Long Island estate planning lawyers at Mark S. Eghrari & Associates, PLLC can provide help with the estate planning process. Our legal team works with people who have estates of all sizes to identify their goals and to make an effective plan through the use of the correct legal tools and documents.
While making an estate plan is important for everyone, even if you don’t have substantial assets, there are certain complexities that arise for people with large estates that make it more difficult to create an estate plan.
Mark S. Eghrari & Associates, PLLC has offered help to many wealthy individuals and families to address the unique estate planning issues that go along with having a substantial estate.
To find out about the personalized help we can provide if you have a lot of wealth you hope to protect and pass down, give us a call. You can also read on to find out more about some of the special legal issues that can arise for people with larger estates.
One of the biggest concerns faced by people with larger estates is the possibility of owing estate tax. Under the current tax rules, your estate will have to pay federal estate tax after you pass on if your estate exceeds $5.49 million as of 2017. However, if tax reform passes as it is widely expected to do, this exemption doubles so very few people will end up owing it.
You can pass unlimited assets on to your spouse tax-free and if you do not use your exemption, you can transfer that exemption to your spouse. This means if you left all your assets to your spouse, your spouse could subsequently pass on $10.98 million tax free. If your estate is expected to exceed this amount, you may be able to use other techniques to reduce your estate tax bill so you should talk with an experienced attorney.
You will also owe state estate tax at a much lower threshold than the federal level so should talk with Long Island estate planning lawyers about options to reduce what you will need to pay to the state of New York if you have a larger estate.
Property in Multiple Jurisdictions
If you have property that you own in multiple counties or states, multiple probate processes may be necessary since probate might need to take place in each of the locales where you own property. You could take steps to avoid this by making an estate plan that allows your assets to transfer outside of probate.
Challenges in Managing Assets
The probate process can take around a year, according to Investopedia. The process is a time-consuming one and during the process, the executor of an estate will be placed in charged of managing wealth. If you are concerned about the possibility for losses if assets are not quickly transferred to new owners to be managed, you should work with Long Island estate planning lawyers to find a way to transfer assets quickly outside of the probate process.
An Increased Risk of Your Wishes Being Contested
The more money and property you have, the greater the chance that your family members will end up fighting over their share of it. This could lead to your loved ones contesting your will after you have passed on.
If your will is contested successfully, you could lose the chance to control what happens to your wealth and to determine your legacy. You should work with an experienced attorney to explore options for facilitating the transfer of assets through other means that are less likely to be successfully contested than a last will and testament.
Getting Help from Long Island Estate Planning Lawyers
These are just a few of the key issues that could arise as a result of a larger estate. If you have a family business or if there are other special circumstances associated with the inheritance you wish to leave to loved ones, the transfer of assets after your death could become even more complicated. You should work with Long Island estate planning lawyers to find out more about how our firm can help you.
Mark S. Eghrari & Associates, PLLC has worked with people with estates of all sizes, including with larger estates. To find out how our firm can help you to make plans to protect your family and assets, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online at any time to get personalized help.