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Estate Planning for Singles

If you are single, then you may face some unique challenges when it comes to estate planning.

With millions of single adults in America today, it is more important than ever to understand the estate planning options and to take the time to create an estate plan.

For instance, if you are single and die without a Last Will and Testament in New York, then your assets pass by operation of the laws of intestacy. This means that your assets would pass first to your children, then to your parents, then to siblings, and down the bloodline. If no living relatives can be found, then your assets would go to New York State.last will

So, if you have children then they would inherit your assets outright, and not in a trust for their benefit that would ensure long-term protection. Likewise, if you predecease your parents, then they will inherit your assets outright, which could cause them to be ineligible for means-based government benefits, like Medicaid.

Even if you have a Last Will and Testament, there are certain estate tax benefits that married couples enjoy that are not eligible to their unmarried counterparts, like the marital deduction.

In addition to limited options when creating a testamentary scheme, there are also benefits that are not available to unmarried individuals when considering long-term care planning.

While these planning challenges may seem unfair and overwhelming, there are always options available to meet your goals.

To discuss how your estate plan can be tailored to fit your situation, contact an experienced estate planning attorney.

By Eric J. Einhart – Guest Blogger

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