Death’s inevitability is often something we try not to think about. It will eventually come to pass, though. The sooner we accept that the sooner we can prepare ourselves for that eventuality. A big part of this preparation is actually planning your estate. This crucial step would greatly benefit from the advice of an executor attorney. Read on to discover why.
A lot of people think that youth is an excuse for putting off doing a will or trust. But wills and trusts is not just about planning for your death. It is also prepares you in the event you experience an incapacitating injury and are unable to make your own financial or medical decisions. While the odds are certainly in your favor that you will not need an estate plan, you should still consider these four scenarios…
I would gladly pay the taxes if I won the lottery fast. A disgusting sight is to see a lottery winner engage an army of accountants and lawyers to avoid the responsibility to the system that allowed their good fortune to happen. Life’s lottery could have let them be born into a place where such an incredible outcome does not exist. That is not to say that good financial advice going forward is unimportant. Most lottery winners are not equipped to handle the taxing and investment decisions they are going to have to make. The chance to leave a significant estate will be a daunting task for anyone, especially inexperienced lottery winners.
So, what exactly do I mean by this? Well, too often I see small business owners who don’t practice what they preach in their services, their beliefs about their business, what they do for their own small business, what they’re willing to spend for a service and on and on.
An estate plan needs a well-written will to be effective, but the will is not everything that’s needed. You need a lot more than this, especially considering the kind of tax law that currently exists. Trusts and estates are governed by an incredibly complex set of laws. Often our best bet is to turn to a New York estate trusts and wills in order to insure that every aspect of these laws is factored into our estate plan.
Neighborhoods after attract somewhat similar people. Not necessarily in terms of their interests, but in terms of age. So if you have a family and children, think about whether you want to live in a neighborhood that is composed primarily of retired folks. And if you are retired, do you want to live in a neighborhood that consists primarily of young families? Some people do, and that is fine. But it is a consideration worth making.
The important thing is to do your research and figure out if selling royalties is the right thing for you. After all, there could certain situations where selling your royalties is not a smart move.