Taxes are one of the most important considerations when drafting a New York will or estate plan. Anyone who dies with an estate worth more than $1 million will be subject to estate taxes in New York State. Federal estate taxes change every year, and may also apply to even smaller estates.
Because of the potential estate tax burdens, everyone who owns real estate or has even a few hundred thousand dollars in stocks, bonds, or other property should look into drafting a New York will.
New York wills give the testator the option of leaving money to charity, putting money into a trust, or otherwise minimizing tax payments. In my opinion, everyone who lives in New York should consult with an attorney about drafting a will. This is a relatively inexpensive option. Spending $1,000 now could easily save you hundreds of thousands of dollars in estate taxes later!
Feel free to contact Eric by e-mail at Eric@nyhomelaw.com
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New York has recently updated the laws regarding the granting of Power of Attorney to someone. Under the new laws, the person who is being appointed Power of Attorney must be informed of their duties and responsibility and also must sign the Power of Attorney form. Previously, someone could be appointed a Power of Attorney for someone else without any knowledge that they were being given this responsibility.
Along with drafting New York Wills, most attorneys in New York will recommend drafting Powers of Attorney for their clients. These are useful to have and can help someone manage their estate if they become incompetent for whatever reason. In order to function in this capacity, though, a Power of Attorney must be durable. Ask your lawyer about drafting a Durable Power of Attorney, which is permitted under New York law. It is important to understand the different types of Powers of Attorney, what they mean, and how they function.
In addition to a will, New York residents should consider having a Power of Attorney as well.
Feel free to contact Eric by e-mail at Eric@nyhomelaw.com
Attorney advertising. This post is not legal advice. For legal advice, consult your attorney.
