In this post, we are going to look at the 2024 New York state estate tax exclusion. But before we get there, we will provide some general information about taxes on inheritances to provide clarity. The Good News You may be surprised to hear that you do not have to report an inheritance that you […]
Estate Planning
Decanting a Trust: A Solution for Trust Modification
In the realm of estate planning, trust decanting is a relatively new yet increasingly popular concept. It’s akin to pouring wine from an old bottle into a new one, hence the term “decanting.” This process involves transferring assets from an old trust into a new trust, often with different terms, providing flexibility in trust administration […]
4 Things You Need to Know About Probate
Probate is a legal process that will enter the picture when assets are being transferred through the terms of a will. It takes place under the supervision of a court, and an intestate estate would also be subject to probate. There are some things that you should know about the probate process before you make […]
Is a Transfer on Death Account Subject to Probate?
We are going to look at the estate administration implications of a transfer on death account in this post. But before we get there, we’ll provide some background information so you can see the entire picture. The Probate Process The simple will is the most commonly used estate planning document. If you use a will […]
Have You Considered Senior Long-Term Care Costs?
When you are thinking about your retirement years and the legacy that you will be able to pass along to your loved ones, have you considered the impact of long-term care costs? Clearly, this is unpleasant territory, but it really should be addressed with clear eyes. Sobering Statistic It can be hard to imagine a […]
Steer Clear of These Inheritance Planning Traps
You can often learn valuable lessons when you witness the mistakes that others have made. As an inheritance planning firm, we have certainly seen our share of them as you might imagine. In this post, we will take a look at some of these errors so that you do not fall into the same traps. […]
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