When you have a young child on your inheritance list, you have to find a way to set aside the funds until they can manage their own money. There are a few different approaches that can be taken, and a custodial account is one of the options. UGMA and UTMA Accounts The Uniform Gifts to Minors Act (UGMA) was originally proposed in 1956, and it was revised a decade later. It allowed for the creation of custodial savings accounts for child beneficiaries, and the assets would be held in the … [Read more...] about Inheritance Planning With Custodial Accounts
As we begin a new year, it’s a good time to start off right. If you don’t already have an estate plan, now’s a great time to make an appointment with an estate planning attorney to get one. Read on to learn more. … [Read more...] about Starting the New Year Right
We recently published a post that provided information about potential changes to the federal estate tax and the capital gains tax. Here in New York, we also have a state-level estate tax to contend with, and an important threshold has been updated for 2021. New York Estate Tax Exclusion The exclusion is the amount that can be transferred before the estate tax would be applied on the remainder. In 2021, the exclusion was $5.85 million, and this year it has gone up to $5.93 million. This is … [Read more...] about What Is the 2021 New York Estate Tax Exclusion?
Sometimes people use Joint Tenancy as an easy, simple way to do Estate Planning. However, this can have serious, unexpected drawbacks. Read on to learn more. … [Read more...] about Joint Tenancy Problems in Estate Planning
Runoff Elections in Georgia resulted in a Senate controlled by Democrats. Could this impact your Estate Planning? It’s possible. Read on to learn more. … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion
We are sometimes reminded about the fragility of life when a high-profile person passes away before their time. This type of event rattled the public consciousness when Kobe Bryant, his daughter, and a number of others passed away suddenly in a tragic helicopter accident last year. Another one of these situations came to light shortly after Thanksgiving when the news broke about retired Zappos CEO Tony Hsieh. He was visiting a friend in Connecticut when a fire engulfed the home, and he passed … [Read more...] about Family Says Retired Zappos CEO Hsieh Died Intestate
Probate is the legal process of estate administration, and it takes place under the supervision of the Surrogate’s Court here in New York. Generally speaking, transfers of assets that are in your sole, direct personal possession at the time of your passing are subject to probate. Simplified Probate Procedure There is one exception to the rule when it comes to asset transfers that would ordinarily be subject to the full probate process. New York has a simplified procedure that can potentially … [Read more...] about Are Small Estates Subject to Probate?
A survey that was conducted by Caring.com last year found that only 47.9 percent of people that are 55 years of age and older have estate plans in place. As you would expect, the preparedness percentage was lower among people that are in younger age groups. Even though so many people are unprepared, the vast majority of participants stated that they thought estate planning was important. One of the reasons they cited for the inaction was a feeling of being overwhelmed by the seemingly arcane … [Read more...] about Estate Planning Simplified
The federal estate tax can have a significant impact on your legacy, because it carries a 40 percent top rate. Fortunately, you can transfer a certain amount tax free before the estate tax will become applicable. This figure is called the estate tax exclusion. It is increased every year to account for inflation, and since the new year is upon us, the 2021 figure has been released. Before we share it, we will take a look at the path we have taken to get to this point. The Road to the Historic … [Read more...] about Federal Estate Tax Exclusion Will Rise in 2021
The world is an unusual place. Things you’d never expect to happen sometimes actually do happen. There are natural disasters and unusual phenomenon. It’s important to prepare, not just for the unexpected but the eventual, as well. Read on to learn more. … [Read more...] about Preparing for the Unexpected…and the Eventual