For most people, the durable power of attorney is one of the most important estate planning tools available. A power of attorney allows a person of your choosing, known as your proxy or attorney in fact, to act on your behalf for financial purposes if you become incapacitated. It can also be used as a medical power of attorney to appoint someone to make medical decisions on your behalf should you no longer be able to do so on your own. Note that New York State has enacted a Health Care Proxy … [Read more...] about Why You Must Have a Durable Power of Attorney
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2011 Estate Taxes – What the New Law Means to You
Just before the holidays, Congress passed the new law pertaining to estate planning and estate taxes for 2011. So what does the law hold for this year? On January 1, 2011, the federal estate tax returned. Estates valued at $5 million or less are exempt from the estate tax. Estates valued at more than $5 million are subject to a 35% estate tax rate. While this may seem generous on the federal level, don’t forget that nearly half of the states impose their own estate or inheritance tax, … [Read more...] about 2011 Estate Taxes – What the New Law Means to You
Can you Hire a Trustee to Manage a Trust?
A Trust can be a powerful estate planning tool, and you need to make several decisions when creating a Trust, including choosing a Trustee to manage the assets of the Trust for the benefit of the named Beneficiaries. But a Trustee does not necessarily have to be a family member or a trusted friend. To review how a Trust works - A Trust is a legal mechanism used as an estate planning tool that allows property to avoid probate. When you create a Trust, you transfer assets such as a real estate, … [Read more...] about Can you Hire a Trustee to Manage a Trust?
Small Business Estate Planning – What is a Buy/Sell Agreement?
For most small business owners, the biggest asset they own is their business; therefore it is critical that they begin estate planning early on to address their business ownership. If you own a small business as a sole proprietor, you have several estate planning options to handle the future of your business – such as passing the business along to children, selling it to someone outside the family, or simply closing up shop. But what if you own a business as a partner? Many partnerships are … [Read more...] about Small Business Estate Planning – What is a Buy/Sell Agreement?
What do you Need to Know About Receiving an Inheritance?
An inheritance should be a blessing, not a curse. With information and planning, you can make sure you put your inheritance to good use, and not make the mistakes that are most often made with a "windfall." Planning for an inheritance involves making well-informed decisions regarding the investment, sale, or use of the property inherited, while taking tax law and your needs into consideration. 1. Know your inheritance It is certainly a sensitive subject, but knowing what you will … [Read more...] about What do you Need to Know About Receiving an Inheritance?
