As the end of the year approaches, there are a number of planning techniques that individuals can consider implementing before December 31, and after the first of the year, to take advantage of estate and gift tax savings opportunities. Gifts to Individuals Individuals may gift away a certain amount of assets to other individuals […]
In estate planning, the titling of assets is often the most important consideration of how those assets will be distributed upon death. If you have not taken time lately to review how all of your assets are titled and how beneficiaries are designated, it can be a useful exercise. Let’s take a look at a […]
What is the Right of Election? New York’s Spousal Right of Election protects a surviving spouse from being completely disinherited from the estate of the deceased spouse. Under EPTL 5-1.1A, a surviving spouse is entitled to take the larger of $50,000 or one-third (1/3) of the deceased spouse’s net estate. This is known as […]
As many are likely very aware, the end of 2017 brought with it new tax reform that took effect January 1, 2018. The Federal Tax Cuts and Jobs Act (the “Act”) made many revisions to the tax code in the first significant reform to the tax code since 1986. This article will focus on the […]
For many young adults, the consequences of not having an estate plan in place can be dire. Estate planning is not only tax and probate avoidance, but it is planning for your lifetime and incapacity as well. One tragic case that many people are familiar with is that of Terry Schiavo. Terry Schiavo was a […]
While discussions for estate planning often focus on married couples, estate planning for a single person is equally as important. In many instances, a single person may need to do things differently and the consequences of not having a well-coordinated plan can create real problems. Most single people own assets in their names individually and […]
Life insurance policies, employer-sponsored retirement plans, annuities, and retirement accounts. Odds are, you look at this list and see at least one financial account that you hold. All of these accounts are generally payable upon the death of the account holder to beneficiaries named via beneficiary designations. Beneficiaries could also be named on certain […]