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
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What Is the Estate Tax Marital Deduction?
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?
What Is Legacy Planning?
Your legacy is defined by the impact that you have after you pass away. Clearly, legacy planning is going to involve the facilitation of future asset transfers. This can be particularly challenging if you are exposed to the estate tax on the federal level and/or the state-level. When you plan your legacy you do everything possible to preserve wealth for the benefit of succeeding generations. The financial part of the equation is certainly very important. However, an effective legacy plan … [Read more...] about What Is Legacy Planning?
Do I Pay Taxes When Someone Leaves Me Money?
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?
Will My Heirs Be Forced to Pay an Inheritance Tax?
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?
