You may be in a position to do what you feel is necessary for your loved ones while also providing resources for the broader community, and this can potentially go on for generations or even into perpetuity. Some people will start charitable foundations to this end, and depending on your resources and the exact nature of your legacy vision this could be a viable option.

While creation of a charitable foundation is a possibility there are other alternatives for you to consider. You may want to provide resources to refurbish a historic building or add a wing to a hospital, museum, or institution of higher learning. Some people are interested in providing for the youth of the community, and this can be done through scholarships or perhaps the building of parks or athletic fields.

People of extraordinary resources sometimes face tax issues, and certain philanthropic actions can yield positive tax consequences as well and this is another thing to take into consideration.

If you would like to discuss legacy crafting with an expert, don’t hesitate to pick up the phone to arrange for a consultation with a licensed, dedicated, and financially savvy Nassau County estate planning lawyer. Your attorney will gain an understanding of your intentions, evaluate your assets, and make the appropriate recommendations.

If you are like a lot of people you may have shifted over to paperless billing with a lot of your credit accounts, and you may conduct your banking online as well. These are things that you are going to have to make your estate administrator aware of so that he or she can conduct your final affairs effectively.

Another thing to consider would be your social network identities. The reach of Facebook on the Internet has become truly incredible. One out of every 10 website visits is a Facebook hit, and one out of every four pages viewed is a Facebook page. So, you probably have a Facebook account yourself.

Facebook has addressed the matter of account holders passing away by providing you with the option of memorializing your account. If your family notifies Facebook about your death and requests that your account be memorialized, no further access to it will be allowed.

Your personal information will no longer be available, and your status updates would be deleted. You will no longer show up in searches, and you will not be recommended as a friend. However, existing friends and family members will still be able to post on your wall.

Social networks are something to consider when you are planning your estate in the age of information. To develop a comprehensive plan for the future, the intelligent first step is to arrange for a consultation with a Nassau County estate planning lawyer who has a firm understanding of the way that the Internet is used during our modern era.

According to the Centers for Disease Control and Prevention, seven out of every 10 deaths that occur in the United States are caused by what are called chronic diseases. These would include stroke, cancer, heart disease, arthritis and diabetes.

The fact is that a high percentage of instances of chronic diseases are preventable. You can’t smoke three packs of cigarettes a day for 40 years and assume that you are just unlucky if you develop lung cancer or throat cancer. If you pay no attention to your diet, are carrying 60 or 70 extra pounds, and haven’t exercised since high school you are clearly inviting one of these chronic diseases.

It should be noted that there are individuals who take good care of themselves that fall ill through no fault of their own. But at the same time, countless people who suffer from chronic illnesses engaged in behavior that would logically lead to ill health.

The bottom line is that you can minimize your future health care expenses by making intelligent lifestyle choices along the way. If you work with a Suffolk County financial planning lawyer to create a long-term plan while taking good care of yourself you should be able to make the most of your retirement years on both a physical and a financial level.

The last will is the most commonly used estate planning document, and a lot of people are not aware of the fact that the will is going to have to be approved by the probate court before it is deemed valid. Because of this disgruntled parties could step forward and contest the will before the court. Clearly, this can take time to sort itself out and the heirs to the estate cannot receive their inheritances while the will is being contested.

And even if there are no challenges probate can be very time-consuming. The executor is going to have to take care of valid creditor claims, and he or she will inventory the assets, get appraisals, liquidate property, and ready everything for distribution.

This is not going to happen overnight. Depending on the precise circumstances it can take anywhere from several months to multiple years for the process of probate to reach its conclusion.

However, you do not have to use a last will. Efficient transfers of assets can be enabled through implementing probate avoidance strategies, and one of these would be the creation of a revocable living trust. To explore these options, don’t hesitate to pick up the phone to arrange for a consultation with a good Nassau County estate planning lawyer.

One of these would be the possibility of incapacity. Who would handle your affairs if you were to become incapacitated? Some 40% of people who reach the age of 85 suffer from Alzheimer’s disease, which causes dementia and of course there are other types of incapacity and other causes of dementia. So, failing to plan for the possibility is rather reckless.

There is also the matter of possible long-term care to consider, as well as your choices with regard to whether or not you would want to be kept alive via the use of artificial life-support measures should you fall into a terminal condition.

But in addition to these factors that are applicable to everyone, every family faces its own unique situations. For example, you may have someone in the family who has special needs who is receiving government assistance. Providing something for this individual while not impacting his or her eligibility for this assistance can require some advanced estate planning techniques.

The same thing is true if you are in possession of significant assets. The potential for asset erosion that exists in the form of the federal estate tax is very real to say the least. It can take some complex strategies to optimally position yourself depending on the exact nature of your resources.

The stakes are high when you are crafting your legacy and your choices can have a significant impact on generations to come. To be certain that your legacy is all that it can be it is important to work alongside an experienced, dedicated Nassau County estate planning attorney to craft a personalized plan that is tailor-made for you and your family.

