The parameters of the federal estate tax were in flux for a number of years, but there has been some stability since 2011. This started with the enactment of The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. You can transfer unlimited assets to your spouse tax-free as long as your spouse is an American citizen, but transfers to others are potentially taxable. The estate tax exclusion is the amount that can be transferred to anyone other than your spouse …
Three Things You Should Know If You Don’t Have an Estate Plan
If you are going through life without an estate plan, you are doing your loved ones a disservice. It can always seem like you will have time to put a plan in place when you are a senior citizen, but if you think pragmatically, you know that younger people pass away every day. You probably have insurance to protect yourself from events that are probably not going to happen. On the other hand, everyone is going to pass away someday, so you should certainly prepare for this eventuality as …
Free Report: New York Probate: Can It be Avoided
Probate is a legal process. In the state of New York, the Surrogate's Court handles probate matters. The executor that you name in the last will would conduct the business of the estate, but the administration of the estate would be supervised by the court. On the one hand, probate provides certain protections, and the state of New York does everything possible to provide a streamlined process. At the same time, there are some things about probate that are not going to be well received …
Why Would I Want a Revocable Living Trust
Why Would I Want a Revocable Living Trust from Mark Eghrari The trustee will distribute assets to the successor beneficiaries according to your wishes These distributions will take place in a timely and efficient manner, outside of the probate process With a revocable living trust you can account for the possibility of incapacity. Learn more about i want a revocable living trust in this presentation. …
Living Trusts: The Pros and Cons
You have choices to make when you are devising your estate plan. If you have always thought that a last will would be the right transfer vehicle given your situation, you may be surprised when you hear about the benefits that living trusts provide. If you use a last will, you would be allowing for lump sum distributions to the inheritors after your passing. This may not be the ideal scenario, but you don't have to settle for it. With a living trust, you can instruct the trustee to distribute …
Free Report: Should I Have a Durable Power of Attorney in New York
It is possible to prevent a guardianship and name your own hand-picked decision-makers through the creation of a legally binding document called a durable power of attorney. You have probably heard of powers of attorney, but you may wonder what the “durable” designation is all about. A standard power of attorney that is not designated as durable would not remain in effect if the grantor (the person granting the power) was to become incapacitated. A durable power of attorney does remain effective …
Should I Have a Durable Power of Attorney in New York
Should I Have a Durable Power of Attorney in New York from Mark Eghrari If you take no action in advance, the state could be petitioned to appoint a guardian to act on your behalf If a guardianship hearing is convened, you would have no control over the choice of guardian. Learn more about durable power of Attorney in New York in this presentation. …
Estate Tax Strategy for Appreciable Assets
There are estate tax efficiency strategies that can be implemented if your estate is subject to taxation. The ideal tool, or set of tools, will depend upon the unique set of circumstances and the nature of the assets that you are transferring. A grantor retained annuity trust or GRAT can be part of your wealth preservation plan if you are in possession of appreciable assets. Before we explain the details, we should take a look at the estate tax parameters so that you can determine whether or …
Free Report: What Is the Annual Gift Tax Exclusion in New York
We have a gift tax to prevent people from exploiting a loophole. If you were allowed to give tax-free gifts, you could give away your assets while you are living to avoid the federal estate tax. The estate tax was enacted in 1916, and there was no accompanying gift tax initially. Many wealthy people simply gave away assets while they were living at that time. Before long, the powers that be reacted through the implementation of a federal gift tax. Topics covered in this report …
What Is A Living Will in New York
What Is A Living Will in New York from Mark Eghrari This document is used to arrange for the transfer of financial assets. The last will is not the only type of will used in the field of estate planning. Learn more about living will in New York in this presentation. …
Don’t Overlook Advance Directives for Health Care
The process of estate planning should ideally be viewed from a comprehensive perspective. There is more to a well constructed estate plan than the creation of a last will or a trust to facilitate postmortem asset transfers. While it is true that you have to address things that will happen after you are gone when you plan your estate, you should also consider the period of time that will precede your passing. Though this is certainly not a very pleasant prospect to consider, you may become …
Free Report: Dementia, Alzheimer’s Disease, and Medicaid Planning in New York
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