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March 2014 Archives

Social media accounts may be in purgatory without estate planning

Some people say they want to be immortal. But even they may not want the immortality that lingers in cyberspace. Accounts on websites like Facebook, Twitter and YouTube may outlive the person who creates them. The ownership of digital assets has become an important topic in estate planning.

No more dawdling: organize your estate plan as soon as possible

You could be a 25-year-old in peak physical prime or a 55-year-old with a few medical conditions -- in either case, people need to properly organize their estate plan. While the odds are that a younger person is not going to die anytime soon, unexpected accidents and maladies can strike at any time. It is a gruesome and unsettling thought, but it is a fact of life. Things can go wrong, mistakes can be made and accidents happen. When they do, a young person can lose their life.

Estate planning and New York's estate tax

The federal government taxes estates of more than $5.34 million at a 40 percent rate. However, for residents of New York any estate worth more than $1 million can be hit with a maximum rate of 16 percent. In other words, residents of New York may be paying a state estate tax without being required to pay a federal estate tax.