Protect Your Legacy with Estate Planning
We spend many years building up our assets and growing our wealth, so it’s important to protect that legacy for our loved ones. Dynamic Accounting Services offers estate planning services to individuals in The Bronx and the surrounding communities, safeguarding their assets and ensuring a better financial future of their families and loved ones.
What is Estate Planning?
Estate planning is the process of legally defining the distribution of your finances and assets upon your passing and preparing for the transfer of those assets.
Without protections in place, your estate will go through probate, and the court will decide the distribution of your property to your heirs. Probate opens the door for other relatives or third parties to contest your will and tie up an estate in court for many years.
Drawing Up a Will
A last will and testament is a legally-binding document that lays out your wishes for your property. Through a will, you can leave your assets (those not shared jointly) to anybody you wish, whether that means you want to leave your restored classic car to your son or a close friend.
Without a will, all assets are transferred over to your next of kin. For instance, if you and your spouse are separated but not legally divorced at the time of your passing, your property will be transferred to the spouse by default, whether either of you wants that or not.
Create a Trust
When assets are inherited, an estate tax is levied against the value, which can leave your loved ones with less than you intended. The best way to avoid this is to create an irrevocable trust. Placing funds or other property into a trust means those assets are no longer considered yours for taxation purposes.
The best part about a trust is that you can schedule disbursements and include stipulations. For example, you can leave your home to your child, but stipulate that the property does not transfer into their name until they graduate from college or marry.
Secure Your Loved Ones’ Tomorrow, Today
Dynamic Accounting Services can help you ensure that even though you won’t be around forever, your assets will end up where you want them to without interference. Contact our Bronx office today to schedule a consultation with our expert CPA.