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 …
Do You Have Questions About Charities?
Charitable giving can be a meaningful part of your estate plan if you are in a position to spread some resources around among worthy causes. When you discuss the matter with your estate planning lawyer you will hear about various different devices that can be used to facilitate charitable giving. One of these would be a charitable remainder unitrust. With these trusts you receive income throughout the duration of the trust term, and at the conclusion of the term a charitable beneficiary that …
DO YOU HAVE QUESTIONS ABOUT CHARITIES?
Charitable giving can be a meaningful part of your estate plan if you are in a position to spread some resources around among worthy causes. When you discuss the matter with your estate planning lawyer you will hear about various different devices that can be used to facilitate charitable giving. One of these would be a charitable remainder unitrust. With these trusts you receive income throughout the duration of the trust term, and at the conclusion of the term a charitable beneficiary that …
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 …
Don’t Be Among Those Who Make These Mistakes
Estate planning can seem simple on the surface to many people. When you are old and grey you somehow express your final wishes in writing and that's the long and short of it. In fact, this is a mistaken approach that can cause you and your family members some serious difficulties in the future. We would like to look at some of the common mistakes that people make in an effort to raise awareness. DIY Estate Planning These days people often try to find quick fixes on the Internet. There …
Taxable Value of Home Can Be Reduced
In 2013 the estate tax exclusion is $5.25 million. You have to understand the fact that this figure includes the value of your home, so right off the bat you are going to be left with considerably less to work with if you are a homeowner. Many people would be able to stay within the estate tax exclusion amount if they could somehow reduce the taxable value of their homes. There is in fact a solution for these individuals in the form of qualified personal residence trusts. When you fund …
Trust Terms: You Have Options
As a person who is making preparations for the future you probably have various different unique individuals on your inheritance list. Invariably they all have their own respective strengths and weaknesses. Those who are in a position to leave behind large sums of money to family members have a lot to take into consideration. Not everyone is a good money manager, and there are those who have personal problems. There also may be younger people on your inheritance list who simply have not …
Beware of Improperly Executed Last Will
The possibility of a contested will is something to take into consideration when you are planning your estate. These days there are a lot of websites all over the Internet claiming that it is easy to draw up your own last will using a download or a worksheet that they will sell you. You would do well to take pause before buying into these ideas because of the possibility of an improperly executed last will. A last will that has not been properly executed under the laws of the state of New …
What Is a “Wait a While” Trust?
There are multiple different types of trusts that can be utilized to great advantage when you are planning your estate. They serve different purposes, with some of them being designed to provide tax efficiency. One of these is the charitable lead trust. A non-grantor testamentary charitable lead trust is sometimes called a "wait a while" trust. These devices are rather complicated, so the best way to learn about them is to consult with a licensed estate planning attorney in person. You can …
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