The wealthiest individuals in the United States tend to be well-educated and have a great deal of business savvy, but this does not seem to be helping complete the basic elements of estate planning. According to the CNBC Millionaire Survey, 38 percent of individuals...
When doing estate planning in New York, there are many factors you have to keep in mind, but one thing that often goes overlooked is sibling rivalry. No parent wants to think that his or her children are going to fight over money or property. However, this is...
In cases where one or more spouse has children from a prior marriage, estate planning can get more complicated. It does not matter how well a family gets along now, there could be conflicts after a death when it comes to inheritances. For this reason, New York estate...
The Supreme Court has just ruled that gay marriage has to be allowed everywhere. This is a huge case, and it's a landmark decision that will go down as one of the biggest rulings in U.S. history. While it's true that gay couples in New York have been allowed to marry...
Having an estate plan in place can be an enormous relief. Knowing what will happen and when it will occur can bring peace of mind that you never imagined possible. One of the major issues with an estate plan are the tax consequences. You can pass on your assets and...
Sometimes, people get so caught up in devising ways to distribute their property and assets after death that they fail to spend sufficient time deciding who should be in charge of those tasks. Arguably, the persons or institutions you name as the executor of your...
In the past, same-sex couples had to do much of their estate planning individually, seeing as how they could not get married. However, when the Defense of Marriage Act was overturned, same-sex marriages became legal in many states, and this changed the rights that...
Do you have an estate that is worth more than the cap for the amount of gift and estate tax exemption? If you have an estate of any size, a private annuity may be the way to go to avoid taxes that your heirs will have to pay. A private annuity transfers property to...
The baby boomer generation is not getting any younger and more and more individuals in this age category are entering into retirement. However, a lot of them are doing so without any kind of long term care plan finalized. This is because some people think it is too...
Most New York residents are using Facebook these days, but did you know that Facebook can also be incorporated into your estate planning? One of the easiest things you can do is simply provide your login details to a trusted family member so that your family can have...
