new york estate planners

There are a number of important factors to consider when it comes to comprehensive estate planning. Every family has unique needs, and every estate plan is different and designed in a way that best meets those needs. However, many estate plans include life insurance as an important component of ensuring loved ones are taken care of. While life insurance can be an important part of an estate plan, it is important to plan appropriately to make sure you can make the most out of your life insurance policy.

Life Insurance and Estate Tax

The new tax bill has raised the estate tax threshold quite a bit by doubling it to an individual threshold of $10 millions and a married threshold of around $20 million, with the actual number dependent in some part on inflation. The change in the law is not permanent, either. In fact, it will expire in 2025 absent further action by Congress.

You are always told that you can leave whatever assets you want in your will to whomever you want. After all it is your last will and testament. Your will represents your final wishes and they are to be carried out to the letter. You may be shocked to learn that in some cases under New York law that your will can actually be disregarded almost in its entirety, and that special case comes into play if you do not leave anything to your spouse.

Sacred Institution, Sacred Inheritance Rights

Marriage holds a special place in society and the laws of New York not only reflect that distinctive position but also protects the institution of marriage. Under New York’s Estate Powers and Trusts law section 5-1.1, a surviving spouse has the right to collect assets from a deceased spouse’s estate if the deceased spouse’s will either does not provide for the surviving spouse or does not give enough to the surviving spouse. It does not matter if the will has bequeathed those assets to someone else; the surviving spouse’s rights to the property trumps all others.

Articles Tagged with new york estate planners

Life Insurance and the Estate Tax

Disinheriting Your Spouse? Not So Under New York Law