For New Yorkers who are thinking about strategies for their estate plan, a factor that is often overlooked is what will happen if they become incapacitated or ill. This should be considered as part of the process. An example of the importance of this came to light...
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 accounts,...
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...
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...
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...
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...
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...
