Many couples create estate plans together as a way to ease the process should anything happen to either person. This estate plan can be the last thing on their minds as they go through this process. A divorce in New York automatically cuts the former spouse out of the will, but it does not affect other beneficiaries. This can lead to benefits and assets going to the former spouse's relatives instead of alternative beneficiaries.
Gifts can be more than just a generous offering to a friend or relative. They can also be an important part of a larger estate plan designed to make inheritance a tax-free situation for New York residents. It is important to understand how estate and gift taxes, and their exemptions, work so that you can avoid as much tax liability as possible.
It is not uncommon for some New York residents who are planning their estates to forget to think about their life insurance policies. For some people, however, these policies, if included in their overall estate valuation, could subject the estate to significant estate tax liability.
Fans, family and friends were stunned that Robin Williams committed suicide. More recently, as New York residents may not know, the comedian's estate is now involved in a dispute between the actor's wife and his children.