Mullen and Iannarone, P.C.
631-406-4088
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

March 2017 Archives

The benefits of estate plans for New York residents

President Trump campaigned on eliminating the federal estate tax entirely, and some people are wondering if they need to bother with creating an estate plan if they don't have to worry about the tax burden their heirs may face. However, the exemption in 2017 is $5.49 million per person and $10.98 million for married couples. Therefore, many people do not have to worry about federal estate taxes, but that doesn't mean that estate planning is unnecessary for those individuals.

Tips on estate transfers

New York residents who have assets they want to be managed a certain way after they die should have an estate plan. An estate plan, which should at least include a will, a living trust and a power of attorney form, can ensure that one's wishes are carried out and that their loved ones and assets are protected. However, there are certain steps individuals should take to make sure that their estate plan is effective.