It is also a good idea to consider the tendencies of the people who will be receiving inheritances from you. It is possible to arrange for assets to be transferred to an heir incrementally and with certain controls in place if you would feel more comfortable with such an arrangement.

In addition to the above, Nassau County estate planning lawyers are going to advise their clients about the fact that there are some matters to consider that have nothing to do with money. For example, there may come a time when you are unable to communicate while suffering from a terminal condition.

Due to the advances that medical science has made it is possible under some circumstances to keep someone who is in a vegetative state alive indefinitely through the use of artificial means. For this reason it is advisable to execute a living will that expresses your wishes with regard to being kept alive via the use of artificial life-support systems.

When you are considering the above you also may want to ask yourself if you would like to volunteer as an organ donor. You can state your wishes in this regard in your living Will if you choose to do so.

People can also agree to become organ donors by signing up for the organ donor registry online. Here is the link: New York Donate Life Registry.

This is what estate planning is all about, and as a layperson you probably don’t have a lot of detailed knowledge about the tax code as it applies to your estate and gift giving while you are still alive.

Perhaps unfortunately, the more successful you are the more the tax man wants to get involved in your affairs. It is important to understand this every step of the way and make informed decisions with the implications of the tax code in mind.

Many people are not aware of the fact that there is a gift tax in place and it is unified with the estate tax. So if you give gifts while you’re still alive in an effort to share your wealth with your loved ones they are subject to taxation.

There is a lifetime gift tax exemption, but it is unified with the estate tax exclusion. So the amount of your available estate tax exclusion will be reduced by the amount of any gifts that you give throughout your life using the unified exclusion.

In spite of the above, there are some gift tax exemptions that exist in addition to the unified lifetime exclusion. One of these allows you to pay the school tuition of students as a gift free of the gift tax. You can also pay other people’s medical expenses as a gift, and this includes the purchase of health care insurance.

In addition, each year you can give as much as $13,000 to any number of people as a tax-free gift without impacting your lifetime exclusion.

Measured gift giving utilizing these exemptions can be a part of an intelligently conceived estate plan. To learn more about estate planning in light of the intricacies of the tax code, don’t hesitate to pick up the phone to arrange for a consultation with a licensed and experienced Suffolk County NY estate planning lawyer.

You are allowed to transfer a certain amount of money to your loved ones when you are alive and after you pass away without incurring any tax liability. At the present time this figure is $5.12 million and it is in place because of provisions that are contained within the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.

However, this figure is going to be reduced to $1 million when the aforementioned tax relief act expires or sunsets at the end of 2012. At that time the rate of the tax is going to rise from the 35% that is presently in place to a top rate of  55%. (This is assuming that no changes to existing laws are implemented.)

A lot of people would say that you don’t have to be truly wealthy to have accumulated assets in excess of $1 million if you consider the value of any real estate that you may own, any inheritances that you may have received, and your savings over a lifetime. In fact, according to CNN Money there are over 10 million households with assets that exceed $1 million in the United States and this figure is expected to double by 2020.

The suggestion here is to make no assumptions when it comes to estate tax liability. The intelligent course of action is to develop an ongoing relationship with a good Nassau County estate planning lawyer and proceed with the benefit of expert advice.

We have all seen television commercials depicting elders falling down and some people have tried to turn this into a joke. But in fact, it is a very serious situation and you may be surprised to learn just how much of an impact falls have on the lives of senior citizens.

The National Council On Aging tells us that an elder American passes away approximately every 30 minutes due to injuries suffered from a fall. Billions of dollars in health care expenses are accumulated annually for treatment rendered to older people who have been injured in falls.

If you are thinking that the odds of this happening to you are slim, according to the NCOA 33% of senior citizens will fall down at some point in time.

Fall prevention involves awareness and intelligent action. You can modify your home in various ways to make a fall less likely. This could include the installation of handrails, grab bars, and even walk-in showers.

Common sense and focus is important as well, and of course if you are taking medications you should consider how your balance may be affected.

A good Nassau County elder law attorney can help you devise a plan for aging from a legal and financial perspective, but at the same time you must take personal responsibility for your health. To learn a bit about fall prevention, visit the National Council On Aging website.

Because this beneficiary may wind up receiving something out of the trust the act of funding it is considered to be a taxable gift. The IRS takes estimated appreciation into consideration when calculating the taxable amount of the gift using the Section 7520 rate that was in place at the time the trust was created.

The grantor arranges to receive annuity payments equal to the entire taxable value of the trust and this is called “zeroing it out.”

If the assets that are placed into the trust appreciate beyond the IRS estimate during the term of the trust a remainder will exist. This remainder would become the property of the beneficiary and no gift tax would be applicable.

Forbes tells us that the founders of Facebook, Mark Zuckerberg and Dustin Moskovitz, placed shares in grantor retained annuity trusts back in 2008 in anticipation of the company going public in the future to take advantage of this opportunity.

If you would like to discuss tax efficiency strategies such as the zeroed out GRAT with an expert, don’t hesitate to pick up the phone to arrange for a consultation with a licensed, experienced, and savvy Westchester County estate planning lawyer.