While a necessary evil, most New York residents still loathe paying taxes. In fact many people spend their whole lives attempting to avoid paying taxes on accumulated wealth. Unfortunately, even when an individual dies, they cannot escape paying taxes as tax burdens are then passed on to the individual's estate and, in some cases, loved ones.
Estate planning considerations for less traditional families
New York state is among the 14 states in the U.S. that legally recognize gay marriage. This number, however, is expected to grow in the coming years as more states push for the rights of same-sex couples to wed and enjoy the same rights and benefits as heterosexual couples. Regardless of sexual orientation, there are numerous estate planning matters that every individual must consider when making decisions related to their health, wealth and legacy.
Why it's imperative to plan for long-term care costs
Many people wrongly assume that estate planning simply equates to having a will. While a will is certainly the foundation of most comprehensive estate plans, there are numerous other considerations for which individuals must plan and prepare. For example, taking steps to ensure for one's long-term care needs is becoming increasing important as more people are living longer and costs associated with long-term care increase.
Estate planning and the importance of managing expectations
When it comes to estate planning, there is often a lack of communication between aging parents and their adult children. Grown children may be unaware of whether mom or dad even has a will much less what requests are covered in that will. Regardless of actual knowledge, a recent survey conduced by Interest.com found that a quarter of those individuals ages 18 to 59 surveyed expected to receive an inheritance during their lifetime.
Something to talk about: Discussing an estate plan with children
Estate planning can be a very difficult topic for New York parents to approach. People do not exactly enjoy making plans for after they have died so it can be an easy discussion to put off. But while it is true that many people feel uncomfortable discussing what will happen to their homes, money and other assets after they are gone, having an estate plan in place can be crucial, especially when children are involved.
