Before we take a look at the New York estate tax and the so-called “cliff,” we should provide a brief explanation of the federal estate tax. This tax can definitely take a bite out of your legacy, but fortunately, most people do not have to pay the tax. This is because there is a credit […]
Estate Planning
Why Would You Need a Lawyer to Create an Estate Plan?
Some people do not understand why you would need an estate planning lawyer. How hard is it to express how you want your assets to be distributed in a will? In reality, there is a lot more to it, and we will provide an explanation in this post. Protect Your Young Family As a layperson, […]
Estate Planning: When Will You Act?
The studies that are conducted consistently show that two-thirds of American adults do not have wills or trusts in place. Curiously, most of these folks say they know that estate planning is important, but they have been procrastinating. This brings up an important question: If you are among the unprepared, when will you finally put […]
How Do I Title Thee…Part 1
We often consider Estate Planning documents such as a Will, Trust, Property Power of Attorney, and health care documents to be the building blocks of an Estate Plan. While a necessary and important part of Estate Planning, thinking of the documents as the starting point for an Estate Plan skips several important steps. This article is the first in a two-part series. The first part examines the various ways to hold title to assets and the second part examines the effect that title may have on an Estate Plan.
Similar Estate Planning Terms Can Be Confusing
Estate planning can be more complicated than you think. When you try to figure it out for yourself, you may make assumptions that are incorrect because of misunderstandings. Some of this stems from the fact that there are terms that sound very similar. It is easy to assume that they are different ways to say […]
Five Things You Need to Know About the Gift Tax
The federal estate tax was established in 1916, and at that time, people would give gifts while they were living to avoid the tax. This worked until 1924, but at that time, a gift tax was enacted to close the window of opportunity. It was in place for two years, and it was repealed. Once […]
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