Estate Planning

On Behalf of Marcus, Gould & Sussman, LLP | Mar 23, 2022 | Estate Planning | A surprising number of people in the United States do not have wills. Without a well-developed estate plan, individuals and business owners in New York are allowing their money and property to be handled by anyone when they die. Here are several common mistakes to avoid during the estate planning process. Planning at the last minute Many people do not consider estate planning until it’s too late.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 21, 2022 | Estate Planning | Talking about final wishes and estate planning can be uncomfortable for families. Some people don’t like to discuss their inevitable deaths while others don’t feel comfortable talking about private financial matters. If you’re a New York resident, here are some tips for making this conversation less awkward. Why the conversation is important It is beneficial for you and your loved ones to be as transparent as necessary when it comes to estate planning.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 19, 2022 | Estate Planning | Including charities in your estate plan in New York could reduce how much you pay in taxes. Giving to causes you care about may be a satisfying use of your money and assets after your death. Appreciated stocks Estate planning allows you to transfer your appreciated stocks to charities. Charities won’t have to pay capital gains tax on them. If you were to sell the stocks, then you’d pay capital gains tax. Qualified charitable distribution from your IRA Through a QCD, you could rollover your IRA to charities.

On Behalf of Marcus, Gould & Sussman, LLP | Mar 17, 2022 | Estate Planning | In New York, an estate is subject to state taxes in addition to federal taxes. Taxes are the common challenge most people think about when they create an estate plan, but there are additional factors you should be aware of, such as passing down your business and assigning a trustee to your trust. Taxes Estate taxes could take a huge chunk out of the estate you pass down to beneficiaries. It’s worth considering tax-saving strategies for estate planning.

On Behalf of Marcus, Gould & Sussman, LLP | Jan 31, 2022 | Estate Planning | In New York, estate planning is an important process that helps ensure your estate gets handled according to your wishes after you die. However, making mistakes during estate planning can lead to complications and problems down the road. Not updating your will One of the most common estate planning mistakes is not updating your will. You should review your estate plan and update it regularly, especially as your life changes.

On Behalf of Marcus, Gould & Sussman, LLP | Oct 16, 2021 | Estate Planning | Even if you are not in a relationship, it is still a good idea to create an estate plan. This can help to ensure that the right person inherits your New York home, car, or brokerage account if you pass away unexpectedly. It can also ensure that someone is available to manage your affairs if you become incapacitated. A will or trust is the foundation of a quality estate plan A will allows you to dictate who gets your assets after your death, and it also allows you to name a guardian for a minor child.

On Behalf of Marcus, Gould & Sussman, LLP | Oct 14, 2021 | Estate Planning | If you are a New York resident thinking about preparing your last will and testament, there are a few requirements to keep in mind. There are rules about the signature to the document and a curious but important reminder about staples. About a New York will Your will is a document in writing that provides information and instruction as to how you want your property managed and distributed after you die. For example, you can give directions about dividing the property among your chosen beneficiaries.

On Behalf of Marcus, Gould & Sussman, LLP | Oct 14, 2021 | Estate Planning | It’s likely that estate planning is not something you want to think about, but it’s a necessity. It doesn’t matter how old you are or what your estate looks like now – estate planning should be on your radar at all times.

On Behalf of Marcus, Gould & Sussman, LLP | Sep 6, 2021 | Estate Planning | A second marriage can offer a new chance at love for individuals who have lost a spouse due to divorce or death. If there are children involved, it is important to think about what will happen to your finances and assets when you pass away. While you can’t ensure that everyone in your blended family will be happy with your final wishes, there are some ways to make sure the right people are receiving the assets you dictate.

On Behalf of Marcus, Gould & Sussman, LLP | Sep 4, 2021 | Estate Planning | There’s an abundance of online help for all sorts of do-it-yourself projects. You can find instructions on how to build a birdbath, fix your phone or prepare a gourmet meal. All you need are a few minutes and a few dollars and your DIY project is ready to go. Not all DIY projects are created equal, however.