How to Mitigate the New York Estate Tax Cliff

How to Mitigate the New York Estate Tax Cliff

Gabriel Katzner - September 10, 2024 - Estate Planning

As part of the Tax Cuts and Jobs Act (TCJA) of 2017, lifetime estate and gift tax exemptions are set at $13.61 million for individuals and $27.2 million for couples in 2024, adjusted for yearly inflation. This huge exemption increase was a relief to many families, as they were no longer subject to federal estate […]

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What is a Life Estate Deed in New York?

What is a Life Estate Deed in New York?

Gabriel Katzner - August 9, 2024 - Estate Planning

A life estate deed in New York allows an individual, known as the life tenant, to retain the use and enjoyment of their home throughout their lifetime. Upon their death, title to the property passes to another person, known as the remainderman (or woman), without the need to go through probate. This important estate planning […]

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Important Things to Consider When Leaving an Inheritance to Your Grandchildren

Important Things to Consider When Leaving an Inheritance to Your Grandchildren

Gabriel Katzner - August 1, 2024 - Estate Planning

Over time, your estate plans will probably change due to marriages, divorces, births, and deaths. Many people leave their accounts and property to their children, assuming their wealth will eventually pass on to the next generation, but in some cases, transferring property and accounts directly to their grandchildren makes more sense. Gifting Money During Your […]

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Grantor Retained Annuity Trust (GRAT): Transferring Appreciating Assets With Tax Efficiency

Grantor Retained Annuity Trust (GRAT): Transferring Appreciating Assets With Tax Efficiency

Gabriel Katzner - July 5, 2024 - Estate Planning

Grantor retained annuity trusts (GRATs) are irrevocable trusts that grantors can use to place assets that are expected to increase significantly in value and distribute them to beneficiaries while limiting their estate and gift taxes. What is a Grantor Retained Annuity Trust (GRAT)? A GRAT is one of many options available in estate planning to […]

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Filial Responsibility Law in California

Filial Responsibility Law in California

Gabriel Katzner - June 28, 2024 - Estate Planning

If you live in one of the 26 U.S. states that have filial responsibility laws on the books, you may be responsible for providing basic needs and medical care if your parents cannot afford it. Filial responsibility describes the obligation or duty an adult child has to their parents. Some cultures, especially those where multiple […]

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Understanding Charitable Remainder Unitrusts

Understanding Charitable Remainder Unitrusts

Gabriel Katzner - June 21, 2024 - Asset Protection

What is a Charitable Remainder Unitrust? A charitable unitrust is an estate planning tool that allows the grantor to split the assets in the trust between named beneficiaries and a charitable cause while minimizing capital gains taxes. Also called a charitable remainder unitrust (CRUT), a charitable unitrust can provide for a non-charitable beneficiary throughout their […]

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What Is a Quitclaim Deed?

What Is a Quitclaim Deed?

Gabriel Katzner - June 6, 2024 - Real Estate

A quitclaim deed is a legal document used to transfer interest in a property from the grantor to the grantee. It does not guarantee that the grantor has a legal interest or right to the property. A quitclaim deed is a way to transfer property ownership quickly and easily, but it has limitations. Ian and […]

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Can A Jointly Owned Property Be Sold By One Owner?

Can A Jointly Owned Property Be Sold By One Owner?

Gabriel Katzner - June 5, 2024 - Real Estate

Michael and Jill own a home appraised at $3 million. The home has been in their family for generations. The couple plans to leave the home to their four children when they die. All four children will be tenants in common, and they each will inherit 25% of the interest in the family home. They […]

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Guide to Inheriting a House with Siblings

Guide to Inheriting a House with Siblings

Gabriel Katzner - May 31, 2024 - Real Estate

Inheritance can be complicated, especially if multiple people inherit the same asset and a legal will does not contain explicit instructions for how the property should be managed or divided. Mike has three daughters; one is married and has two children. His other two daughters still live in the family home. Imagine the disagreements that […]

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What is a Trust Fund and How Does it Work?

What is a Trust Fund and How Does it Work?

Gabriel Katzner - May 22, 2024 - Estate Planning

A trust fund is an estate planning tool used to hold assets or property for a beneficiary or beneficiaries. A grantor establishes a trust, and a trustee is in charge of its administration. Trust documents describe the assets in the trust, including bank accounts, property, stocks, businesses, heirlooms, and money, and the conditions under which […]

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