Generally speaking, when it comes to establishing an estate plan, a Last Will & Testament is an essential document to execute. With a Will, the creator, or testator, can address many different things, but the main purpose of a Will is to provide direction as to...
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Estate Planning
Estate tax update: 2023
IRS Rev. Proc. 2022-38 outlines the increase, for inflation, to the Federal Estate Tax Exemption for 2023, which is $12,920,000.00 per individual (compared to $12,060,00.00 in 2022), or $25,840,000.00 for a married couple (compared to $24,120,00.00 in 2022). The new...
Digital assets and estate planning: What happens to your social media accounts after you die?
Increasingly, our world is becoming more digital. Email, Twitter, Facebook, YouTube, Yelp, Instagram, Pinterest, Vimeo, photo, video and music accounts…. the list goes on and on. So what happens to these accounts, and more importantly, the content in these accounts,...
When to revisit and revise your estate planning documents?
When it comes to an Estate Plan, every adult should have at least a basic plan in place. An Estate Plan is created, in large part, by executing legal documents. Each document addresses one or a few things, and all the documents come together to form a comprehensive...
Why do some people procrastinate over estate planning?
Estate planning is so much more than drafting a Will. Trusts, Power of Attorneys and Health Care Proxies all perform very different functions. Getting your final wishes down on paper can feel overwhelming. The truth is that this puts many people off from estate...
Planning for your funeral
The more complete your estate plan, the simpler it will make things for those grieving your loss after your pass. Setting out your own funeral wishes is one area many people overlook. There are a few ways to accomplish planning for after your death. One way is to...
Health Care Proxy: Who Should Be Your Agent?
When creating an estate plan, one of the most important documents to include is a Health Care Proxy. A Health Care Proxy allows a principal to appoint an agent to make health care decision for the principal, but only when principal cannot make his or her own...
When is a gift tax owed?
It is not uncommon for the topic of gifting to come up during a routine estate planning consultation. A grantor can accomplish different things by gifting assets. Whatever the goal, once a client expresses interest in gifting, the question inevitably becomes: How much...
Estate planning with a terminal illness in New York
If you just found out that you’re living with a terminal illness, you may begin to focus on how you can protect yourself, your assets and your family. You want to be sure that you are protected and that someone you trust can make financial and medical decisions for...
Estate plans are not set in stone
You should never delay implementing an estate plan simply because you may need to change it down the road. As long as you have the requisite mental capacity, you can always amend your estate plan as your life progresses. When you are young, you may only need a Power...
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