Estate planning means stating in written form how you want your estate handled after you die or should you become incapacitated. It need not be complicated. Proper estate planning protects you and your family, minimizes taxes and fees, and ensures accurate asset distribution. While the process is often simple, many people put off estate planning. The main reasons are that they are unaware of its importance and it can be an emotional topic. Like many things in life, the hardest part is getting started. Once you have made your decisions, the financial professionals take over. This is where having an established relationship with a Newmark Group advisor is beneficial. Having someone who understands your financial situation and what is important to you provides an objective sounding board for a sensitive topic.
Many investors make diligent plans for their retirement, their children’s education and their businesses. However, after working hard to build a good life, many people avoid estate planning. Almost everyone requires estate planning, which can be as simple as a hand-written will. Professional estate planning is important for people susceptible to high estate taxes, and with heirs who may require financial help or fight over money. It ensures that one’s estate is distributed according to one’s wishes. Your estate comprises all the assets you own at the time of passing. These can include cash, securities, retirement plans, life insurance death benefits, collectables, art, real estate and business interests.