While estate planning can seem like an incredibly complicated and difficult subject, it's easier to understand it if you keep a few simple rules in mind. When you create an estate plan you won't be required to have a vast and comprehensive understanding of the field. All you have to do is leave it up to your attorney to explain what options are available to you, and do so in a way that allows you to make the best decisions possible. To help keep you focused on creating the best plan you can, you … [Read more...] about 5 Essential Estate Planning Rules
Estate Planning
What You Should Know About Rochester Estate Planning and the Statute of Limitations
As someone visiting a Rochester estate planning lawyer for the first time, there are a lot of legal ideas, such as the statute of limitations, that you might’ve heard about but aren’t exactly sure how they work. When it comes to legal terms, concepts, and issues, it’s always best to speak to your estate planning attorney about any questions you have. Until then, we are going to take a look at what a statute of limitations is, how it works, and why you probably do not need to worry about … [Read more...] about What You Should Know About Rochester Estate Planning and the Statute of Limitations
What Is the Annual Gift Tax Exclusion?
Before we explain the annual gift tax exclusion, we should provide a bit of background information. The estate tax was established in 1916. At first, there was no gift tax. As a result, high net worth individuals gave gifts while they were living to avoid the estate tax. The tax man took notice, and a gift tax was enacted. It was briefly repealed, but it returned for good a couple of years later. These days, the gift tax is unified with the estate tax. Annual Gift Tax Exclusion Gifts … [Read more...] about What Is the Annual Gift Tax Exclusion?
Four Key Pieces of Every Estate Plan in Rochester
Every estate plan will rely on several key pieces or tools. While the details you include in these tools will be slightly different depending on your circumstances, they will provide you and your estate with a broad array of protections and options. No two estate plans are ever identical, and while almost every plan will include these four pieces, your plan might require additional elements. You should never try to create a comprehensive estate plan until you have spoken with your estate … [Read more...] about Four Key Pieces of Every Estate Plan in Rochester
Florida Woman’s DIY Will Proves Problematic
We recently learned of a story out of Florida that highlights the potential dangers involved with DIY estate planning documents. As with any legal process, you need the advice and guidance of an experienced estate planning lawyer anytime you want to create, or modify, any piece of an estate plan. While do-it-yourself products and educational guides might be sufficient to help you create a legally valid tool, that doesn't mean the tool you create will meet your desires, or be an effective estate … [Read more...] about Florida Woman’s DIY Will Proves Problematic
Revocable Living Trusts: Practical Concerns
Revocable Living Trusts: Practical Concerns from Michael Robinson An estate held by a living trust will allow you to more quickly, and easily, transfer property outside of the probate process. Learn more about Revocable Living Trusts: Practical Concerns in this presentation. … [Read more...] about Revocable Living Trusts: Practical Concerns
Estate Planning in Rochester: Do-It-Yourself Plan Can Cost You – Part 1 of 2
It shouldn’t come as a surprise to you that estate planning lawyers have a rather negative view of do-it-yourself estate planning. Yes, it’s true that estate planning attorneys make a living by helping clients create plans, but it’s also true that we quite often have to deal with the mess that happens after someone uses do-it-yourself estate planning incorrectly. In fact, there are so many common mistakes that people who use do-it-yourself plans can encounter, that we are going to cover several … [Read more...] about Estate Planning in Rochester: Do-It-Yourself Plan Can Cost You – Part 1 of 2
Free Report:New York Intestacy
When people begin the estate planning process they are often surprised to find out that a lot of the choices they get to make have already been made for them by state law. Topics covered in this report include: Estates Intestate Inheritances Choosing to Avoid Intestacy Click here to read the whole article or download the PDF. … [Read more...] about Free Report:New York Intestacy
Estate Planning in Rochester: Do-It-Yourself Plan Can Cost You – Part 2 of 2
Last week we looked at several reasons why do-it-yourself estate planning in Rochester is a serious potential mistake. Estate planning is such a complicated field, requiring the careful consideration of so many factors, that the vast majority of people are unsuited to create plans without help. While you can take the time to research the relevant estate planning issues, discuss the questions you have to face, and determine what goals you want to set for yourself, you should always make a plan … [Read more...] about Estate Planning in Rochester: Do-It-Yourself Plan Can Cost You – Part 2 of 2
How Much Can You Transfer Estate Tax Free?
There is a federal estate tax in the United States, but most people do not pay the tax because of the credit or exclusion. In 2014, the amount of the federal estate tax exclusion is $5.34 million. A tax relief act was passed back in 2010 that set the amount of the estate tax exclusion at $5 million for 2011. Since that time, the $5 million base exclusion has remained intact, but there have been ongoing adjustments to account for inflation. In 2015 another inflation adjustment may be … [Read more...] about How Much Can You Transfer Estate Tax Free?
