Recent posts have discussed how the changes to the tax laws under the Trump Administration could affect people who are seeking to avoid the inheritance tax and make sure their wealth protection strategies stand the test of time. A concern for many has been whether the Internal Revenue Service will seek to get some of the lost taxes back when the changes expire in 2025. New information indicates that the IRS has no intention to do that and it could be important as to how people go about preparing their estate plans.
Inheritance tax levels for 2019 announced
As New Yorkers prepare an estate plan to divide their assets after their death and loved ones of a person who recently died set about to move forward with estate administration, the inheritance tax (also known as the estate tax) is an unavoidable concern. Fortunately, for people who are estate planning, there are strategies to mitigate its impact. After the testator has died, those who have inherited the assets should be cognizant of what the new limits are based on changes implemented by the Trump Administration. As part of that, the Internal Revenue Service has released the estate tax and gift tax limits for 2019. As 2018 winds down, everyone should be aware of these and how they are affected by it.
What should you do about digital assets in an estate plan?
As more of our lives go online, it’s becoming increasingly important to have a plan for what happens to your digital identity.
Estate plan of late comic book icon a cautionary tale
Estate planning and proper preparation for the future are key for New Yorkers of all ages and in every financial situation. This is especially true for people who are wealthy, prominent and getting up in years. For people who are in this situation, having legal assistance is a must to make certain that there is adequate protection for every aspect of their lives. Evidence of how crucial this is recently became evident when the comic book creator and icon Stan Lee died at age 95.
Handling art and sentimental items when estate planning
Estate planning can be a difficult process for New Yorkers when they are determining strategies to pass along their assets. What can make this even more complicated is when the assets go beyond the basic and tangible to that which is open to desire and interpretation. Specifically, that will include items like art, jewelry and goods that might not appear to be worth much when on the market, but have sentimental value to prospective heirs and can be subject to an intense dispute. Having assistance from a qualified law firm that specializes in complicated estate planning is a must in any situation, but is of great importance with these cases.
Family conflict often causes more problems than tax rules
Fights over a loved one’s estate all too often overshadow a family’s ability to grieve their loss. In fact, family conflict is the biggest worry in estate planning today, according to recent survey of professionals at the Annual Heckerling Institute on Estate Planning. Nearly half of professionals surveyed who handle estate planning said this issue was even more important than tax reform and market volatility concerns.
Various aspects of creating a full, comprehensive estate plan
New Yorkers who do not take the necessary steps to craft a well-designed estate plan will inevitably regret it. While these documents are often considered to be essential only to those who have significant assets, everyone can use estate planning strategies to avoid family disputes and ensure that the person's property, savings and more will go where they want after they have passed. In most cases, this is not as complicated as it sounds, but there are certain aspects that should be considered beforehand.
How to handle distributing assets as a trustee
Unlike what movies and TV would have you believe, the administration of an estate does not occur immediately after someone passes on. Typically, a trustee does not begin handling a trust until after the funeral and memorial arrangements.
