New York, unlike many states, has an estate tax. That means people with multimillion-dollar estates often need to take steps to help ensure that the assets they leave to their loved ones and others aren’t needlessly devalued by taxes – both federal and state. The 2023...
Estate Planning
Should you consider leaving unequal bequests to your children?
You may have always assumed that you’d ultimately leave everything you have to your adult children and let them divide it equally. However, as a parent, you probably already know that “equal” isn’t always fair. It can make a lot of sense to leave your children unequal...
4 common estate planning myths debunked
You’ve likely heard once or twice that only people with a large estate benefit from making estate plans. This idea is only a myth. Estate planning has a lot of benefits besides distributing assets. For example, parents can make estate plans that name child guardians....
6 kinds of trust to explore
A will may have to face estate taxes, probate and disputes, which might make it more difficult for heirs to inherit the deceased person's property. A trust, by comparison, can avoid estate taxes and help insulate what you want to leave behind to your heirs from...
What qualities does an estate executor need?
Asking someone to execute your estate is asking a lot of them, far more than many of the favors you may typically ask of friends or family. While your estate can compensate them for their time, it is a relatively small amount given the work involved. Hence, you may be...
How do I include a business in my estate plan?
If you have worked hard your entire life to build a successful business, it is only sensible that you come up with its succession plan. With a solid plan, you can have peace of mind knowing that your legacy will be in safe hands. Fortunately, estate planning offers a...
Reasons to talk to your children about your estate plan
Most parents leave their assets to their children. Whether you intend to do that or not, it is what most people expect, so it is worth discussing things with them either way. Here are some of the advantages of such conversations: They can put in any special requests...
Why should childbirth spur a change in your estate plans?
The moment your child is born, any prior estate plan you may have is out of date. If you haven’t yet made an estate plan, now is the ideal time to do it because your child's future well-being could come to depend on it. Every day people lose their life when they least...
Why do so many people not have an estate plan?
If you have not made an estate plan, you might assume that most other people you know have. Unfortunately, you’d be wrong. A recent study found that 67% of adults have not yet made theirs either. So, where does this collective failure to plan for the future come come...
How do dynasty trusts work?
There are many estate planning options available. One you might not have heard of is called a dynasty trust. This is a way of passing your assets to future generations while shielding those assets from tax liabilities. It’s a tool that tends to be used more by...