statement compilations, review, and analysis
- Notary public
- Tax filings
- Assistance with obtaining federal and state Minority and Small Business Certification
About Our Firm
Our experience in both public and private accounting provides us with a set of skills usually found only in large accounting firms. But our small size means that we offer a high level of attention and personalized service to each client.
In the field of taxation, rules are updated or become obsolete very quickly. We are constantly refreshing our knowledge base to stay on the cutting edge in the accounting and tax fields.
For professional, attentive service, no matter the size or scope of your organization, whether it is for-profit, not-for-profit or for individuals, contact us today for an appointment.