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.

New York Elder Law and Estate Planning Attorney Bernard Krooks

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
(914) 684-2100
mbrill@littmankrooks.com

New York City Office
655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone

Westchester Office
399 Knollwood Road
White Plains, New York 10603
(914) 684-2100 Phone

Dutchess Office
300 Westage Business Center Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone

• Considering Long-Term Care Insurance
  In planning for retirement, it is important to consider what would happen if you needed assistance with daily living over a long period of time. Most people in that situation would prefer to be able to stay in their own home with the assistance of a home health-care aide rather than move into a nursing [...]
• How Chained CPI Could Affect Social Security
  As part of negotiations aimed at reducing the deficit, Congress and the President have considered changes to the way the Consumer Price Index (CPI) is calculated. “Chained CPI,” as the proposed method of calculation is known, could have adverse affects on Social Security benefits, as cost of living adjustments are based on CPI. Proponents of [...]
• New York Medicaid and Medicare Part D: Working Together
  The state of New York has several major public health insurance programs, including Medicaid, commonly known as “Regular Medicaid.” While Regular Medicaid in New York offers extensive health care services including: dental care; diagnostic testing; home care; hospitalization; mental health support; out-patient care at hospitals and community clinics; and physical therapy, clients of Medicaid in [...]

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