When that extra bit of money from your tax refund lands in your bank account, it’s easy to start dreaming about all the ways you can use it. Financial experts may tell you that it’s a chance to pay off debts, tuck away savings for an emergency, or add to your retirement savings. You, on the other hand, may want to splurge on something special. However, there’s an often-overlooked option that not only provides immediate satisfaction but ensures long-term benefits for both you and your loved ones: Estate Planning.
Estate Planning might sound like a complex and daunting chore reserved for the wealthy, but it’s actually a straightforward and crucial process that is beneficial for everyone. In its most basic terms, Estate Planning involves making a plan for what happens to your belongings and finances after you’re gone, or if you become incapacitated. Think of it as creating a roadmap for your loved ones to follow, ensuring they’re taken care of and know exactly how to handle your estate according to your wishes. After all, someone will have to do something with your things after you’re gone. Also, your plan can ensure you are cared for in the way you want, by the people you want, if you lose capacity while you’re still living.
Put Your Tax Refund To Work
Working with a heart centered attorney will help you navigate the law, help you tailor your estate plan to fit your specific needs, and will provide peace of mind knowing that your estate plan is thorough and legally sound. Some of the relevant documents and considerations that should be part of your comprehensive plan include:
A Will: Details and serves as your voice for your asset distributions and designates guardians for any minor children.
Creating a Trust: Allows for precise management of how and when your assets are distributed, offers tax advantages so more of your assets go to your loved ones instead of the government. Trusts are also designed to circumvent the lengthy, expensive, aggravating, and public probate court process - giving you greater control.
Selecting Guardians and Health Care Agents: Choosing individuals who will execute your wishes and look after your children if you are unable to do so is crucial to help safeguard your family’s future. Preparing the right Medical Directives, including naming the people you trust to make medical decisions if you can’t will prevent a court imposed expensive guardianship appointment, preventing those you trust from making health related decisions for you.
Even if you don’t receive a tax refund this year, Estate Planning isn’t something you just do for yourself, it’s truly an investment you make for the people you love. To learn more about our process, call for a complimentary 15-minute conversation and schedule your Estate Planning Design Session 718-514-7575 or 732-333-1854. We’ll guide you and your family through it all.
Monet Binder, Esq., has her practice in Queens, dedicated to protecting families, their legacies, and values. All halachic documents are approved by the Bais Havaad Halacha Center in Lakewood, under the direction of Rabbi Dovid Grossman and the guidance of Harav Shmuel Kaminetsky, shlita, as well as other leading halachic authorities. To learn more about how a power of attorney can help you, you can send her an email at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 718-514-7575.
