Americans are confused. They're confused about estate planning and rightfully so, it's a diverse topic. Should you create a will, a trust or both? It depends because they serve different purposes, but both can be beneficial to form a complete estate plan. Will and...
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,...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. Many New York residents are finding themselves at a loss when it comes to loved ones’ online presence. Increasingly, family...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...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....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...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...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. Trusts can stipulate assets...
