Category: Estate Planning
Tax planning is an essential component of estate planning. The right strategies can save money and avoid future tax problems. With tax laws set to change soon, planning ahead and working with an experienced New York estate planning attorney will let you take advantage of current benefits before they disappear. How Tax Changes Can Affect […]
Estate planning should be an ongoing process. As your situation changes, your estate plan must also change to account for new circumstances, needs, and goals. If it’s been a while since you last reviewed your estate plan, here are some estate plan updates to consider making before the end of the year. Why Should I […]
Once you create your estate plan, you shouldn’t stick it in a drawer or safety deposit box until you pass away. Your estate plan should evolve as you do. It needs to change as your circumstances or laws change. Otherwise, it could lead to unnecessary conflicts once you are gone. Why Should I Review My […]
Inheritance and gift tax exemptions determine how much wealth you can pass on without incurring significant taxes. These exemptions can change, so staying up-to-date on the latest federal and New York tax laws could mean saving substantial money in estate and gift taxes. What are the Current Federal Estate and Gift Tax Exemptions? As of […]
Last time we discussed some of the terminology associated with trusts. Now let’s look at how revocable trusts differ from irrevocable trusts and the benefits of having a trust. Revocable Versus Irrevocable Trusts A revocable trust is a trust that can be altered by the grantor during his or her lifetime. An irrevocable trust, on […]
Perhaps you have heard about trusts but wonder exactly what they are and what they can help you accomplish. Simply put, a trust is an agreement outlining how assets will be managed and held for the benefit of another person. There are many types of trusts, capable of addressing a wide range of concerns and accomplishing a […]
When it comes to estate planning, you may find yourself questioning whether leaving each of your children an equal share is the right choice. While it may seem like the easiest and fairest option, there are instances where it may not be the wisest approach. Consider Your Children’s Unique Situations If you have more than […]
Emotions can run high after a loved one dies, particularly if your family’s assets include items with sentimental value, and the last thing you want is for your family to start fighting after you pass away. Defuse Conflict Over Sentimental Items Before You Pass Away How can you prevent your heirs from fighting over items […]
Once upon a time, amassing a million dollars for retirement meant that your golden years would be very golden indeed. But what about now—is a million dollars still enough money to enjoy a luxurious retirement? The good news is that more than 20 million people in the United States have over a million dollars. The bad news […]
Perhaps you have considered selling your current home, buying a smaller one, and using the difference to help fund your retirement. A recent article on Investopedia.com explores this approach and details the mistakes you must avoid. Here are some of the highlights. Overestimating Your Current Home’s Value Many people overestimate how much their current home is actually […]
