States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more.State Income Taxation of Nongrantor Trusts … [Read more...]
Gift Giving and Taxation
There are a lot of great things about living here in New York, but as we all know, taxes can be a bit stifling. Of course, there are the taxes that you must pay throughout your life, and people that have enjoyed a high level of financial success have to be concerned about death taxes.On the federal level, the estate tax carries a 40% flat rate, and this is a figure that is high enough to get your attention. It is applicable on asset transfers that exceed $11.4 million. This amount is called … [Read more...]
Consider the Importance of Incapacity Planning
As estate planning and elder law attorneys, we are charged with the responsibility of sharing some inconvenient truths as it were. Some of the eventualities of aging are not particularly pleasant to contemplate, but at the same time, they can be more effectively managed if you address them in advance. With this in mind, we will look at the importance of incapacity planning in this blog post.Longevity StatisticsEveryone wants to live long and live well, and this is as it should be, and … [Read more...]
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read on to learn more about state income taxation and how you could avoid it.State Income Taxation … [Read more...]
One Will May Not Be Enough
A lot of people think that “estate planning” is a fancy way of describing the process of creating a last will. In fact, there is a lot more to it, and a last will is really not the right vehicle of asset transfer for many people. We will elaborate on this in another section, but we will first explain why you may need more than one type of will when you plan your estate.Life Support PreferencesThis is really not a very pleasant subject to contemplate, but you should address end-of-life issues … [Read more...]
