Katzner Law Group, PC

What is included in an Estate Plan?

An estate plan typically includes a revocable living trust, financial and healthcare powers of attorney, and a living will. Additional components may include instructions for digital assets, beneficiary designations, and executors' letters. For simpler cases, a Last Will and Testament may suffice.

Can I just save money on estate planning and do it myself on the Internet?

While some online options offer form documents, these can leave gaps in your estate plan and may not reflect the best choices for your situation. Many clients find that personalized guidance from an estate planning attorney provides more effective and tailored protection for loved ones.

What are the important estate planning decisions if I have minor children?

If you have minor children, estate planning decisions include designating guardianship, deciding on trust provisions, and determining how and when your children will receive inheritance. Establishing a trust helps avoid public probate and allows for structured inheritance management.

I have a will. That means my family avoids probate upon my death, right?

No. Having a will actually ensures probate will be required, as wills are subject to probate by default. However, a will does provide legal direction for assets and guardianship. To avoid probate, consider setting up a revocable living trust.

Is there any way to avoid or reduce New York estate taxes, the “death tax”?

Yes, estate taxes in New York can be minimized or avoided with strategic estate planning. For estates under $6.94 million (as of January 1, 2024), tax may not apply. Married couples can effectively double this exemption through specific planning techniques.

How much money, real estate or assets can I gift?

In 2024, individuals can gift up to $18,000 per person annually without triggering a gift tax. Additionally, a lifetime exemption of $13,610,000 applies, allowing tax-free gifts within these limits. Larger gifts require filing a 709 gift tax return.

What is a payable-on-death account?

A payable-on-death (POD) account allows assets to transfer directly to named beneficiaries upon your death, bypassing probate. This arrangement is often used for bank accounts to ensure beneficiaries receive funds immediately.

Will my heirs be forced to pay an inheritance tax?

Most states, along with the federal government, do not impose inheritance taxes. However, estate taxes may apply to estates that exceed certain thresholds. Consulting with an attorney can clarify any applicable taxes for your situation.