Estate Planning: New Focus on Income Taxes
New Focus on Income Taxes. With the Federal Estate Tax exclusion now $11,200,000.00 per person as a result of the Tax Cuts and Jobs Act and the New York State Basic Exclusion Amount at $5,250,000.00 per person, planning for most families has shifted to income tax...
Probate: Inter Vivos Trusts vs. Testamentary Trusts
Inter Vivos Trusts are created during life. Properly drafted, they avoid the probate process. Testamentary trusts on the other hand, by definition, do not avoid probate in that they go through your Will.