Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Estate planning and tax considerations

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.

As with most things in life, being informed and prepared are the best defense for avoiding post-mortem tax problems. For example, without proper documentation trying to identify and access those accounts held in an individual's name is a difficult task. To remove this burden from loved ones, it's wise for individuals to ensure they keep a record of existing accounts and passwords in a safe place.

Armed with a comprehensive list of existing accounts, loved ones are then able to more easily determine which accounts are subject to additional taxes. Even before passing on, however, there are steps individuals can take to minimize tax penalties and ensure the maximum amount of wealth and assets are passed on to intended parties.

For example, individuals would be wise to take advantage of gift tax exemptions. Under current federal law, an individual is allowed to gift up to $5.25 million dollars without having to pay taxes on those dollars and the money can be distributed while an individual is still living. Annual gift exemptions for an individual currently stand at $14,000 and are adjusted to keep pace with inflation each year.

Additionally, during one's retirement years, it's often best to use assets held in certain types of accounts. For example, unless absolutely necessary, individuals should avoid touching those assets held in a Roth IRA as this type of account has many tax benefits and protections when passed on to a designated beneficiary.

New York residents who have questions or concerns about estate planning and taxes would be wise to contact an attorney. An estate planning legal professional can provide advice on ways to retain wealth and avoid paying unnecessary taxes upon one's death.

Source: U.S. News & World Report, "5 Things Everyone Should Know About Death and Taxes," Kristen Owen, Oct. 28, 2013

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: