Articles Posted in Estate Planning

New York is one of 12 states that tax estates of decedents people who owned property in the state. Now besides that, there are other things you need to know when estate planning. New York doesn’t charge inheritance tax, but the estate tax comes with one big provision. Though December 31st of this year there…

For purposes of life planning, many people make the mistake of think a living will is the same as a health care proxy. They are two different animals, but both are necessary. A health car proxy is also known as a health care power of attorney. A living will allows you to designate some to…

Aretha Franklin may have been the Queen of Soul, but she made gigantic estate planning mistakes that you should avoid. Franklin, who was divorced, died without a will or a trust despite having four grown children, one of whom has special needs. If you follow in her footsteps could mean your loved ones won’t receive…

The American College of Financial Services in Bryn Mawr, PA estimates the average cost of raising a child from birth to age 18 is about $250,000. But raising a child with special needs can easily cost double that amount. Having a plan with the right professionals and strategies in place can help parents tackle the…

Last December, Trump signed into law the Tax Cuts and Jobs Act that took effect this past January. The main feature of the law is that prior to the law being enacted, the federal estate and gift tax exemption was $5.49 million. However, the Act increases the federal estate and gift tax exemption to $11.18…

If you’re an older worker and decide to file for Social Security before you reach full retirement age, you need to account for the impact that income will have on your benefits. That’s because your benefits would be reduced temporarily and up to 85% of your benefits would be taxed if your combined income exceeds…

The New York Times reports that the signs of coming trouble were there. Vanishing pensions, soaring medical expenses and inadequate savings were building for years. The result is that the rate of seniors 65 and older declaring bankruptcy has tripled since 1991 and now make up a bigger share of all filers. The cause, according…

For many people, the most important document isn’t their will, it’s their IRA or 401(k). That’s because many financial products, including retirement accounts and life insurance policies are legal contracts and override anything in your will. So, no matter what your will says, the payouts from these products will go to the beneficiaries you designated…

End-of-life issues can be extremely complex, and many people avoid making decisions about how such issues will be handled because it can be an uncomfortable and difficult subject to address. However, it is crucial that you do spend time thinking about how you want your final days to play out, both for your own personal…

Changing legislation and tax laws can affect your estate planning but there are some estate planning issues that remain the same regardless of those changes. The first is making sue you update your health care documents and will(s). Make sure the people named in those documents are still the people you want named in those…