Estate Planning

On Behalf of Marcus, Gould & Sussman, LLP | Feb 2, 2023 | Estate Planning | Estate planning is one of the most important ways to protect your family and your assets. Unfortunately, it is also one of the most difficult conversations to have with your loved ones. Thankfully, there are certain ways that you can make this conversation easier for both you and your family. Select the right place and time Usually, the best time to have this conversation is when everyone is relaxed and when there are no distractions. This could be during a family dinner or get-together.

On Behalf of Marcus, Gould & Sussman, LLP | Feb 1, 2023 | Estate Planning | Speaking to your New York loved ones about their estate plan is difficult but essential. As challenging as it is, the day will come when parents are no longer there or aren’t able to communicate their desires.

On Behalf of Marcus, Gould & Sussman, LLP | Jan 9, 2023 | Estate Planning | There are a lot of issues to consider in planning an estate properly for when you’re gone. The following is a checklist to help you start thinking about the answers you need for proper estate planning in New York. The most important things to remember when planning your estates are: Once you’re gone, you won’t be able to tell others your wishes for distributing your possessions.

On Behalf of Marcus, Gould & Sussman, LLP | Nov 28, 2022 | Estate Planning | Naming beneficiaries is an integral part of creating your estate plan in New York. Determining who will receive your assets after your passing will give you peace of mind. Choosing your beneficiaries takes considerable thought. Here are factors you should way when determining whose name to place on documents. Who can I name as a beneficiary? When embarking on estate planning, you can name anyone you desire as a beneficiary. The world comes from Latin, meaning someone who receives profits or advantages.

On Behalf of Marcus, Gould & Sussman, LLP | Sep 8, 2022 | Estate Planning | Collectibles could slow down probate in New York, especially if some of them don’t have a fair market value available. IRS collects taxes on the sale of collectibles, including when a beneficiary sells what they inherited. Testators will want to consider the potential tax impact on passing on these assets. Estate and gift tax Collectibles and artwork are subject to estate and gift taxes.

On Behalf of Marcus, Gould & Sussman, LLP | Jul 3, 2022 | Estate Planning | If you have created a high net-worth estate you should consider the tax implications of how you divide your estate. New York also has certain laws to follow that determine if your will is valid. New York law Laws change over time, so you should be sure that all information is current. Look over your estate plan every year or so to ensure it’s still up to date. When you create an estate plan, with a Will and/or trusts, they must be properly executed and witnessed or notarized as required by New York law.

On Behalf of Marcus, Gould & Sussman, LLP | Jul 1, 2022 | Estate Planning | When you’re enjoying your life in New York, you may not be thinking about the future and how your assets will be divided after you pass away. Unfortunately, this mindset can lead to family quarrels if it isn’t addressed. Creating an estate plan solves this problem by providing a legal document stating your wishes. Dividing assets equally is essential If you have more than one child and several possessions, creating an estate plan can help ensure there is a peaceful division of your assets after you die.

On Behalf of Marcus, Gould & Sussman, LLP | Jun 29, 2022 | Estate Planning | While it may not be pleasant to think about the fact that we’ll pass away one day and need to have our affairs in order, it is important to make sure your loved ones know about your final wishes.

On Behalf of Marcus, Gould & Sussman, LLP | Apr 27, 2022 | Estate Planning | When a person dies, their assets get distributed among the beneficiaries named in their will. When a person dies without a will, they have died intestate. When a person dies intestate, the law determines how their estate gets distributed. In the state of New York, the law dictates that all property goes to living relatives. What was their family situation? If the deceased had a spouse but did not have any children, the spouse inherits the entire estate.

On Behalf of Marcus, Gould & Sussman, LLP | Apr 25, 2022 | Estate Planning | Estate planning is not just for the wealthy. Your estate includes all the possessions you own. This means an estate can be large or small, and it’s worth assessing your items to see if you have anything you want to leave to your loved ones. If you’re a New York resident, here are some points to consider when it comes to estate planning. What does it mean to plan your estate? Estate planning involves assigning beneficiaries for your assets to determine who will receive your property and valuable items.