When a loved one passes away, it’s important to get a death certificate. This document is necessary to handle the financial and legal affairs of the deceased person, called Estate Administration. You are eligible to obtain the certificate if you are the spouse, parent, child or sibling of the deceased, or if you have a documented lawful right or claim, medical need or possess a NYS Court Order.
Often people start an estate plan with a will, providing for your loved ones after you have passed away by designating who should receive your property, money, retirement accounts and life insurance policies. But have you considered the power of trusts in securing your estate? In this article, discover how they offer complex options all in one place to customize your plan for probate avoidance, flexibility, asset protection, tax savings and even charitable giving.
Estate planning is an important consideration for all couples. However, for LGBTQ+ couples (or former couples), it may be more important than they realize to review their circumstances and see whether they have an estate plan in New York that accurately reflects their wishes.
We see family disagreements over heirlooms on an almost daily basis. Tangible personal property – regardless of value — is what families tend to fight over most often because each item has sentimental value. The feuds happen during lifetime if, for instance, grandma gives a ring to one of her granddaughters and the others get miffed. Most often, though, conflicts erupt after a death when nothing has been written into the will or estate with instructions about “who gets what.”
When considering estate planning, it’s helpful to look at the big picture, sometimes known as the “30,000 foot view.” The key to meeting your goals is and then making it real with steps you can take right now.
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases.
Pierro, Connor & Strauss, LLC is proud to announce that three of its partners will be recognized in the 2023 edition of The Best Lawyers in America® and one attorney listed as Best Lawyers: Ones to Watch in America.™
Collecting art or other valuable items can be a passion for many people. Sometimes the passion is about investments because the art world has enjoyed enormous appreciation over the last few years. But more often it’s about enjoying the art or the medium itself than about ensuring financial gain. However, once you have accumulated a sizable collection, what do you want to happen to it after your death?
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Having a valid, legally enforceable and well thought out plan in place is important for everyone to make a priority, especially small business owners. Not having a plan in place can cause problems for your business and your family after you are gone.
The amount you can gift to any one person without filing a gift tax form is increasing from $15,000 to $16,000 in 2022, the first increase since 2018. Many people remember the $10,000 per person limit, which has increased over the years to $16,000. Remember – tax law and Medicaid law are like oil and water – there are NO free gifts for Medicaid.