A look at some basic information about estate planning as well as the the components that would comprise a comprehensive estate plan. Learn more about estate planning in New York in this presentation. Topics covered in this report include: Transferring Financial Assets Revocable Living Trusts Estate Taxes Advance Health Care Directives Durable Power of Attorney Conclusion References Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is Estate Planning in New York

The estate tax is a very significant factor for high net worth individuals. At the time of this writing in 2014, the maximum rate of the federal estate tax is 40 percent. In light of this rate, the value of your estate that passes to your loved ones could be shaved down considerably if you do not take steps to gain estate tax efficiency. What is the taxable portion? This would be the amount that exceeds the federal estate tax credit or exclusion. For the rest of this year, the exact amount … [Read more...] about What Is the Estate Tax Marital Deduction?

You may have a number of questions about taxes when you are planning your estate. One common question involves the taxes that your heirs may face. Will they be forced to pay taxes on their inheritances? This is a multifaceted question. The heirs to an estate are not forced to pay regular income taxes on the inheritances. This comes as a relief to many people, but there are other taxes that could come into play. Capital Gains Tax Inheritors are not required to pay income taxes on their … [Read more...] about Do I Pay Taxes When Someone Leaves Me Money?

There are taxes on asset transfers that you must be aware of when you are preparing your assets for future distribution to your heirs. In this post we will clear up some misconceptions about death taxes. Estate Tax vs. Inheritance Tax Many people think that an estate tax and an inheritance tax are the same thing. They are under the assumption that the terms are interchangeable. In fact, these are two different forms of taxation. An estate tax is levied on the entirety of the taxable … [Read more...] about Will My Heirs Be Forced to Pay an Inheritance Tax?

If you are not especially wealthy, you may assume that you should use a last will to arrange for future asset transfers. A last will is the most commonly utilized estate planning document, but many people do not understand all of the facts when it comes to the postmortem process. Probate Things aren’t as simple as they may seem to be on the surface when it comes to the use of a last will. When you create a will, you name an executor to act as the estate administrator. The executor cannot … [Read more...] about Why Would I Want a Revocable Living Trust?

There are many different ways to facilitate future asset transfers, and some of them are more effective than others. Before you make any decisions, you would do well to discuss your options with a licensed estate planning attorney. People sometimes make assumptions without enough information, and they accept incomplete solutions. With this in mind, let's look at payable on death accounts. POD or TOD Accounts Payable on death accounts are alternately referred to as transfer on death … [Read more...] about What Is a Payable on Death Account?

A family limited partnership can be useful if you are interested in asset protection, and there can also be estate tax benefits. Let's look at the details. Asset Protection Anyone can be the target of a lawsuit, but there are people who are in certain professions who are particularly exposed. These would include landlords who can be sued by tenants who are injured on rental property. Physicians are also vulnerable, because malpractice suits are not uncommon. Doctors are sometimes … [Read more...] about What Is a Family Limited Partnership?

Everyone has heard of the estate planning device called a last will. Because this document is synonymous with estate planning, you may assume that a last will can facilitate fast and efficient asset transfers. You are keeping it simple when you use a last will, right? This is not entirely true. If you maintain direct personal possession of your property and arrange for its transfer through the terms of a last will, you name an executor to administer the estate. Before the heirs to the estate … [Read more...] about What Are the Drawbacks of Probate?

There are numerous different ways that you can arrange for assets to fall into the hands of your loved ones after you pass away. You should certainly explore your options and make intelligent, informed decisions. The optimal course of action is going to depend upon the specific nature of your estate and your family dynamic. You may have heard about joint tenancy as a potential estate planning solution. When you first hear about it, you may think that you do not need to look any further. In … [Read more...] about Should I Create a Joint Tenancy With My Child?