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
- Emergency Rooms and the Elderly Patient
Emergency rooms are designed for fast treatment of serious or life-threatening conditions. Elderly patients suffering from chronic illnesses may not always be able to convey important medical information to treating professionals. This is particularly true of those suffering from Alzheimer’s disease or dementia. Additionally, elderly patients may not be able to properly communicate information about [...]
- Glossary of New York Estate Administration Terms
If you are preparing your will, or if you have been named as executor in a will, you may be encountering some unfamiliar terminology. It is important to know the meaning of the terms used in the administration of estates, so that you can begin to understand how wills are probated and what the responsibilities [...]
- National Financial Literacy Month: Six Steps Toward Successful Estate Planning
In support of National Financial Literacy Month (April) and National Estate Planning Awareness Week (3rd week in October), the following estate planning article contains a very important message: Estate planning is a financial process that can protect you and your family and is a very important component of your overall financial planning. Now is the [...]
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