We have a federal estate tax in the United States, but most people do not have to contend with it, because there is a relatively high credit or exclusion. This is the amount can be transferred before the estate tax would be applied. Before the beginning of this year, it was somewhere in the vicinity of $5 million. This was the figure that was installed in 2011, and there were ongoing adjustments to account for inflation. When the new tax laws went into effect in 2018, the estate tax exclusion … [Read more...]
Estate Planning is for You, Not Just Your Parents or Grandparents
If you’re young and unmarried, do you really need an estate plan? The answer is “yes,” if you care what happens to you and your stuff. Read on to find out how an estate plan can help someone who is young and unmarried. Estate Planning is for You, Not Just Your Parents or Grandparents … [Read more...]
Why Would You Use an Irrevocable Trust?
In the field of estate planning, there are trusts that can be revoked, and others that cannot be dissolved. If you are thinking about the possibility of creating a trust, you would probably feel more comfortable if you knew that you could revoke it if you change your mind. This makes sense on the surface, but there are some very good reasons why an irrevocable trust would be the better choice under some circumstances. Incidents of Ownership To gain an understanding of this subject, you have to … [Read more...]
Report: Albany Nursing Home Costs Will Rise
If you are thinking that you have always been healthy, so it is unlikely that you will require nursing home care, you should understand some of the facts. Looking ahead toward your active retirement years that will be full of travel, leisure activities, and quality time with your family is a beautiful thing. Indeed, your golden years can be some of the best years of your life if you plan ahead carefully from a financial perspective so you have the resources that you need. This being stated, … [Read more...]
Planning for the Client Moving Overseas
In this increasingly mobile world, clients often spend periods of time living in other countries, or even retiring overseas. How does one address estate planning in this situation? This article explains what to do. Planning for the Client Moving Overseas … [Read more...]
Address These Two Elder Law Issues
As the name would imply, elder law attorneys assist clients that are concerned about the issues that are typically faced by senior citizens. There are some things that you should understand if you want to be comprehensively prepared for the future. One of the elder law issues that is very pressing during our current era is the matter of long-term care. Medicare does not pay for living assistance, and the majority of senior citizens will need help with their day-to-day needs before all is said … [Read more...]
What’s a 529 Plan and What Are the Benefits to Using One?
Would you be interested in a way to save money for education and get tax benefits simultaneously? A 529 plan might be what you’re seeking. Find out more by reading the benefits of a 529 plan. What’s a 529 Plan and What Are the Benefits to Using One? … [Read more...]
A Look at Special Needs Planning
It is important to understand the fact that there is no one-size-fits-all estate plan that is right for everyone. Your financial position, your family dynamic, and your objectives will be determining factors, and there are many possibilities. There is also the matter of the life situation of the people that you want to provide for in your estate plan. With this in mind, let’s take a look at the value of special needs planning. Government Benefits If you would like to leave an inheritance to … [Read more...]
A Conversation With an Albany Living Trust Attorney
Many people come into our office to speak with an Albany living trust attorney, and we find that they often ask a lot of the same questions. With this in mind, we thought that it would be a good idea to create a hypothetical question-and-answer session and make it available here on our blog. After you go through it, if you would like to experience the real thing, feel free to send us a message to request a consultation appointment. Living trusts are only for wealthy people, right? This is one … [Read more...]
When Is an Estate Probated in New York?
Probate can be defined as the legal process of estate administration. In the state of New York, the Surrogate’s Court has jurisdiction over estate cases. If you were to use a last will to express your final wishes with regard to the way that you want your assets distributed, you would name an executor in the document. After your passing, the will would be admitted to probate. The executor would handle the estate administration tasks, and the court would provide supervision. Sometimes, a … [Read more...]
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