Estate Planning in Rochester NY

When was the last time you reviewed your estate plan? Last year? Five years ago? Ten? Never?

In light of constantly changing tax laws in this area, a periodic review of your plan is essential to ensure that it continues to meet your needs. And if you do not currently have any plan, there is no time like the present to create one.

This is something that may require the help of several advisors such as your attorney, insurance agent and banker. As your accounting resource, creating an estate plan in Rochester, NY, is made easy as we contribute our knowledge of tax implications of the decisions you make in structuring your estate.

Davie Kaplan can help assure that you meet your estate planning goals while reducing or even eliminating your estate taxes, thereby leaving a larger portion of your estate to your family or other heirs.

The best plans incorporate all financial, tax and family considerations to ensure maximum benefits. We will discuss a wide range of financial information and your future goals while considering income, excise and transfer taxes, the ability of the estate to pay its debts and taxes, income and cash needs of a surviving spouse and intended distributions to other heirs. Davie Kaplan can provide comprehensive services that can either be used independently or in conjunction with the work of other advisors.

If you’re looking for some basics, we’ve answered some frequently asked questions below.

What is an estate plan?

Everything you own is a part of your estate. For example, real estate, vehicles, checking & saving accounts, insurance, furniture, investments, and other personal possessions all make up your estate. Starting estate planning in Rochester, NY is the process of deciding who will receive these belongings when you pass. The first step in the process is creating a will.

What is a will?

A will is a legal document that allows you to lay out how you want your assets and belongings to be distributed after you pass away. Assets in your will go through the state probate process. It is often important to talk to your relatives about this to avoid conflict once you pass.

What is the states probate process?

When someone passes, it is the legal process used to pass their property to their beneficiaries. How the process works varies by state. In most states, if you are married and have children, they each receive a share, unless you’ve outlined other instructions in your plan (link).

When should I start?

It is never too early to start. Some say you should start immediately once you begin retaining assets and belongings. Hopefully, in your younger years this sort of plan won’t be necessary, but you never know what could happen and you want to be sure that your assets and wealth are protected.

Please contact our professionals today to begin this important process.

Related tax planning services offered by Davie Kaplan that are integral to a comprehensive approach to your financial wellbeing include:

Interested in learning more?