Individuals in New York who are considering estate planning strategies may be surprised to hear that social media accounts should also be included in documentation. Furthermore, it may be beneficial for any account that a person regularly accesses to be included in their estate plan. The related passwords and account information should also be provided. Otherwise, loved ones may not be able to access important information, such as bank account details or credit card statements.
New York residents who own a residence or a vacation home may be interested in an estate planning method that could reduce the tax burden for those who inherit that property. Using a certain type of trust, the total value of the taxable estate can be diminished.