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

Resize the Content Text

Portability could aid New Yorkers in estate planning

Throughout one's lifetime, the average man or woman will likely accumulate some amount of wealth. Upon one's death, depending on how this wealth was handled and distributed, it could be taxed or it could be tax-free. Proper estate planning can assist New York residents in protecting their assets for future generations.

Previously, estate planning with the use of trusts was the method of choice for distribution after one's death. However, portability now allows the deceased spouse's tax exemption to transfer to a surviving spouse. This will allow, in the event of the surviving spouse's death, for a greater exempt amount to be transferred to the beneficiary of his or her choosing. This allows for assets to transfer from one spouse to the other and for the exemption to remain intact.

Before portability, if one wanted to maintain the exemption amount, assets would need to be transferred while the individual was still living, or they were left to someone other than a spouse. It is important for each spouse to have their own will to protect assets and ensure that these assets are transferred as the individual wishes. Portability makes it possible for assets to transfer between spouses without a trust.

The decision as to whether a New York resident would benefit from a trust or through portability is one that should be carefully made. Proper estate planning will assist in protecting assets and transferring them as the individual desires. These decisions can often be complicated, and the advice of an estate planning professional may be in the individual's best interest.

Source: Forbes, Estate Planning For The 99%, Deborah L. Jacobs, Jan. 20, 2014

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: