Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...] about QDRO: Not Just for Divorce Anymore
Estate Planning
Tax Reform and the Estate Tax
There’s a Republican blueprint for tax reform. Learn the general provisions of the plan and the uncertainties in it. Read on to learn more. … [Read more...] about Tax Reform and the Estate Tax
What if I Don’t Want to be the Executor of Estate?
If you are named executor of estate in someone's will, you need to be aware that serving as an executor is a big deal. Being executor isn't just a nice title that is given to you in order to honor the relationship you had with the person who died. The deceased person, called the decedent, entrusts the executor with a tremendous amount of responsibility and that executor has to fulfill all of the obligations imposed upon him or her by the will and by New York State law. You should think … [Read more...] about What if I Don’t Want to be the Executor of Estate?
List of Executor Duties
It is important to fully understand executor duties, both when you are naming an executor when creating a will or if you have been named as executor of a will. The job of serving as executor of an estate is actually a pretty big job with some possible legal consequences for executors who fail in fulfilling their role. Choosing an executor, and agreeing to fulfill that role, is not something to be taken lightly. The Law Office of Michael Robinson, P.C. can provide assistance. Our legal team … [Read more...] about List of Executor Duties
Preparing to Meet with a NY Estate Lawyer
If you have decided to work with a NY estate lawyer, preparing to meet with your attorney is important. You want to prepare in advance so you will be ready to make the most of your time during the meeting and so you can get off to a good start on the estate planning process. A NY estate lawyer can make the estate planning process easy, and can provide you with comprehensive help as you plan ahead to protect your loved ones and your legacy. A good attorney will also ensure that your experience … [Read more...] about Preparing to Meet with a NY Estate Lawyer
What Is a Family Wealth Trust?
A family wealth trust is a type of trust that would be used to preserve resources that you are passing along to your loved ones. Wealth preservation strategies can be important to high net worth individuals because of the potential impact of the death taxes. We have a federal estate tax in the United States that can be applied on large asset transfers. Unlimited assets can be transferred between spouses free of the death tax, but transfers to anyone else are potentially taxable. The … [Read more...] about What Is a Family Wealth Trust?
How Do I Fund My Revocable Living Trust?
A revocable living trust is an estate planning document that is a good choice for many people who want to facilitate efficient asset transfers without losing control of the property while they are living. As you can see from the name of the trust, you have the power of revocation. If you ever choose to do so, you can revoke or dissolve the trust, and the assets in the trust would once again be in your direct personal possession. Beyond the power of revocation, you also have the day-to-day … [Read more...] about How Do I Fund My Revocable Living Trust?
Free Report: What Is an Irrevocable Trust in New York?
When you think about the process of estate planning, financial matters are probably going to come to your mind. Without question, you do facilitate postmortem asset transfers when you plan your estate. There are various different ways of going about it, and the optimal course of action will depend upon the circumstances. At the same time, people often experience a period of decline before they pass away, so your estate plan should also address end-of-life issues. Click here to … [Read more...] about Free Report: What Is an Irrevocable Trust in New York?
What Is Included in My Estate Plan?
The ideal estate plan will vary depending on the circumstances, and there is no one-size-fits-all plan because every family is unique. However, there is a basic framework that would be applicable in most cases, and we will take a look at the basics in this blog post. Transferring Assets When you plan your estate, you state your final wishes regarding the distribution of your monetary assets. This can be done in a number of different ways. Many people use a last will as a vehicle of asset … [Read more...] about What Is Included in My Estate Plan?
What Are the Gift Tax Exclusions?
The federal gift tax can be a factor for you if you are going to be passing along significant resources. There are however a few gift tax exclusions that can be utilized to transfer assets tax-free. One of these exclusions is the $14,000 per year, per person gift tax exclusion. You can give as much as $14,000 to any number of gift recipients within a calendar year free of taxation. This $14,000 figure is in place at the time of this writing in 2015, but it is periodically increased to account … [Read more...] about What Are the Gift Tax Exclusions?
