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Welcome to Brooklyn Estate Planning Law Firms.com
Did You Know?
A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.
In Brooklyn if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. If you are located in another region of the country contact one of our estate planning attorneys nationwide. Don’t make them go through that hassle; contact our Brooklyn Estate Planning Lawyer to help get your affairs in order.
[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in New York
Gross estate tax purposes
7,157
Gross estate tax Amount
17,300,346
Total allowable deductions Number
7,157
Total allowable deductions Amount
7,814,922
State death tax credit Number
4,267
State death tax credit Amount
587,690
Net estate tax Number
3,859
Net estate tax Amount
2,124,843
Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
Our Brooklyn Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.
If you don’t have a will, the state of Brooklyn will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.
State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.
Our Brooklyn Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.
Most parents use trusts to better prepare for their children’s needs at the time of their death.
Issues and topics related to Brooklyn Estate Planning include:
Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004
Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions. Source: National Public Radio
Brooklyn External Sites
Estate and succession planning for small business owner
Subject:, Tax planning United States. Subject:, Estate planning New York (State). Subject:, Small business Taxation New York (State) ... New Books: Tax: New York State Library
Title and Author:, Estate planning for authors and artists / by Bridget J. ... Publisher:, New York : RIA, c2004. Call Number:, 343.7304 R481 204-872
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Latest news about Financial & Estate Planning in Brooklyn and nationwide:
Violation Of A Technical Rule
Businesses in California are facing, among other things, 100-400% increases in workers' compensation premiums, increasing employer mandates, a... Read more >
Definition:
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.
Will
Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
Probate
Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.
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Did You Know?
Estate Tax Returns Filed in 2001: Gross
Estate and succession planning for small business owner