Many people don’t realize just how many accumulated assets they have until they develop their estate plan. Between real estate, retirement accounts, investments, etc. personal wealth can add up to millions of dollars. That’s not counting inheritances, which may...
Estate & Gift Taxes
How can gift taxes influence a New York estate plan?
Taxes are one of the many financial considerations that people need to learn about when planning an estate in New York. Those who fail to consider taxes when planning their estates may end up having the government lay claim to a sizable portion of their estates. There...
How will taxes affect your estate?
Estate taxes affect less than 1% of United States residents. While many people accumulate meaningful wealth during their lifetime, few amass truly significant fortunes. Yet, through sheer luck or shrewd investments, your estate could face taxation in the future. If...
What you should know before you plan that big gift
As part of your estate plan, you may have considered making a large gift to a loved one while you are still alive. There are many reasons to do this. Perhaps you want to help someone in need, invest in a loved one’s business or just enjoy their enjoyment of a piece of...
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...
The Intersection Of Divorce And Taxes
For many people who have never gone through the process, divorce might seem like it should be as simple as getting married. In practice, the two events have almost nothing in common. They both come with legal consequences, but that is where the similarity ends....
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...
Death and Taxes in New York – Update
New York's estate tax scheme has remained the same for years, but that has just changed dramatically. The newly enacted state budget includes changes to estate and gift taxes that are designed to allow New York to "catch up" to the federal estate tax regime. US...
Estate planning in New York can benefit from before-death gifting
Estate planning, in the early stages, can be daunting, especially if you have assets that need to be divided among several loved ones. Even if you don't have a lot of money, you still need an estate plan. The truth is that if you own a home or have any real or...
Estate planning and tax considerations
While a necessary evil, most New York residents still loathe paying taxes. In fact many people spend their whole lives attempting to avoid paying taxes on accumulated wealth. Unfortunately, even when an individual dies, they cannot escape paying taxes as tax burdens...