Far too many people assume that estate planning is an exercise in drawing up a will or trust. They think that the rest will fall into place, and they do not consider any of the finer details. You can approach the matter this way if you choose to do so, but you may want to take a step back and see the big picture.
When you are giving a loved one a heartfelt gift, you want it to be a completely enjoyable experience for them. On the other side of the coin, you are giving the gift as an expression of love for the recipient, so it is a meaningful act for you.
You may want to apply this perspective when you are planning your estate. After all, in a real sense, you are preparing to give your final gifts to the people that you love the most.
Liquidation of Property
Over the years, you will invariably accumulate countless different items that you have around the house. There are the practical things like furniture and appliances, and you may have some antiques and a set of china that has been passed down over a number of generations.
If you are a collector of classic cars, art, old signs, or a vast array of antiques, you should definitely consider the estate planning implications. American Pickers is a very popular History Channel show that is very instructive in this regard.
In many cases, they come upon surviving family members that are in possession of vast collections. The inheritors appreciate the items, but they do not know much about them. As a result, they are not in a good bargaining position when they try to sell their inherited collections.
There is also the matter of the overwhelming nature of the task in some cases, because some collections are enormous.
You should seriously consider selling your collectibles and other items that you have in your possession before you pass away. When it comes to rarities, the new owners will enjoy them as much as you have, and you can use your knowledge to get fair returns.
Perhaps you can use the influx of money to finance a bucket list adventure of some kind, and short of this, the resources will bolster your legacy. Plus, your family will certainly appreciate the effort when they recognize the fact you have taken this responsibility out of their hands.
Real Property
The same dynamic applies to your real property. Your home may have a great deal of sentimental value to you, but your children may not necessarily feel the same way.
There are people that remain in homes that are unnecessarily large because they want to keep them in the family. In a lot of instances, they really aren’t doing their loved ones any favors.
A vacation home is in a similar category. You may like the idea of your children and their families getting together occasionally at the vacation property.
In reality, the children may feel as though the proceeds from the sale of the house can be put to far better use. For example, let’s say that your son and daughter-in-law are feeling pinched because they are trying to put their children through college. Under the circumstances, partial ownership in a vacation home may be a luxury they can’t afford.
Attend a Complimentary Seminar!
We believe in education, because people that understand the importance of planning tend to take action for the benefit of their loved ones.
With this in mind, we conduct seminars on an ongoing basis that cover the most important estate planning and elder care planning topics. There is no charge to attend the sessions, so this is a great way to invest some spare time.
You can see the dates if you head over to our seminar page, and when you identify the session you would like to attend, follow the instructions to register.
Need Help Now?
If you are ready to work with a Glastonbury or Westport, CT estate planning attorney to devise a custom crafted plan, we are here to help. You can schedule a consultation appointment in our Glastonbury or Westport offices if you call us at 860-548-1000, or you can use our contact form if you would rather send us a message.
Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.
Mr. Horowitz was selected for Super Lawyers in 2021.