New York Probate and Estate Administration Blog

Coming home from work and staring down at the loving, happy eyes of our faithful dogs and furry cats, many of us have never considered what would happen to them if we died. Who would care for them? What would their lives become? A New York Estate Planning Lawyer noted that the trend of pet owners leaving guardians and trust funds to their pets before they pass on is growing 

People who are responsible enough to have their affairs in order for their children when they die, or people who only have children with fur or feathers, are starting to realize that their relatives are not the only ones who will be affected in the event of their death, reports the New York Estate Planning Lawyer. In many cases, it is the relatives and people that they already know that they go to first when thinking about future care for their pets. According to the New York Estate Planning Lawyer, people that already know the animals are likely candidates for trusted guardians. 

Not everyone who leaves money to their animals has hundreds of thousands of dollars to do so, but they can actually work out suitable arrangements for their pets ahead of time, even if it is with relatives or friends. The arrangements run from very basic to highly detailed and drafted wills and trusts, explains the New York Estate Planning Lawyer, but the end result is that the individuals leave feeling comfortable with their decision to tie up one more loose end for all of their loved ones before they go.

Thinking about the future of your family and pets is easier when you have the guidance of a reputable New York Estate Planning Attorney. In the end, the choices that we make now will have a huge impact on those we love. Call a New York Estate Planning Attorney today and start planning for the future of your family.

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Winning the lottery is the dream of many. And most of us talk large about how we'd give some to charity, while deep down we know we would buy that fancy sports car and four extra houses and then maybe use the rest of the money to enact revenge scenarios. But one Florida couple has put their money where their mouth is, said an New York Estate Planning Lawyer. The couple, both in their eighties, won over twelve million dollars in the lottery and then realized something: they didn't need the money. So, after keeping 2% in case of an emergency, the couple started giving the money away. Some to friends and family, most to charities and churches, noted an New York Estate Planning Lawyer. They wanted to make their community a better place. They wanted to fulfill that empty promise to God we all make when playing the lottery. They won't tell anyone exactly what they've given away, but they've been surprised with how well spent it has been, said an New York Estate Planning Lawyer. Their church hasn't squandered any of it and the scammers are gone. Oh, sure, at first they were everywhere but after politely telling everyone who called that all the money was gone the calls stopped. The couple sleep soundly at night knowing they did the right thing.

Now today the couple drive their same old cars and there isn't a sign they've spent any of the money on themselves, reports an New York Estate Planning Lawyer. They've been honest and true when they said it was all given away.

Giving away money, or leaving it to friends and family today, can require a skilled New York Estate Planning Attorney. Contract one today to ensure your rights are protected.

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The family members of one of the men killed in a 2005 Toll Road crash has just been awarded $15 by a federal judge reports New York Estate Planning Lawyers.
In a recent court order issued against Net Trucking, a judge awarded the estate and money to a wife and son of one of the deceased of the quadruple-fatal crash. The driver of the truck of Net Trucking Company was found to be driving while intoxicated at the time of the accident and the cases have been pending for years against him according to New York Estate Planning Lawyers.
The driver will have served 14 years in prison and spent 10 years on probation when his sentence is complete since admitting to causing the crash on the Indiana Toll Road near Bristol.
The driver of the trailer-tractor sustained no injuries in the 2005 crash. His rig, loaded with food, hit a slow-moving vehicle near a construction area, causing a chain-reaction crash, according to police reports. The crash killed four people ranging in ages 27 to 69 according to New York Estate Planning Lawyers
Net trucking was caught engaging in fraudulent, hiding both assets and conveying property a few months after the crash, according to court documents.
$6.7 million was awarded as compensatory damages for the victim’s wrongful death, $2.1 million for personal injuries to the wife and $6.3 million in punitive damages, according to court documents.
The driver is scheduled to be released from prison in September 2012, according to New York Estate Planning Lawyers.
Coming into a lot of money can be a blessing but the proper planning in the event of a death is extremely important and New York Estate Planning Attorneys can help you with the proper documentation. Dying unexpectedly is hard enough without leaving your family to battle over assets. New York Estate Planning Attorneys provide the best possible planning for you and your loved ones.

