Many people are under the impression that a last will is the only logical choice as an estate plan centerpiece if you are not extraordinarily wealthy. In fact, this is a myth.If you utilize a last will, your loved ones will not receive their inheritances in a timely manner. The executor that is named in the document would be required to admit the will to probate, and the court would supervise the estate administration process.There is one caveat to the above statement here in New York. … [Read more...] about Have You Considered a Living Trust?
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts.Domestic Asset Protection Trusts … [Read more...] about Domestic Asset Protection Trusts
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item.The Little Things May be the Most Important … [Read more...] about The Little Things May be the Most Important
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation.SALT Deduction Limit…Can You Get Around It? … [Read more...] about SALT Deduction Limit…Can You Get Around It?
Many people do not like to contemplate their own mortality, and as a result, they put estate planning on the back burner. They never really do much research into the intricacies, and they go forward with the idea that estate planning equates to the creation of a last will.In reality, this is a gross oversimplification. There are numerous different estate planning strategies that can be implemented, and the right way to proceed will depend upon the circumstances. The fact is, there are many … [Read more...] about Uncommon Estate Planning Terms Demystified
In many cases, the process of probate will be necessary when an estate is being administered. We practice law in New York, and in our state, probate matters are handled by the Surrogate’s Court. The executor or personal representative would complete the necessary hands-on tasks if there is a will, or if the decedent died intestate. The court would provide supervision during the process.The above being stated, under some circumstances, probate would not be necessary. Plus, some people … [Read more...] about Is Probate Always Necessary in New York?
Many people view estate planning as an exercise in document creation, and you do have to express your wishes in writing when you devise your plan. This being stated, you should carefully consider the events that will take place after you pass away.If you use a last will as the centerpiece of your estate plan, you would name an executor to handle the estate administration tasks after you are gone. The executor would not be able to act independently without supervision. Under the laws of the … [Read more...] about An Overview of the Estate Administration Process
The legal device called a revocable living trust is one of the most widely utilized asset transfer vehicles in the field of estate planning. There are pitfalls and limitations that go along with the utilization of a last will, and these are avoided if you opt for a living trust as an alternative.One major benefit is the consolidation of assets. When a will is used, the executor must spend a lot of time and effort identifying and inventorying assets that comprise the estate. On the other … [Read more...] about Living Trusts: The Pros & Cons
To understand the value of a qualified domestic trust (QDOT), you have to digest some information about the estate tax. There is a federal estate tax in the United States, and it carries a hefty 40 percent maximum rate that can take a major toll on your legacy. We also have a state-level estate tax here in New York, but to keep things simple, we will stick to an explanation of the federal parameters here.Fortunately, the majority of people do not have to pay the tax, because there is a … [Read more...] about Why Would You Use a Qualified Domestic Trust?
There are a lot of things to think about when you are planning your estate. Many people do not understand all the intricacies, and in some cases, their families pay the price. A little bit of knowledge can go a long way, so we will provide a handful of inheritance planning tips in this post.Do not buy into do-it-yourself estate planning notions.Rolling up your sleeves to take care of some things on your own without professional assistance can save you money, and it can be fun in some … [Read more...] about Five Inheritance Planning Tips