Why Estate Planning is Important

Trust & Estate Planning

Posted in on April 22, 2024

When thinking of estate planning, it is easy to think about how sad, difficult and confusing the process can be, but Baker, Braverman & Barbadoro P.C. is here for you!

Careful planning now can help you and your family avoid significant time, expense, and disagreements later.

Why it is important to have an Estate Plan

• An Estate in its most essential form is everything you own.
  • This includes your home, bank accounts, retirement and employment benefits, personal belongings, cars and insurance policies.
• The most common reason people need estate planning:
  • to control who will receive their assets at their death;
  • to have someone make their medical and financial decisions if they lose their capacity; and
  • to avoid the long probate process!

Types of Assets in the Estate

• Probate
  • Probate assets are those assets that are titled in just your name at the time of your death.
• Non-Probate
  • Non-Probate assets are those assets with designated beneficiaries or held jointly with others. These assets pass directly to the named beneficiary upon the death of the grantor. Examples of non-probate assets include but are not limited to, joint bank accounts, deeds held jointly with, retirement and/or insurance policies with named beneficiaries and assets held in trust.

Documents we can help you with

• Wills
• Trusts and the proper Tax Planning that accompanies it
  • Revocable Trust
  • Irrevocable Trusts
  • Special Needs Trusts
  • Qualified Personal Residence Trusts

Additional Estate Planning Services

• Elder Law Planning
• Same Sex Couple Planning
• Medicaid Planning
• Asset Protection Planning
• Trustee Service

If you want to set up your Estate Plan, contact one of our very skilled, diligent, and persistent estate planning attorneys at (781) 848-9610.