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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 eventualities when it comes to changes in the law. With a republican president and a congress controlled by republicans, the estate tax has again come to the forefront with the attempts to repeal it. This must be thought about beforehand.

Having legal help with drafting estate planning documents and considering tax implications is not limited to those who have obvious wealth. It is for everyone. Some might not think about the estate tax amid the belief that it will not affect them. In many instances, they are correct in the moment. However, in the future it might affect them if they come into the amount of assets where the estate tax is an issue. For many, when the assets are calculated, they might be surprised to find that the total of the estate goes beyond what will result in being taxed. In New York, estates that go beyond $1 million will be taxed.

When estate plans are crafted, the testator will want to make certain that the heirs will get as much of the estate and retain as many of the assets as possible. The estate tax, should it remain in place, can negatively influence that goal. Having legal help to determine strategies to keep as much wealth as they can is a vital part of a comprehensive estate plan with all tax implications factored in.

Those who are preparing for the future with an estate plan must be aware of all issues related to it. Discussing estate planning in the context of taxes is one of the key factors that is frequently overlooked. A lawyer will detail all the avenues to protect assets from the estate tax in its current form and if there are changes made. That is the first call that a person should make when crafting an estate plan.

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Weinstein & Randisi - estate planning

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