Estate planning definitely involves helping certain people gain estate tax efficiency. The federal estate tax carries a $5.25 million exclusion in 2013, and the top rate is forty percent. A forty percent death tax can certainly erode your assets considerably as they are being passed on to the next generation. Here in the state of New York we also have a state-level estate tax to contend with, and this exclusion is much lower at just $1 million. The above having been stated, estate taxes are …
Living Assistance in Smithtown: Will Robots Fill the Bill
The majority of Americans are going to need living assistance someday. If you move out of your home and into a long-term care facility the expenses can be extraordinary. Many people look for alternatives because they simply don't have the money to pay for a stay in a nursing home or an assisted-living community. Others could potentially afford it but they would prefer to stay at home. Most living assistance in Smithtown is provided by family members and friends, but a significant …
Can You Create a Pet Trust in Smithtown NY?
When you feel like you could use a friend in your life and you are a dog lover there is an ideal match waiting for you. As a senior citizen you may feel a sense of loneliness and recognize that you would indeed benefit from dog ownership. If you are reluctant because you're concerned about dying before the dog does you could assuage those concerns through the creation of a pet trust in Smithtown NY. Yes, it is possible to create a pet trust for the benefit of a dog or other type of animal …
According to Survey Majority Without Living Will
A living will is not something that is used to arrange for the eventual transfer of your financial holdings to your heirs. This is an advance directive for health care that serves a purpose within the incapacity component of a comprehensive estate plan. Medical technologies can sometimes keep people alive even if there is no hope of recovery. The removal of things like feeding tubes and ventilators could result in the death of the individual receiving these life-sustaining measures. How you …
Assisted Living in Smithtown New York: Be It Ever So Humble…
The matter of assisted living in Smithtown New York is something to take very seriously if you are planning ahead for your senior years. It is not easy to simply pay for full-time residence in an assisted living community out-of-pocket, and Medicare won't pick up these costs. The MetLife Mature Market Institute compiles statistics on an annual basis that shed a great deal of light on the state of long-term care costs year-by-year. In 2012 the average charge for a month in a New York …
Steve McNair Estate: Lessons Learned
The Steve McNair estate was a tragedy because of his untimely passing and the unfortunate events that loomed as a result. He was young, healthy, and wealthy, but he did not predict that he would become the victim of murder. It's an unfortunate string of events when it comes to people under 40-years-old. They feel infallable and that they don't need an estate plan. No matter your age, unfortunate circumstances and accidents do happen. Below, we explain what happend with the Steve McNair …
Revocable Living Trust in Smithtown NY: Does It Provide Asset Protection?
There are various different legal devices that are used to arrange for the transfer of financial assets after someone passes away. In New York, one option that is quite popular is the revocable living trust. With a revocable living trust in Smithtown NY you retain incidents of ownership, and in certain ways this is a benefit. Because the trust is in fact revocable you can dissolve it and go forward with the assets that had been in the trust in any way that you choose. When you create a …
Medicaid and Medicare in Smithtown New York: What is the Difference Between Them?
There are many people reaching retirement age at the present time because of the fact that the baby boomer generation is so populous. Experts tell us that the numbers of older people are going to exceed the numbers of younger people for the first time in history. Because of this a lot of questions are being asked about Medicare and Medicaid. In this post we will take a look at Medicaid and Medicare in Long Island, New York and explain the differences. Medicaid and Medicare in Long …
What Is Estate Planning in Smithtown New York?
The topic of estate planning in Smithtown New York is mystifying to some people. They simply don't know what it entails. In this post we would like to provide some basic information for those who may have no idea where to begin. Transferring Assets Part of the equation when you are planning your estate is the future transfer of your financial assets to your heirs. If you were to pass away without an estate plan your assets would be distributed to your closest blood relative or relatives under …
Estate Tax in Long Island New York: How Large of an Estate Can Pass Federal Estate Tax Free?
When you're planning your estate you should certainly be aware of the parameters of the federal estate tax. It should be noted that there is also an estate tax on the state level here in the state of New York, but in this post we will focus on the federal estate tax parameters. At the present time the federal estate tax exclusion is $5.25 million. If you take no steps to position your assets with tax efficiency in mind anything that you pass on to your heirs that exceeds $5.25 million would …
Is a Durable Power of Attorney Necessary in New York?
New Yorkers who want to be comprehensively prepared for the period of time known as the "twilight years" should definitely consider the execution of durable powers of attorney. Durable powers of attorney in New York are used rather than standard powers of attorney because the durable designation allows the devices to remain active even if the grantor was to become incapacitated. Clearly, the prospect of being unable to manage your own life is not a very pleasant one to consider. It is not …
New York Family Limited Partnerships: An Explanation
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 …
See Larger Map
Get Directions