Probate is a legal process that is necessary when you transfer assets through the terms of a will. In New York, the Surrogate’s Court has jurisdiction over estate matters. This court also provides supervision when someone passes away without any estate planning documents at all. It should be noted that there is a simplified probate process in New York for small estates with a gross value of $50,000 or less. When you are planning your estate, you should definitely have some understanding of … [Read more...] about Four Things You Should Know About Probate
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Is There an Inheritance Tax and an Estate Tax?
There can be some confusion when it comes to the taxes that can be levied on inheritances. You may have heard the terms “estate tax” and “inheritance tax” utilized, and they can leave you scratching your head. Are these two different taxes, or are the terms used interchangeably? Do they refer to income taxes on inheritances? These are good questions, and we will provide clarifications in this post. Income Taxes Life insurance policy proceeds and an inheritance that you receive through the … [Read more...] about Is There an Inheritance Tax and an Estate Tax?
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on beneficiaries who don’t fall under the standard 10-year payout of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
You Need These Estate Planning Documents
It can be difficult to know where to begin when you are thinking about the estate planning process. There are variations depending on the circumstances, but there is an underlying framework that applies to everyone, and we will break it down in this post. Asset Transfer Vehicle An asset transfer vehicle will be at the core of your estate plan. You could use a will, but this would not be the right choice unless the situation is extremely simple and straightforward. The revocable living trust … [Read more...] about You Need These Estate Planning Documents
Modifications and Medicaid Waiver Can Provide a Solution
When you are planning ahead for your retirement years, you will naturally budget for expenses that are relatively easy to anticipate. The golden years can be a reward for all of your hard work, a time when you can enjoy leisure activities, travel, and cross things off your bucket list. This is well and good, but there is the other side of the rainbow. The twilight years can present a financial challenge in the form of long-term care costs. Sobering Statistics Everyone knows that some people … [Read more...] about Modifications and Medicaid Waiver Can Provide a Solution
