A lot of people automatically assume that they should use a last will when they are planning ahead for the future. Because expressing your final wishes can seem like a relatively simple and straightforward matter you may think that you can construct your own will. In fact, there are a number of websites out there that make a business out of selling this notion to the public. They will provide you with a download or a worksheet for a fee. You fill in the blanks and you will ultimately have … [Read more...]
Have You Made Provisions for Your Minor Children?
People sometimes think of estate planning as a matter that only senior citizens should be concerned about. Does the likelihood of passing away become greater as you get older? The answer is yes, of course people who have reached an advanced age are more likely to die than those who are younger. But consider another question. Is it likely that your children will be fully capable of taking care of themselves if you pass away when you are 80 years of age? If you feel as though the answer to the … [Read more...]
Have Questions About Estate Planning?
If you are one of our readers you invariably have an interest in Long Island estate planning information. We make every effort to provide a steady stream of relevant content here on our blog, and we have also prepared a number of different reports that are available to members of the community free of charge. They delve into each specialty one by one, but we also have a comprehensive report on estate planning as a whole. This report will answer many of your questions about wills, trusts, … [Read more...]
Getting Ready for Your First Consultation
When you have decided to make an appointment to speak with an estate planning attorney for the first time you should have an idea of what to expect. There is certain information that you must get together so that you can answer important questions that your lawyer will be asking. From a financial perspective it is a good idea to create a balance sheet called a statement of net worth. Simply put, you record all of your financial assets and all of your debts. Your attorney has to have an in-depth … [Read more...]
Estate Tax Parameters Set for 2013
We had a lot of uncertainty regarding the estate tax parameters for 2013 as the political powers that be negotiated a deal that would prevent the country from going over what was being called the "fiscal cliff." The wrangling and finger-pointing went down to the last minute, but a deal was finally reached when the Senate passed a resolution on New Year's Eve and the House of Representatives followed suit the next day. If no new legislation had passed the estate tax exclusion would have … [Read more...]
Portability Still in Place in 2013
Many different possibilities existed regarding the future of the estate tax throughout 2012. If there was no legislation passed to change existing laws in 2013 the maximum estate tax rate would have gone up to 55%, the exclusion would have been reduced to $1 million, and the estate tax would no longer be portable between a husband and wife. Because of the enactment of the American Taxpayer Relief Act of 2012 we have a different set of circumstances. The exclusion has been set at $5.25 million … [Read more...]
Author's Procrastination Teaches Valuable Lesson
Back in 2004, the Swedish crime novelist Stieg Larsson passed away suddenly at the age of 50 from a heart attack. Larsson was famous for the book The Girl With The Dragon Tattoo which was very popular, and the book was turned into a movie adding to his notoriety and to his formidable fortune. It is estimated that at the time of his death the overall value of Larsson's estate was somewhere in the vicinity of $40 million, and this is said to be conservative. Stieg Larsson made the mistake of … [Read more...]
A Brief Look At Trust Administration
Many people are opting for revocable living trusts these days when they are making preparations for the future. These vehicles allow for a quick and efficient transfer of assets outside of the process of probate and this is the primary appeal. But in addition to probate avoidance, creating a trust can also help you avoid a potential guardianship proceeding in the event of your incapacitation. You could name an individual of your choosing to administer the trust should you become unable to make … [Read more...]
Don't Place Too Much Stock In POD Accounts
One of the ways that you can arrange for the transfer of assets to your loved ones after you pass away is by the creation of payable on death or transfer on death accounts. As the name implies, you add a beneficiary when you create the account at a bank or a brokerage. Upon your passing, this beneficiary assumes ownership of the resources that remain in the account. The transfer of assets that takes place is not subject to the probate process. Because of the fact that probate is time-consuming … [Read more...]
Wills That Fly Under The Radar
There are many estate planning instruments that are utilized by Nassau County estate planning attorneys on a routine basis. There's no real reason for the typical person to have a comprehensive understanding of the tools that are available. This is why it is so important to retain the services of an estate planning lawyer when you are preparing for the inevitable. Some of the tools that estate planning attorneys utilize are types of wills that are not very well known. One of these is the … [Read more...]
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