Every testator putting together an estate plan has different needs and priorities. The extent of an individual's holdings, the various relationships they have developed and their personal values all influence what they want to happen with their assets after they die. ...
When a loved one passes away, taxes can be a confusing topic for families. Two terms often come up: estate tax and inheritance tax. While they sound similar, they work in different ways. In New York, knowing the difference helps you understand what happens to property...
When you inherit property or investments from a loved one, you may be focused on the sentimental value of the property or the financial opportunity the assets represent. But there’s an important tax concept that can make a huge difference in how much you ultimately...
Lifetime gifting is a strategic component of estate planning, offering the dual benefit of expressing generosity towards loved ones while reducing the size of one's estate to potentially lower estate taxes. By transferring assets during their lifetime, individuals can...
When your estate has significant assets, then it may be subject to death taxes. These taxes can equal up to 40% of your estate’s value, and your beneficiaries shoulder them once you pass on. You might find this figure concerning, since it could reduce your estate by...
Whenever money is involved, odds are high the Internal Revenue Service (IRS) is also involved. One example involving estate planning is the use of trusts. Trusts are essentially legal tools that govern the distribution of certain funds. This piece will discuss how the...
It is common for those who put together an estate plan to attempt to distribute assets to heirs in equal portions. The idea behind the move is logical — each kid gets an equal share of the parent’s or grandparent’s assets. But does it end up working...
An estate plan accounts for more than just a transfer of assets at one’s death. It guides financial planning, health care decisions and even how we gift. Anyone that puts together an estate plan with a one size fits all mentality is unlikely to make the most of...
An estate plan accounts for more than just a transfer of assets at one’s death. It guides financial planning, health care decisions and even how we gift. Anyone that puts together an estate plan with a one size fits all mentality is unlikely to make the most of...
Tax season is upon us. Those who are getting ready to file their tax returns may wonder whether this is the year they are chosen for an audit. Audits are generally not random. There are some red flags that can increase a taxpayer’s risk of a federal audit.For...
