For philanthropic-minded investors hoping to minimize taxes while generating income for themselves or their heirs in New York, a charitable remainder trust (CRT) is an effective planning tool. A CRT is a type of trust that allows the grantor to transfer assets into...
The state levies a tax on estates exceeding a specific fair market value in New York. Every estate is also subject to federal taxes, with a more generous exemption. The estate tax is sometimes confused with the inheritance tax, but the two are separate and affect...
Making a will is an important step in ensuring that your assets and possessions are distributed according to your wishes after you pass away. While it may not be the most pleasant thing to think about, creating a will in New York can provide peace of mind and ensure...
It's crucial that you know what's going to happen with your financial future beyond your own lifetime. With everything else there is to worry about during the process of forming your estate plan in New York, it leaves charitable giving often forgotten about and pushed...
Many New York residents put off developing an estate plan because thinking about death makes them feel uncomfortable. This is completely understandable, but people who are able to tackle these thorny issues rarely regret doing so. With an estate plan in place, you...
More people now realize the importance of an estate plan, but some are making mistakes in setting theirs up. Common mistakes that testators make in New York are forgetting to update it and failing to recognize the full financial implications. Setting it and forgetting...
Dealing with the death of a loved one can be hard for New York families under the best of circumstances. However, issues with an estate plan can cause even more emotional and financial hardship for the family, especially if the deceased leaves behind a large estate....
Writing a will can be daunting for some New York family members. It's common to want to ensure your final wishes are carried out as you desire. Consider essential factors before writing your will on a napkin. The napkin would be a legal document. However, probate laws...
A New York resident might create an advance directive during estate planning. An advance directive is a legal document providing instructions about a person’s critical care wishes. Also known as a living will, the advance directive comes into use when the person is...
Estate planning serves many purposes, the most well-known being the ability to leave assets to named beneficiaries in a New York will or transfer-on-death account. Estate plans could include documents that handle other matters, including power of attorney forms and...
