The studies that are conducted consistently show that two-thirds of American adults do not have wills or trusts in place. Curiously, most of these folks say they know that estate planning is important, but they have been procrastinating.
This brings up an important question: If you are among the unprepared, when will you finally put the procrastination behind you and put a plan in place?
Why Do People Drag Their Feet?
Some that have done no planning at all have no reason other than the idea that they will have time to do it later on. After all, the average lifespan is 78 years, so you don’t have to act until you are getting close to that age, right?
This is an extremely risky way to look at it, because people pass away at all ages every day. If you die intestate, the court will step in and sort things out. In the end, your assets will be distributed according to intestate succession laws, and the outcome may not be consistent with your true wishes.
Another reason for the inaction is the idea that things are uncertain. You may not be sure about the way your financial situation is going to unfold over the years. There are also those that are concerned about possible changes in marital status in the future.
These things can and do happen, but that is not a reason to go through life without an estate plan. When you work with our firm to craft your legacy, your original plan will be constructed based on the circumstances at that time. Over the years, we will be prepared to make changes when and if they become necessary.
Incapacitation Among Elders
Premature death is an unexpected event that can enter the picture to create a difficult situation if you do not have a plan, and there is another one that is more common. According to the Alzheimer’s Association, over 30 percent of people 85 and older have the disease.
In all, 6.7 million Americans are Alzheimer’s sufferers, and this number is expected to double by 2050. It is the sixth leading cause of death in the United States, and it impacts 11.7 percent of all people that are 65 years of age and older.
A will or trust is not valid if the testator is not of completely sound mind at the time of the execution. If you become incapacitated late in your life before you establish a plan, you will be unable to act. This is an unfortunate situation, and it can become a reality if you continue to procrastinate.
Attend a Free Webinar!
If you are ready to take the first step, you should register to attend one of our estate planning webinars. We also conduct nursing home asset protection events, and this is important as well, because most people will need long-term care and Medicare doesn’t pay for it.
When you join us at one of these webinars, you will receive a great deal of information completely free of charge. This is the first order of business, and while you are building on your knowledge, you will make a connection with our attorney, S.J. Khalsa.
You can see the dates if you head over to our webinar schedule page. If you decide to attend, please follow the instructions to register, because we want to know how many people to expect.
Are You Ready to Act?
If you have reached the point where you are in fact ready to work with a Manhattan, NY estate planning lawyer to develop your plan, our doors are open. There are different approaches that can be taken, and there is no one-size-fits-all estate plan that is right for everyone.
When you work with our firm, you will find that we take a personalized approach. We will listen to your concerns and discuss your options with you based on your financial position and your intentions. At the end of the process, you will emerge with a custom crafted plan that will bring your wishes to fruition.
You can schedule a consultation right now if you call us at 212-973-0100, you can fill out our contact form to send us a message.
While he was in law school, he worked as an aide to the late John Sparkman, Senior Senator from Alabama. This gave him the opportunity to gain intimate knowledge of the workings of government, and this background has served him well.
He started his private practice in New York in 1974, the first Sikh to be admitted to the bar in the state of New York.And in 1995, when he narrowed his legal focus to the areas of estate planning and elder law, the prestigious American Academy of Estate Planning Attorneys accepted him into their membership.
Special needs planning is an important aspect of the field, and Mr. Khalsa has intertwined his empathy with his expertise to become a leading advocate in this area. Shortly after the Education for All Handicapped Children Act was enacted in 1975, he won the first case in New York that was adjudicated under this law.
S.J. Khalsa has a penchant for philanthropy, and he has raised well over $20 million for charities nationwide. He is a deeply spiritual man who represents the Sikh religion at religious and interfaith gatherings all over the globe.
He believes that successful professionals should contribute to the fabric of their communities, and to this end, he works with law enforcement in New York.
Mr. Khalsa is a graduate of the FBI Citizens Academy program, and he is active in their Alumni Association. He is a member of the FBI/New York Police Department Joint Task Forces on Civil Rights and Hate Crimes, and he sits on the Community Engagement Council that advises the FBI Assistant Director for New York.
He is the author of the highly acclaimed book, Estate Planning Essentials: A Guidebook for Modern Families. Lawyers of Distinction recognized him for his excellence in 2020, naming him a 2020 Power Lawyer, and he is a member of the prestigious American Academy of Estate Planning Attorneys.
Mr. Khalsa lives in Manhattan with his wife, and he has two grown children and four grandchildren. He likes to travel, and he is an avid golfer. As the co-owner of Kundalini Yoga East in New York along with his wife, he instructs practitioners and aspiring yoga teachers.
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