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.
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.