You pay taxes when you earn income and also when you acquire property. In some cases, you may have to pay taxes on those assets again posthumously. Both the state of New York and the federal government assess estate taxes. If your estate is worth more than...
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Estate Planning
Why is business succession planning an important part of the estate planning process?
Life is a game of chance; no one knows when their last day will be. If you own a business and something suddenly happens to you, you don't want your business to end up in probate. Many business owners make a point of engaging in business succession planning to ensure...
Picking the executor for your estate? Here’s how to get the right person for the job
Putting your estate plans together is an essential part of preparing for your future. Once you start, however, you may find yourself confronted by some unexpected difficulties making decisions about your plans. For example, it may not be that easy to choose the right...
Do most people have estate plans?
Think about your friends and family. Would you say that most of them probably have an estate plan in place? After all, you know they’ll all need one eventually -- along with everyone else. It stands to reason that some people won’t have done it yet, but most probably...
Why don’t people do estate planning?
Estate planning carries a clear value for those who are leaving significant assets to their heirs. Having a plan in place can reduce the taxes that need to be paid, limit the chances for disputes between heirs and provide guidance to the family during a difficult...
Put together your estate plan with these essential documents
It’s never pleasant to think about your own mortality, but doing so is essential when you’re planning for the future. Planning for death is just something that has to happen as you get older. It’s inevitable that it will happen, so putting plans in place can make that...