On Tuesday we discussed a few ways that our New York estate planning lawyers incorporate charitable giving into strategies to reduce taxes during inheritance planning. Of course, for most local families who want to give some of their wealth away, the motivation is not just to save tax money for…
New York estate planning is primarily concerned with passing on assets to family members and saving taxes in the process. While the inheritance planning portion of the effort may seem straightforward, there are many considerations involved. It is much more than simply saying that John gets the house and Jane…
To ring in 2012, many New York estate planning attorneys urged local residents to use the holiday as a reminder of the importance of preparing for inheritance and disability. A humorous Huffington Post article yesterday walked readers down the same path. The story noted that even conducting the most rudimentary…
Most local residents will nod in agreement when one explains the importance of conducting New York estate planning as soon as possible. It is easy for most to understand the value of planning an inheritance, saving on taxes, and preparing for alternative decision makers. Yet, all estate planning lawyers know…
When local residents consider creating a New York estate plan they are likely thinking about establishing a trust, drafting a Power of Attorney, and making similar preparations. Taking stock of assets, deciding how to distribute them, creating plans to do so legally, and saving on taxes is the cornerstone of…
Western Farm Press published a story yesterday reminding readers of the importance of conducting proper estate planning. The publication, geared toward those in the agricultural industry, explained that many farms had been saved that otherwise would have been split up because of savvy planning ahead of time. The story reminded…
Modern New York estate plans require consideration of a range of issues that were unheard of even a few decades ago. Of course some of the core aspects remain the same, such as deciding how to pass on tangible assets like the house, car, and personal property. But in this…
Our New York estate planning lawyers ran across a Forbes article last week that began with the provocative claim that “70% of intergenerational wealth transfers fail.” The story was discussing a new Williams Group study which examined the long-term effects of wealth transfers in 3,250 families. “Failure” in the study…
Many local families create their New York estate plan with potential family feuds in minds. History is replete with examples of siblings, parents, children, in-laws, and others being torn apart following disagreement regarding the passing of assets at the death of a loved one. Legal challenges following a death are…
Estate planning is about setting ones affairs in order for the benefit of friends and family. In that way, the holiday season is a natural time to discuss these matters, because it is now when many families are getting together and celebrating. Particularly for families that do not live close…