If you are a single person, then you might need to change how you have your estate distributed for the future, says a New York Estate Planning Attorney. New laws went in to affect that change the rules for 2011 and 2012 when it comes to estate and gift taxes. The changes are beneficiary to the person receiving the benefits, so it will be worth your while to update what you have already done in regards to your estate or get moving on one today for the future.
Even without children or a spouse, single people should have their estate matters in order in the event of an emergency or accident, according to a NYC Estate Planning Lawyer. An accident can happen at any time, so being prepared is the best bet. If a lawyer has handled your estate planning, then there shouldn’t be anything to worry about in the event of an unfortunate incident. If your matters are handled ahead of time, it might also reduce the chances of a squabble taking place between relatives who might inherit since there are no children or a spouse.
The new rules for exemptions in 2011 state that federal gifts won’t be taxed at the 35% rate until they are over $5 million dollars, says a New York Estate Planning Lawyer. The previous rate was $1 million. The new rules mean that family members can receive more while staying at a lower tax level. It is suggested that while estate planning for the future, money is given away to charities to lower the net worth of the estate and to try and lessen the tax burden left on those who are inheriting the fortune.
A New York Estate Planning Attorney can answer any question you have regarding your net worth and how to leave it to charity and family members. The New York Estate Planning Attorney can get your money to the places you bequest it to upon your death or in the case of a living donation. Call a New York Estate Planning Attorney before making any decisions on your future.
If you or a loved one is having trouble with the tangle of tax laws, a NY Estate Attorney is ready to assist you. You want to avoid all the legal troubles that come with money, or at least make them less problematic. Your best possible ally in that endeavor is a New York Estate Attorney.