Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in January, 2012

  • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 3 OF 3

    To fund your living trust, you need to transfer assets into your trust. You can transfer money and property into your trust by placing title to your bank account and title to your real property into the trust. You must specifically identify the property and accounts within your trust. In addition to properly funding your living trust , you need to appoint an individual or trust company to oversee ...
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  • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 2 OF 3

    There are many different reasons you may want to create a living trust, and your attorney may decide to supplement your will with a living trust. However, in most cases, a living trust does not replace the need for a will. Your attorney may decide that creating a living trust is essential to your overall estate planning needs. A living trust does not have to go through probate, and your living ...
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  • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 1 OF 3

    A living trust allows the person creating the trust to set aside money or property within the trust for the benefit of others by appointing a trustee to administer the trust and ensure the trust property is distributed to the beneficiaries. If you are the person creating a living trust, you are known as the grantor, owner or settlor of the living trust. A living trust is also known as a revocable ...
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  • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 3 OF 3

    You should now understand how you can make lifetime gifts to reduce the tax liabilities on your estate. However, you can further reduce your income tax liabilities by understanding the federal tax code. The Internal Revenue Service (IRS) typically considers all gifts as taxable unless they come within the annual gift limits. The IRS does not consider some gifts as taxable. This means that some ...
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  • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 2 OF 3

    After reading the first part of this three-part series, you now have a basic understanding of why a lifetime gift may reduce an estate’s federal income tax liabilities. Now, I will cover how you can further reduce your estate’s tax liabilities . The Internal Revenue Service (IRS) gives each donor (gift giver) a tax exemption of $13,000 annually for a lifetime gift made to each donee (gift ...
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  • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 1 OF 3

    Federal gift tax laws play an integral role in reducing an estate’s income tax liabilities. As a taxpayer, making lifetime gifts can reduce your estate’s gross tax liabilities since these gifts are not included as part of your gross estate at your death in most cases. According to the federal Internal Revenue Code, a gift is one in which real or personal property, cash or any other type of ...
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  • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 3 OF 3

    If you or your family member is an honorable veteran, part of your estate planning considerations include discussing your VA benefits with our office. Families of service members who died after Sept. 30, 2011, can receive up to $700 for their burial expenses. However, the $700 maximum is limited to families of certain hospitalized service members who died during their hospital admissions. If the ...
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  • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 2 OF 3

    In the last blog, we covered the history of the United States Department of Veterans Affairs (VA) and the types of benefits it administers to veterans and their families. A historical overview may help you understand your military estate planning needs . In addition to providing pension, health care, indemnity benefits and survivorship benefits, the administration provides other types of benefits. ...
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  • VA BENEFITS AND ESTATE PLANNING CONSIDERATIONS: PART 1 OF 3

    During an initial consultation with our office, we may discuss your estate planning needs as an honorable veteran and the VA’s role. The United States Department of Veterans Affairs (VA) can trace its history back to the Colonial Era. In 1776, the Continental Congress began providing military benefits to soldiers to encourage them to enlist during the Revolutionary War. Congress officially ...
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  • WHAT ARE THE NECESSARY INGREDIENTS OF A VALID WILL? PART 3 OF 3

    Your witnesses must sign your will and include their names and addresses in front of one another and in your presence. Your signature and the signatures of your witnesses will follow the end of your will. Your witnesses are important and will help authenticate or validate your will, if necessary. Your witnesses must be able to testify that you were of “sound mind and memory” to create a binding ...
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