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 … [Read more...] about New York Family Limited Partnerships: An Explanation
Estate planning is not a one-size-fits-all endeavor. This is one of the major reasons why you should probably steer clear of do-it-yourself estate planning notions that you see advertised on the Internet.There are a lot of things to consider, and a lot of ways to go about planning your estate. You have to analyze all the details and understand how to proceed given your unique circumstances.Let's look at some of the details that some people may not consider.ProbateYou may think that your … [Read more...] about Have You Considered These Estate Planning Details?
The process of estate planning can involve some tricky situations, and life insurance can sometimes be the solution.One such situation would be the matter of small business succession planning for business partners. Let's say that you have one partner in the business.If this partner was to pass away he or she is logically going to leave his or her share in the business to his or her family. For the purposes of our example no one in the family is capable of or interested in taking over … [Read more...] about Life Insurance Can Be Estate Planning Solution