On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 30, 2015 | Tax Planning
New York residents have more reason to worry about estate taxes than those who live in many other parts of the country. The state taxes estates at rates ranging from 5 percent to 16 percent, and the exemption for 2015 is $3,125,000. The exemption will increase each...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 24, 2015 | Estate Planning
Estate planning can make life easier on a person’s loved ones by reducing confusion and providing an action plan if the unexpected occurs. An estate plan can reduce worry during an already stressful time and help prevent family from fighting in New York state...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 15, 2015 | Estate Planning
Someone in New York who is preparing a will or other estate planning documents does not necessarily have to discuss the provisions with the chosen heirs, but including heirs in some or all of the process might be beneficial. For example, asking children which specific...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Jul 9, 2015 | Estate Planning
Many wealthy families in New York have no estate plan set up to govern how assets should be dispersed to their heirs. According to a survey of 750 millionaires that was conducted by CNBC, 38 percent of people with at least $1 million in investable liquid assets have...
