Many Reviewing Estate Planning, Post-Fiscal Cliff
White Plains, NY (Law Firm Newswire) March 15, 2013 - Estate planning updates are needed in the wake of the fiscal cliff crisis.
Now that Congress has moved forward to avoid what has commonly been referred to as the “Fiscal Cliff,” the federal estate tax has been fixed at $5.25 million for 2013 per individual; the tax rate is 40 percent for the amounts that exceed that exemption. When an individual dies with less than $5.25 million (including real estate, other assets and financial holdings such as checking accounts, and life insurance), no federal estate tax will be due.
While estates which fall below $5.25 million have a federal exemption, estate tax for New York State remains at $1 million; an individual who dies as a New York resident leaving an estate above $1 million ($2 million for couples; $10 million at the federal level) may be taxed by the state for as much as 16 percent, due within a nine-month period after the death.
New York estate planning attorneys may suggest to their clients who have holdings above or near $1 million to work with an elder law or estate planning attorney to explore what estate planning methods will protect assets for beneficiaries and minimize estate taxes. The most common is trust planning; trusts can be modified to fit the needs of each family and each individual's estate needs, including establishing gift giving.
But, say estate planning lawyers, fiscally astute estate planning encompasses far more than just drafting a will; estate planning may include everything from establishing a trust for dependents, to establishing long-term care insurance, to designating a health care proxy, to minimizing estate taxes and ensuring that assets are distributed according to last wishes.
For individuals with assets below the $1 million mark, estate planning can also be in their best interest to ensure plans are in place for the future, such as establishing a living will, designating the appropriate person with power of attorney in the event of incapacitation, and establishing or enhancing a retirement fund.
About Littman Krooks
Littman Krooks LLP provides sophisticated legal advice and the high level of expertise ordinarily associated with large law firms along with the personal attention and responsiveness of smaller firms. These ingredients, which are the cornerstone of effective representation and necessary to a successful lawyer/client relationship, have become the foundation of the firm’s success.
Littman Krooks LLP offers legal services in several areas of law, including elder law, estate planning, special needs planning, special education advocacy, and corporate and securities. Their offices are located at 399 Knollwood Road, White Plains, New York; 655 Third Avenue, New York, New York; and 300 Westage Business Center Drive, Fishkill, New York. For more information about Littman Krooks LLP, visit the website at: www.littmankrooks.com.
New York Contact:
Maria M. Brill
Littman Krooks LLP
New York City Office
655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone
399 Knollwood Road
White Plains, New York 10603
(914) 684-2100 Phone
300 Westage Business Center Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone
View Larger Map
- Westchester to Receive $3.3 Million Grant for In-Home Senior Services
Governor Andrew M. Cuomo recently announced that the Westchester County Department of Senior Programs and Services will receive a $3.3 million grant for in-home services for seniors. Gov. Cuomo said that the funding would help older New Yorkers continue to live in their homes with dignity and would improve their quality of life. New York […]
- When Not to Claim an Inheritance
Although it may seem counter-intuitive to turn down an inheritance, there are situations in which it may actually be beneficial to do so. When a person refuses to accept an inheritance, that person is said to disclaim it, and the effect is the same as if the heir had predeceased the person who died. The […]
- Settlement Reached for Seniors Who Must Leave Assisted Living Home
An assisted living home for seniors in New York City is closing and five residents who had refused to move will accept a $3.35 million settlement. In March 2014, the management of a home for seniors in Brooklyn announced that the facility was closing and the residents would have to move within 90 days. Many […]
See other news sources publishing this article. BETA | Tags: new york elder law, new york elder law attorney, new york estate planning, new york estate planning lawyer, new york special needs, new york special needs attorney, new york special needs lawyer