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At first glance, inheriting real estate might seem like an entirely good thing. In reality, when taxation and other estate planning issues are considered, this inheritance also presents several burdens. While New York does not have an inheritance tax, other states do and it is critical to consider this…
Children and Estate Plans: Equality Is Not Required If you do not have an estate, at least one person you know has probably recommended that you create one as soon as possible. Among the various questions that the creation of an estate plan presents is how exactly to divide…
In 2019, the U.S. Census Bureau, determined that the average national retirement age was between 63 and 64 for men and 62 for women. Most Americans agree that in retirement they’ll need saving to supplement Social Security benefits. Social Security alone will not get them through retirement. The current life…
One of the most difficult parts about successful estate planning is that countless myths persist about how to plan for your future. One of these misconceptions is that young people do not need estate plans. Another common misconception is that once you create an estate plan, there is no need…
Millions of Americans are expected to experience a drop in their FICO score when the Fair Isaac Corporation, the company that invented the FICO score, modifies the methodology they use to determine a consumer’s FICO score. Beginning in the summer of 2020, lenders may opt to use the new methodology…
The estate tax in the United States is a tax placed on a person’s assets that transferred to beneficiaries after that person’s death. While only a certain category of assets is impacted by these taxes, they can have a profound impact on the administration of your estate plan. As a…
Under the Uniform Parentage Act as well as New York law, children born through the aid of advanced reproductive technology are treated the same as biological children. Children who are born through the use of frozen biological material, however, create many estate planning questions, which include how to write…
In-vitro fertilization, also known as IVF, has its origins in the 1890’s when the first known case of embryo transplantation occurred in rabbits in Great Britain. By 1973, scientists were able to transplant a human embryo into a woman. The first human IVF pregnancy occurred 47 years ago in Melbourne,…
While we create estate plans to make sure that our wishes are carried out after our death or incapacity, we ultimately establish these plans for our loved ones. There are various reasons, however, why many people hesitate to create any type of estate plan at all. For one, it can…
The conventional wisdom is to wait and not claim Social Security benefits until you are over 66 (the full retirement age for individuals born between 1943 and 1954). Full retirement age is calculated by year of birth. To see what your full retirement age is click here, or review the…