Mullen and Iannarone, P.C.
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Posts tagged "Estate Planning"

Estate planning and second marriages

New York couples planning a second marriage, especially one later in life, have many significant estate planning concerns to think through on their road to wedded bliss. For people who have spent their lives gathering assets and investments, remarriage can be far more complex. Considering a few estate planning guidelines along the way can help avoid misunderstandings or costly financial errors.

Planning for asset distribution after death in New York

When planning for the future of their assets, estate holders may want to consider speaking with their heirs. Speaking with children will allow the estate holder to get a feel for how their assets may be spent and managed. In addition, it will help them figure out the best way to leave property to beneficiaries.

Understanding the basics of a trust

While New York residents may believe that they need a trust, this may not always be the case. Furthermore, those who want to create a trust need to choose the one that best suits their needs. One common type of estate planning instrument is the revocable living trust. It has a trustee who carries out the instructions that the document provides as well as one or more beneficiaries.

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.

Understanding the role of estate executor

Individuals who are tapped to be the executor of a parent's estate are tasked with fulfilling his or her final wishes. Therefore, those who live in New York and elsewhere around the country may be wondering how and when they fulfill their obligations. An executor is responsible for paying the final expenses of the deceased as well as maintaining property until the estate is settled.

Most people don't have a will

New York residents who have don't even have a basic will are in the majority. Although dying without a will can create a lot of confusion and problems for the loved ones a person leaves behind, most people don't take the time to complete the easiest estate planning step. According to a survey that was released in early February, just 42 percent of adults in the U.S. have a will or a living trust.

How to help elderly relatives with their finances

With the fact that more people in New York and across the country are living longer nowadays, many of them face difficulties with daily tasks, such as paying their bills and making investment decisions. For this reason, their family members may find it necessary to step in and assist them, which can help protect their future as well.

Tax advantage of AB trusts

New York couples who are married and may have to owe estate tax may want to take advantage of an AB trust. Although their popularity has decreased after Congress passed portability rules, they still can be useful for people who have large estates.