New York families that have been able to accumulate a significant store of wealth have to take steps to protect these resources. There is the estate tax to fend off, and asset protection should be a consideration as well. Let's take a look at the present estate tax parameters, because you have to understand them to know if you are potentially exposed. On the federal level we have a $5.25 million estate tax exclusion and a 40% maximum rate. There is also a New York State estate tax that …
A Look at New York Legacy Wealth Planning
When you recognize the fact that you are in possession of wealth that will potentially last for multiple generations you should consider legacy wealth planning. Many people do not understand the fact that estate taxes can return generation after generation to constantly pound away at the family wealth. This is perhaps the most important thing to address when you are engaged in legacy wealth planning. Here in the state of New York we have a state level estate tax. The exclusion amount is only …
Support Charities, Gain Tax Efficiency
Supporting charities can provide tax efficiency, so you can do something to make the world a better place while you simultaneously mitigate your tax burden. Estate tax efficiency is important for people who have accumulated significant stores of wealth. There is a federal estate tax in place, and here in the state of New York we also have a New York state estate tax. The dividing line that separates those who must pay the tax from those who are exempt is the estate tax exclusion. There are …
Intentionally Defective Grantor Trusts Remain Popular
There are some types of trusts used in the estate planning field that can be quite a mouthful to say out loud, and as a result a lot of acronyms are utilized. One of these is "IDGT," and it stands for an intentionally defective grantor trust. What is going to stand out the most to people when they hear about these trusts is the term "defective." It can be hard to understand why anyone would want to create anything that is intentionally defective given the literal definition of the …
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