Designating inheritances is not the only purpose of a New York estate plan. Some local residents may feel like there is no rush to have a plan in place, because they do not have many assets to pass on or have no particular wishes about their possessions. But inheritances are…
The financial world is a complex one. It is easy for local residents to get lost in the mire of special accounts and various loopholes to maximize their savings while protecting their hard-earned dollars. As always, the professional guidance of financial experts, estate planning attorneys, and others is usually the…
Consumer Reports came out with a helpful new report which is of value to all local residents thinking about creating a New York estate plan. The study examined the value of “Do It Yourself” (DIY) websites for legal documents, including wills. Obviously everyone values efficiency, and maximizing value while minimizing…
Nothing is easy when dealing with the Internal Revenue Service (IRS). Even situations that seems straightforward or streamlined invariably involve developing complications that present headaches to taxpayers. Our New York estate planning attorneys know that this bears out in many planning issues. Take, for example, the estate tax. As helpfully…
Prenuptial agreements commonly make headlines as celebrities getting hitched try to protect their fortunes. But the focus on celebrities (or the ultra-rich) is misleading. In reality, average Americans should, and frequently do, make use of the benefits of prenuptial agreements. In our area, New York estate planning attorneys know that…
The estate tax saga wages on in the halls of Congress as both sides seem to be engaging in more symbolic acts on the measure with little progress on reaching an agreement which might actually become law. New York estate planning lawyers appreciate the limbo this places on many local…
An appraisal is an expert assessment of the value of a particular asset at a given time. Many factors involved in the appraisal of a property can easily distort its value–overvaluing or undervaluing it. The IRS uses appraisals in the process of assessing property taxes, which requires the appeal of…
As recent article in the Star Tribune put it, all but the wealthiest of us have moved from an “inheritance” society to “let’s make sure Mom and Dad have enough to live out their lives scenario.” Ten years ago Americans expected more inheritance from their parents than they do now.…
Earlier this week we shared information on the latest challenge to the U.S. Defense of Marriage Act (DOMA), Windsor v. United States. While the case awaits final resolution, many are working to spread information about the story behind the lawsuit. The goal is to better explain to the community at…
http://www.washingtonpost.com/lifestyle/style/edie-windsors-fight-for-same-sex-marriage-rights-continues-even-after-partners-death/2012/07/19/gJQARguhwW_story.html In the wake of the passage of marriage equality laws in our state, many assumed that the issue was settled for New York’s same-sex couples–they would be treated the same as all other couples in our state. Not so. Our New York estate planning attorneys are acutely aware of…