Estate Planning Lawyers Advise Clients After Significant Life Changes
The estate attorneys of Kantrowitz, Goldhamer & Graifman, P.C. believe that the initial establishment of a will and other documents concerning your estate should not be the last time these issues are on your mind. There are many situations in which a review of a will should take place, such as if you experience a significant change in circumstances with your personal or familial situation (including a birth, death or divorce), your assets have changed (in the size or title name) and if there are changes made to the Federal or State gift tax or estate laws. Even if you have not experienced any of the above, it is still a good practice to revisit your estate planning documents about every five years to ensure that your wishes are legally upheld.
As a firm that offers full-service work with the legal resources of a larger firm, KGG is dedicated to making sure that we protect the future of you and your family. Reach out to us to schedule a confidential consultation by calling (800) 711-5258.
What are the Federal and State Estate Tax Exemptions?
A number of federal tax limits will change in 2014. While in 2013 the amount for unified estate and gift tax exclusions was $5.25 million, this number will increase by $90,000—making it $5.34 million that individuals can pass on to others completely tax-free. In a revision of your will, this additional $90,000 can be beneficial because it may allow you to make more gifts in your life or upon your death without having to pay any federal estate taxes on an amount under that limit.
In New York, the estate tax exemption is $1 million. In New Jersey, the tax exemption for estates is $675,000. Some, including the governor of New Jersey, have proposed that this number be increased to $1 million. However, it is in your best interest to discuss your estate planning needs and goals with a qualified estate lawyer who can determine if your current will and estate documents are best serving you with these new law changes.
Do You Need an Estate Plan Attorney in New York or New Jersey?
A will valued at the wrong federal or state valuations could leave you and your family unintentionally paying large amounts in taxes, simply because the laws you relied on when first drafting the will are no longer in place. Speak with the estate lawyers at KGG about your concerns regarding your estate. We can discuss different estate planning provisions, such as bypass or credit shelter trusts, which could provide better protection for your assets.