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There has been a federal estate tax in the United States since 1915 – in 2010, it is gone, says a New York Estate Lawyer. The tax cuts signed into law by George W. Bush in 2001 increased the estate tax exemption to $3.5 million and reduced to the top tax bracket to 45% in 2009. The estate tax in 2010 is zero. It’s only temporary, however. The law will expire on December 31, when it goes back to a $1 million exemption and a 55% top bracket.
In truth, there are not a lot of American’s, relatively speaking, who ever have to worry about an estate tax, according to New York Estate Lawyers. Nor is it a big source of revenue for the government. The higher number of exemptions has caused the number of taxable estates to drop from 2% of adults dying in 2001 to less than a quarter of 1% in 2009. In the past decade, estate taxes counted for about 1% of all taxes, or about $22 billion. Some predict, it the current law remains, the yearly estate tax collection could rise over $60 billion in less than 10 years.
One change that isn’t so great for those who stand to inherit this year is the change to what is known as carryover basis. Before, property left to heirs would be “stepped up” to whatever it was worth today. An attorney told a New York Estate Lawyer that carryover basis meant: “If you inherit a house or stock from Grandma, you have to figure out what she paid for it. Determining the original cost basis is a horrible job. The burden is on the taxpayer.”
Times are changing in the financial world. Keep ahead of the changes with a New York Estate Attorney. There is no one better than a New York Estate Lawyer to keep your financial matters firmly in hand.

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Tis the season to be giving, as the saying goes, but many charities are reporting new wrinkles from long time donors. With the entire tax code potentially going through some very new and very drastic changes in a few weeks, wealthier Americans, who often make large charitable donations are holding back, said an New York Estate Planning Lawyer. Many of these so called wealthy Americans are waiting to see what changes might arise in tax policy and tax structures before donating. The reason is simple: charitable donations are often able to be written off as tax deductions and if the tax rate is higher next year, many Americans may want to delay their gift till when it is most beneficial to them for tax purposes, reports an New York Estate Planning Lawyer.

Creating trusts are a way many people choose to avoid the costly "death tax" while at the same time leaving behind their fortune to those they love or to causes they believe in. The downside to a trust is that one relinquishes control over the money, notes an New York Estate Planning Lawyer. The upside if that money put into a trust, be it a living trust, charitable trust, or some other kind of trust is no longer income for tax purposes. Many people use trusts as a way to avoid their assets being tied up in probate following their death, said an New York Estate Planning Lawyer. Instead of having to open a will and go through a probate judge, the money simply flows to a trust and is dealt with by the administrator of the trust.

Properly planning your finances, be it for your life after death or just in general, can often require a skilled attorney. Contact an New York Estate Planning Attorney today to figure out the best way to deal with your money.

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Congress has adjourned for the election season, without doing anything about the uncertain state of taxes, a New York Estate Lawyer reports. Without anything being done, income taxes will rise for the middle class and the wealthy. The estate tax will rise to 55% for any assets over $1 million. Other tax provisions, like the one that protects 24 million families from the alternative minimum tax, have to be renewed or they will expire at the end of December.
“You would have thought we would have had some certainty by this point, but as we get closer to December 31, the uncertainty seems to be getting greater,” a prominent financial planner told a New York Estate Lawyer. President Obama plans to extend the Bush tax cuts for the middle class, but not for those who have incomes above $250,000. The top tax rate on income will rise more than 4% in 20111, while the tax on income from capital gains and dividends will rise 5%. And if Congress does nothing, the dividends tax will go all the way from 15% to 39.6%, matching the new income tax rate.
New York Estate Lawyers recommend moves like contributing to a 401(k), taking gains on taxable bonds, and gifting money to others at the maximum limits possible to avoid paying taxes on it later. Looking to the future, try to find big deductions to take when the tax rates rise (if they rise), or find ways to accelerate income forward, so it is taxed at the 2010 rates.
Knowledge is the best thing to have when planning an estate. New York Estate Attorneys have the knowledge you need. Protect the value of all you’ve earned in your lifetime with the help of a New York Estate Attorney.

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