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.
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.
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.
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.
With a new administration poised to enter the White House and potentially recommend big changes to some tax laws, some New York residents might be wondering whether they should postpone creating an estate plan. However, this assumes that whatever new laws are put in place will still be there at the time of a person's death. In four or eight years, or even longer, those laws could be changed again. Therefore, a better approach is to create a plan that is flexible enough to encompass both current and future tax laws.
Estate planning for New York residents can require more than a basic will in some cases. Regardless of a person's financial status, several matters should be dealt with to both ensure one's wishes are carried out and protect the grieving family at a vulnerable time.
New York residents may be aware that baby boomers are the wealthiest generation of Americans in U.S. history. Whenthey pass away, they could transfer an estimated total of $30 trillion in assets to their children and grandchildren. However, if they don't properly plan their estates, the wealth that they hold could be chipped away before it is transferred to the next generations.
No matter how young or healthy an individual in New York or elsewhere may be, there are always good reasons to have a will. Yet, a 2011 poll showed that around 60 percent of Americans did not have one. Perhaps the best reason to have a will is that an individual could pass at any time. According to the National Center for Health Statistics, more than 90,000 people between the ages of 20 and 39 died in 2011.
New York residents might worry about how to best ensure that their wishes as expressed in their estate plan are carried out. One of the best ways to do this might simply be through communication with their heirs.
New York angel investors may be able to use estate planning in order to pass more of their assets to their beneficiaries with smaller tax burdens when they pass away. Estate planning can be used in a way to take advantage of high returns that are received on investments that are made in promising startups.