As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die.
Estate Planning
Pondering Portability
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years.
Living Trusts: What Are the Benefits in NY?Â
Revocable living trust benefits in New York are considerable, and far too many people overlook this option. They have been led to believe that a simple will is the best asset transfer method to use unless your estate is very complex. In reality, this is simply not the case. In this post, we will look […]
Have You Considered the Estate Administration Process?
A lot of people try to reduce estate planning to a single action. You record your final decisions regarding the way you want your assets to be transferred after your passing. When the time comes, everything falls into place, and your wishes will come to fruition. In reality, there are hands-on tasks that must be […]
Legacy Planning: A More Comprehensive Approach to Estate Planning
A bare-bones estate plan will typically include a will, and advance health care directives may be included as well. If you are not familiar with the latter documents, they are used to prepare for possible incapacity. One of the directives is a a durable power of attorney for health care or health care proxy. This […]
How Do I Set Up a Special Needs Trust?
There are different ways to get assets into the hands of someone after you pass away. A method that is acceptable for one person may be disastrous for another. With this in mind, lets look at inheritance planning for people with disabilities and the special needs trust. Need-Based Government Benefit Eligibility In the United States, […]
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