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Leave the House to the Kids and Avoid Taxes

You work your entire life. You wake up, do the right thing, refuse to cheat, play by the rules, pay your taxes, and eventually you’ve accumulated a nice nest egg. You want to live on it for a few years but know that it will ultimately go to your children. Why not, after all. You love them and you’ve lived your life for them for years. But, with new changes to the tax code taking effect on January 1st of 2011 you could find that the government will take up to sixty percent of your life savings, reports an New York Estate Lawyer. By making gifts to your children now many are finding that they’re avoid saddling relatives with hefty “death tax” bills later.

Giving property to family members in the immediacy isn’t always ideal. After all, many want to continue living in their house – the house they worked decades to make and maintain – and giving it away, even to a close relative, can be a difficult proposition, notes an New York Estate Lawyer. And just giving it away doesn’t relieve a person of all duties, as you will still need to pay the fair market rental value while you occupy the home.

Proper planning with an attorney can help alleviate many of these issues, as a trust can be set up to collect the “rental money” – and the beneficiaries of that trust can be almost anyone you choose, says an New York Estate Lawyer. There are a number of trusts available for use, some of which handle all of the dispensing of money and others which allow you to control it yourself, reminds an New York Estate Lawyer. Either way, planning for tomorrow helps ease today’s pains.

Taking care of your future if your responsibility, but it’s all too often one that people forget about. Contact an New York Estate Attorney to take care of your loved ones in the future.

The law offices of Stephen Bilkis & Associates has caring New York Probate Lawyers that can help you plan your estate. Our New York Probate Lawyers can help you probate an estate, write a will or set up a trust. We have convenient offices in New York City, Brooklyn, Queens, Bronx, Suffolk and Nassau County. We want to help you through what may be a difficult time with as little problems as possible and offer a free consultation at 1-800-NYNY-LAW (1-800-696-9529). Call us today to take advantage of this free consultation and speak to a New York Probate Lawyer from our firm.

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