Planning your estate in New York can be a complex affair. This will be all the more true if you fit the description of a high-net-worth individual. If this is the case, you will need to take extra care in your plans. You don’t want to make a mistake that can lead to the IRS breathing down the necks of your heirs.
You need to minimize your estate taxes
The key to creating successful estate planning and wills is to know your limits. You want to make sure that you minimize to the lowest degree the extent of your estate taxes. The way to do this is to keep a full record of all of your estate, gift, and generation-skipping transfer tax limits.
It’s important to note that all of these limits are subject to change each year due to inflation. Federal taxes can consume up to 40% of these limits. But there will also be additional state taxes that need to be considered. The estate plan that you create will need to be adjusted to accommodate these changing rates.
Make sure to appoint a reliable trustee
Planning your high net worth estate in New York is not the kind of task that you want to tackle on your own. This is an area where you are going to need to turn to the aid and counsel of a financial adviser. When it comes time to publish your estate, you will need to appoint a reliable trustee.
Your trustee will be the one who is responsible for carrying out your wishes after you pass. They will oversee the distribution of all of the assets that you have named in your plan. It will be up to you to make the right choice in this regard.