Estate planning for high net worth individuals will involve the implementation of wealth preservation strategies, because the proverbial tax man is standing at the ready prepared to pounce as soon as you pass away. Some people are under the assumption that you are surrendering personal possession of assets once you place them into a trust of any kind. This would lead you to the belief that assets that you have conveyed into a trust would not be counted by the IRS when your estate tax exposure …
What Is the Cost of Probate?
The process of probate comes into play if you pass away in possession of personally held assets. Most people will use a will to direct the transfer of these assets. If you go this route, the will must be admitted to probate. During the probate process the court will determine the validity of the last will and supervise the administration of the estate. Probate Expenses There are some considerable expenses that can pile up during the probate process. The court will require a filing fee, …
“Green Book” Released; Estate Tax Rate Hike Proposed
Every year the president puts together a proposed budget for the following year that is called "The Green Book." The proposal for 2015 has been released, and this is newsworthy to the estate planning community. Rate Hike In 2018? The proposal targets a number of different areas of the tax code that are relevant to the field of estate planning. For one thing, the proposal would increase the maximum rate of the estate tax. The increase would take effect on the first day of January in 2018. The …
What Is a Supplemental Needs Trust?
When you are planning your estate you should think long and hard about the way that you will be transferring assets to each person on your inheritance list. It is not necessarily a matter of handing out pieces of a pie through the terms of a last will. With the above in mind, let's look at people with disabilities, government benefits, and supplemental needs trusts. Need-Based Benefits People with disabilities often qualify for need-based benefits like Medicaid and Supplemental Security …
Will I Still Have Control of My Property if I Establish a Revocable Living Trust?
People sometimes do not consider the possibility of creating a living trust because they harbor certain misconceptions. One of these misconceptions is the notion that you surrender all control of property that you convey into a revocable living trust. This is simply not the case. When you create a revocable living trust, you are not surrendering control of the assets while you are living. A trust consists of the grantor, which is the person who creates the trust; a trustee who administers the …
New York State Estate Tax Exclusion Has Increased
There is a federal estate tax that high net worth Americans must contend with, and the amount of the exclusion stands at $5.34 million in 2014. There was a base of $5 million put in place for the 2011 calendar year, and there have been annual adjustments to account for inflation ever since. Next year you might see a somewhat higher figure when another inflation adjustment is added. Some of the states also levy state-level estate taxes. This is commonly done in the Northeast. We practice law in …
April Is Dedicated to Promoting Autism Awareness
People who have special needs often times rely on government benefits to pay for very expensive care and treatment. Medicaid is the source, and many of these individuals also receive Supplemental Security Income from the government. With the above in mind we would like to take a look at the impact of autism from an estate planning perspective because April is dedicated to promoting autism awareness. A lifetime of care for someone with autism can cost millions of dollars. Because of this …
Four Essential Estate Planning Documents
When developing an estate plan, it's important that you create the proper kinds of legal documents so that all of your concerns, be they financial or personal, are met to your satisfaction. A good estate plan consists of different key types of documents, each of which addresses a specific topic. It's always best to create these documents as soon as possible and after consulting with a qualified estate planning attorney. 1. Living Trust: A living trust is a kind of legal entity to …
Estate Planning: Communication Is Key
Estate planning is undertaken for the benefit of the family members that you will be leaving behind, and they are all unique individuals who do not share identical perspectives. This is something to keep in mind when you're planning your estate because you certainly do not want an acrimonious dynamic to exist among your loved ones after you pass away. The best way to avoid this is through open and honest communication. If you simply leave behind written instructions you may not cover every …
Estate Planning Myths Debunked
Working with information that is inaccurate can yield some bad results, and this is certainly true when it comes to the matter of estate planning. There are some popular misconceptions out there and if you buy into them your family members could pay the consequences. Let's examine a few of these misguided notions in an effort to set the record straight. A lot of people who do not have an estate plan in place say that the reason for this is because of the fact that they don't feel as though …
Seeking Information? Download Your Free Estate Planning Report
It can be difficult to find reliable information about estate planning on the Internet. This is true in general, but it is especially challenging to find a lot of good, sound information all in one place. We recognized this fact and decided to put together a comprehensive estate planning report that will provide readers with a basic understanding of what goes into an estate plan why it is important to have one in place. If you would like to download this valuable estate planning report …
Access Your Free Long Island Living Trust Report
We endeavor to take a comprehensive approach to providing useful estate planning information to people here in the greater Smithtown area. One way that we go about it is by passing along a steady stream of relevant content right here on our firm's blog. In addition to this ongoing series of articles we have also prepared a number of very informative and comprehensive estate planning reports. Right now we are making access to our report on living trusts available to members of the …
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