When you are planning for the future of your heirs, part of that planning is what you will do you’re your assets, property or as it is commonly called, your estate. You may not realize that in New York, there is an inheritance tax. You can look into this and find out how to mitigate the tax penalty your heirs will have to pay. Another aspect of estate planning that you may not have thought about is how to plan for your family’s history. Both of these are compelling subjects that bear looking into. You can always count on a professional to help you with these topics as well as others.
Federal law allows that an exemption can be made from your estate taxes up to $5 million. New York taxes any estate that is over $1 million. Your assets add up quickly and it is amazing how many people find their inheritance eaten up by taxes. Instead of being able to keep that vacation home, your heirs have to see it sold because of the taxes imposed.
Realizing that you can mitigate these costs is a valuable piece of information. Talking to an attorney at Weinstein & Randisi is a good idea. They know the ins and outs of the laws of New York.
The second topic, protecting your family’s history is another small part of estate planning. It is called legacy planning. This is a way for you to leave a small token of yourself behind to those who mean the most to you. A personal message or a small gift that you want to leave to your heir can be a moment that the two of you share, even if you are gone. You know what you have done and look forward to the time when your loved one can understand what he or she meant to you.
At Weinstein & Randisi, we make every effort to meet your needs and expectations when you are planning for your departure from this world. You can take comfort that everything will be in order when you are gone.