WITHOUT PURPOSEFUL ESTATE PLANNING ALL YOUR NYC REAL ESTATE COULD BE LOST
What’s your estate plan for your NYC property? Who are the experts making sure your vision happens?
We all know that we’re supposed to have a will. Few do. Even when one is created it may not cover all your needs, and is certainly not the only piece of the machine that will ensure your will is really delivered on. So what other tools might be smart to have regardless of how wealthy you feel or not? What essential moves should New Yorkers and New York property owners be making now?
Regardless of whether you will is to pass everything on to a single heir, simply create ongoing passive income for a loved one, give it all to a cause you care about deeply, or set you Golden Retriever up to be treated like a prince for life; you’ve got to have it on paper.
Many do create rushed wills to check this off their to-do list. But that will also needs to be setup to account for future real estate and asset changes. Does yours account for buying and selling different properties over time, family and belief changes, and to account for managing those assets to deliver on your goals after you are gone? Do you have a regular review scheduled? Or at least a professional who will gently nudge you when it’s time to make an update?
A will is just one cog in the wheel when it comes to real estate planning. The more you can do to streamline the process, avoid being tie up in probate, and to really empower executors, asset managers, and heirs to fulfill your wishes the better.
Some of these tools may include using LLCs or trusts to buy and hold property.
Additional estate planning and investment tools to explore may include 1031 exchanges or self-directed retirement accounts to help protect wealth, minimize tax liability, and maximize growth.
Among the most important of all though is your panel of executors and professionals.
The VIPs You Want in Your Corner Today
Estate planning is sadly one of those topics that families and many individuals love to avoid. Unfortunately that can lead to a lot of pain, and tons of waste.
These are great conversations to have early, no matter whether it is a spouse, child, or charity whom you want to help most.
It really doesn’t matter how massive your Empire State real estate empire is if it is all lost in the commotion of managed horrifically after you are gone.
So not only do you want a great family law attorney, real estate attorney, accountant, financial planner, and real estate advisor and asset manager on your team now, it’s smart to introduce them to your heirs today. Help them build a relationship, let each know who the other is, and foster an excellent model which will breathe life into your legacy for many generations to come…