2014 Federal Estate Tax Table: This table contains the 2014 Federal Estate Gift Tax Rates.
Estate Planning Checklist: “How will my family know where to find all of my important documents?” The following checklist will help your survivors locate the these documents after your death.
EPTL Intestate Distribution Chart: If you die without making a will, here is how your estate will be split up under NY State Law.
Fundamentals of Tax Wise Gifting, 2010: This memo outlines ways to gift your inheritance while avoiding the bite of current and potential transfer taxes.
Protecting and Preserving the Family-Goal of EP: This article outlines various ways to make preserving the family main goal during the estate planning process.
Estate planning is a process by which an individual seeks to secure the orderly transition of wealth and control of assets to the natural objects of his bounty with a minimum of disruption and depletion for taxes and expenses.
Why you need an Estate Plan?
Because you want your property to be passed on-at your death–according to your wishes.
Yes, estate planning is very emotional. Unfortunately, if you disregard it now, there will be problems that can create a burden, both psychologically and financially, on those that you’ve left behind.
Proper estate planning can provide you peace of mind.
What you’ll need:
Because the property is yours, you want to decide what happens to it.
Sadly, this is not always true. If nobody knows your wishes, those wishes cannot be carried out. Or, if you change your mind–how will people know?
Happily, there are two quick, simple, and inexpensive steps that you can take to make sure that your affairs are managed according to your wishes, even after you die:
- Write or update your will. If you don’t say what should happen to your property, the state will. Everyone should have a current will.
- Let others make decisions when you can’t. Use basic tools–the living will and the durable powers of attorney, for both financial and health care decisions–to let your trusted advisers make key decisions if you are incapacitated.