When you welcome your first child, your life forever changes. For the first few months, you are busy caring for a newborn—figuring out how to soothe your child, feed them and survive some sleepless nights. While many parents do lots of research on the best car seat,...
The secret to avoiding probate
There is one sure way to avoid seeing your life assets pass through probate – with all the expense and delay and tax liabilities that go with probate. The secret? Don’t own anything. There are a number of ways to un-own your home, real estate, bank...Collectors’ tax implications can be lessened by tax changes
For New York residents who are taking steps to prepare for the future with an estate plan, having collectibles and striving to keep them in the family without burdening loved ones with onerous tax implications is one of the main considerations. Understanding the...Self-made people must make certain an estate plan is current
New Yorkers who have created their own wealth and independence through entrepreneurship are often guilty of failing to keep their estate planning documents current. Much like creating a business, drafting estate planning documents is often viewed in the now with the...Estate planning and aging alone
Many of the cues that get people thinking about estate planning are family related. New marriages, becoming a grandparent, passing along a family business or protecting family heirlooms can all be the impetus for starting an estate plan. A new trend may require a...Drafting estate planning documents with the estate tax in mind
New Yorkers who are crafting an estate plan will want to ensure that they create a document that prepares for every eventuality. One area that is constantly and inevitably changing is the political situation. Having a well-rounded estate plan should account for most...Estate taxes are confusing, even to the IRS
The Treasury Inspector General for Tax Administration recently issued a report concerning how estate and gift tax returns are being processed. The report highlights substantial discrepancies in how the IRS handled the examination process. One of the issues covered in...
