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Private Collections May Complicate Estate Planning

New York Estate Lawyers have noticed something: Both financial planners and collectors do not tend to count the value of collections when it comes to looking at financial resources, including estate planning.

This often results in a parent instructing children to come and take the collection once the parent has passed on. If the collection is valuable and sold, the IRS is going to take note, which means the surviving children had better have some documentation that can prove they weren’t somehow circumventing tax law, a New York Estate Lawyer warns.

Should the collection be impossible to split equally between multiple children, that can be another problem. There is no way three people can split that classic car their father loved so much. Or they could not be especially interested in cars and decide to sell it and the rest of the collection – getting maybe 30 cents on the dollar for sale after taxes are paid.

Some New York Estate Lawyers suggest a life insurance policy for those who worry about their heirs paying massive taxes – some of these policies can actually pay the taxes, leaving the actual earnings, possessions included, to be used as the previous possessor intended without the government taking out a huge chunk.

Laws involving money and taxes and estates are extremely complicated. You don’t have to learn it all – let a New York Estate Attorney figure out the best way to insure your money goes where you want it to go. Don’t take chances with all that you’ve worked to earn your entire life, when a New York Estate Attorney is available to assist.

As a matter of fact, he faces charges of extortion, conspiracy, attempted extortion and accepting bribes. Steven Bilkis and Associates offer an initial, free, no-obligation consultation and they can be reached at 1-800-NY-NY-Law. These are serious charges and this suspect needs to seek help immediately.

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