Some people think about estate planning and say, "Oh, that's when you draw up your last will." In fact, a properly crafted estate plan could include other legal devices. First let's look at some things that a will can accomplish. Asset Transfers You can indeed arrange for the future transfer of your financial assets to your heirs through the execution of a last will. You name an executor or executrix to administer the estate, and he or she conducts the business of the estate after your …
How Is My Property Transferred If I Die Intestate in Smithtown New York?
Estate planning is important for everyone. Things don't just take care of themselves after you die. If you die without an estate plan in Smithtown New York, you will have died intestate. You may not be very happy with the way that your property is distributed if you do in fact die intestate in Smithtown New York. Intestacy Succession If you don't leave behind a last will or any other type of estate planning document to arrange for the transfer of your assets the condition of intestacy will …
Durable Powers of Attorney in Long Island NY: What Are their Advantages?
Powers of attorney in Long Island NY are used in the legal field under various different circumstances. When it comes to estate planning and elder law in New York, durable powers of attorney are often included within the incapacity component of an estate plan. Incapacity: Is It Likely? You may be surprised to hear the facts when it comes to the ubiquity of incapacity among our nation's elders. According to the Alzheimer's Association, approximately 45 percent of people who are at least 85 have …
Estate Tax Exclusion Increased for 2014
Back in 2010 the estate tax was repealed for one year due to provisions contained within the Bush era tax cuts. During that calendar year there was a great deal of debate about the future of the estate tax. If no changes were made to existing laws, when the tax cuts expired at the end of 2010 the estate tax would have returned in 2011. There would have been a $1 million estate tax credit or exclusion and a 55% maximum rate. After negotiations on Capitol Hill a new tax relief measure was …
Asset Protection Smithtown NY: How Can I Protect Assets?
Some people want to protect assets when they are engaged in their estate planning efforts. This is a good idea for anyone who wants to feel safe and secure. However, it is an absolute must for some individuals who are particularly exposed to legal actions. Who would be particularly exposed to litigation? We have all heard of malpractice lawsuits. Physicians do well financially, and litigious types may see a target with deep pockets. While physicians do carry malpractice insurance, it is …
Trusts and Wealth Preservation
Accumulating wealth is a primary objective of many people who strive for success. However, once you have achieved your goals, wealth preservation will be a priority as well. Why would you have to preserve wealth? Doesn't money naturally grow if you invest it appropriately? This is a far-reaching question, but in this post we will take a narrow focus. From an estate planning perspective, wealth preservation is going to be necessary because of the existence of death taxes. Federal Estate …
Estate Taxes Consume Significant Portion of Koch Estate
When you read about the estate situations that many families face it can really open your eyes with regard to the impact of the federal estate tax. This is a death levy that carries a 40% maximum rate, and the exclusion is $5.25 million this year. If you don't have more than $5.25 million in assets you may find it hard to empathize. But what if you were fortunate enough to have say $10 million to pass along to your loved ones? Would you feel as though it was fair for the tax man to take 40% …
Life Estate Can Be Part of the Plan
There are various different legal instruments that can be used when you're planning your estate, and one of them is called a life estate. We would like to parenthetically point out the fact that there are websites out there that sell do-it-yourself last wills. Many people will buy into the idea that they can download one of these worksheets and their estate planning efforts have been completed. In fact, there are a number of things you should take into consideration before making this …
Three FAQs About Estate Planning
People have a lot of questions about estate planning, and we understand that. As a response we have assembled a library of free reports that you can access through our website. We pass along a steady stream of information on this blog, and we also offer free estate planning seminars. We encourage you to attend one of our seminars, and please feel free to download any of our free reports that you may be interested in. In this post we would like to answer three frequently asked questions …
Veterans Day Reminder: Don’t Overlook Veterans Aid and Attendance Special Pension
November is the month during which we celebrate Veterans Day. Over the years millions of people have laid their lives on the line for our country, and we owe them a debt of gratitude. It is certainly not enough, but eligible veterans do receive valuable benefits in return for their service. One of these is the Veterans Aid and Attendance Special Pension. Long-Term Care Costs Before we get into some of the details about the Veterans Aid and Attendance Special Pension, let's take a quick …
Health Care Proxy: Consider Relevant Qualities
Advance health care directives such as a health care proxy are going to be part of any comprehensive estate plan. With this document you name someone who would be empowered to make medical decisions for you if you were to become incapacitated. Clearly, a significant percentage of individuals ultimately cannot communicate as they decline prior to passing away. When you are picking an individual to act as your health care proxy you should consider these relevant personal …
Estate Planning Insurance FAQs
Life insurance is obviously a part of many estate plans. We would like to take a look at some frequently asked questions about taxes and probate as they apply to life insurance proceeds. I have been named as the beneficiary of a life insurance policy. Will I be required to report this as income when I ultimately receive the proceeds? The answer to this question is no. If you are the beneficiary of a life insurance policy the proceeds are not considered to be taxable income. Must I wait …
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