If you live in New York and have a sizable estate, you need to understand the so-called estate tax exclusion “cliff.” This phenomenon can have a huge impact on your legacy, so you should understand the facts. What Is the NY Estate Tax Exclusion? New York’s estate tax applies to estates exceeding a specific threshold. […]
estate tax efficiency
Own a Valuable Business? Consider a Family LLC
As a small business owner, planning for the future of your enterprise is crucial. One effective way to protect your assets and ensure your business legacy is through a family limited liability company (family LLC). This legal structure offers flexibility, asset protection, and significant estate planning advantages. Let’s explore how a family LLC can be […]
Can You Give Gifts to Avoid the New York Estate Tax?
Statewide, the majority of people don’t have to worry about the New York estate tax or the federal estate tax. This is due to the fact that these taxes target high-net-worth individuals. However, there are plenty of multimillionaires in Manhattan where we practice. Clearly, the logical reaction to an estate tax would be lifetime gift […]
The Unique Benefits of an Intentionally Defective Grantor Trust
Navigating the maze of estate planning tools might seem daunting. Amid the sea of options, one stands out for its peculiar name and exceptional benefits: the intentionally defective grantor trust (IDGT). If you’re perplexed by the term “intentionally defective,” you’re in good company. Let’s dissect why this trust is a must-consider option for your estate […]
How Can You Minimize Estate Tax Exposure?
We are going to look at some assets transfer methods that can potentially save your family a lot of money. But before we share some information about federal estate tax efficiency strategies, we have to explain the tax from an overview. Estate Tax Parameters There is federal estate tax credit or exclusion that allows you […]
Why Would You Use an Irrevocable Trust?
There are trusts that you can revoke, and there are also irrevocable trusts. When you hear this for the first time, you may wonder why you would establish a trust that you cannot revoke if you have an alternative. We will answer the question in this post. Incidents of Ownership If you have certain objectives, […]
See Larger Map Get Directions