When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
Estate Planning
COVID Resurgence Serves as Stark Reminder
The vast majority of American adults are going through life without any estate planning documents at all. Curiously enough, a study that was conducted recently found that most of the people that are unprepared understand why it is important. Nonetheless, they roll the dice hoping that they will have the time to do it later on. Unfortunately, far too many people never get around to it, and the family members have to pay the price. Pandemic Wake-Up Call Last year around this time, could you … [Read more...] about COVID Resurgence Serves as Stark Reminder
Use Thanksgiving Gratitude as a Planning Motivation
When holidays come around, we often take a step back and consider the implications in a deeper sense. This can definitely apply to Thanksgiving, and the gratitude can extend far beyond the dinner table. The people sitting around your table on that day are very important to you now, and the attendees felt the same way when you were a child. If you are going through life without a legacy plan, you may want to use the occasion to take care of this important responsibility. Young Adults A lot … [Read more...] about Use Thanksgiving Gratitude as a Planning Motivation
Academy’s Fall Summit Virtually Perfect
You want your estate planning to be handled by an attorney who stays current on the law. The American Academy of Estate Planning Attorneys is holding its semi-annual conference providing education and learning for its Members. Read on to learn more. … [Read more...] about Academy’s Fall Summit Virtually Perfect
Retirement Planning and Estate Taxes
As a firm with an elder law focus, we help people prepare for their senior years, and legacy planning will also be part of this equation. The golden years are highly awaited, and if you take the right financial steps along the way, you can be prepared to enjoy the fruits of your labor. You can spend quality time with your family, cross things off your bucket list, and enjoy recreational and leisure activities. These years can be a lot of fun, and you should also plan for the twilight years … [Read more...] about Retirement Planning and Estate Taxes
Staying Current is Especially Important in the Pandemic
A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic
Planning Is Important
Planning is important. End-of-year tax planning is one part of that planning. This year you should also consider whether you’ve had any payroll tax withholdings deferred. If your employer deferred those withholdings, you’ll have more money withheld next year than usual. That means you’ll have less money for other things, like IRA contributions. Read on to learn more. … [Read more...] about Planning Is Important
Put a Personal Stamp on Your Legacy
Some people view estate planning in a rather cold and clinical manner. They know they have to leave instructions with regard to the way they want their monetary assets to be transferred when the time comes. These folks do not look beyond the impersonal slicing of a pie into different sizes. There is another way to approach the process that is commonly described as legacy planning. When you embrace this concept, you shape the way that you will be remembered in certain ways. Passing Along … [Read more...] about Put a Personal Stamp on Your Legacy
Puerto Ricans are Unique, as Is Estate Planning for Them
Puerto Ricans hold a unique position under U.S. law. U.S. estate taxation treats those from Puerto Rico different from other U.S. citizens or citizens from other countries. Read on to learn more. … [Read more...] about Puerto Ricans are Unique, as Is Estate Planning for Them
Important Facts About the New York Estate Tax
New York is a great place to live for a multitude of different reasons, but there is a significant tax burden. From an inheritance planning perspective, there is a state level estate tax in our state. In this post, we will share some important details about the New York estate tax, and we will also give you a brief overview of the federal transfer taxes that can impact high net worth individuals. New York Estate Tax Parameters The exclusion is the amount that can be transferred before the … [Read more...] about Important Facts About the New York Estate Tax
