On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 28, 2015 | Tax Planning
The IRS has announced its estate tax and gift exemption for 2016, which is $5.45 million per individual and $10.9 million for a married couple. This is up just a bit, based on inflation, from the 2015 exemption of $5.43 million applicable to residents of New York and...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 21, 2015 | Estate Planning
New York residents who are embarking upon the estate planning process may have heard about new digital options and wondered if this is the right choice for them. Digital document archives have both pros and cons associated with them. Family members have sometimes...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 15, 2015 | Tax Planning
People living in New York may worry about their heirs having to pay estate taxes after they die. However, most people will never have to worry about federal estate taxes. They simply do not have enough money for this tax to become a factor in their estate planning,...
On behalf of McMahon Law Firm, Attorneys and Counselors at Law | Oct 6, 2015 | Tax Planning
New York residents who plan to leave a multi-million dollar estate to their heirs might be worried about taxes because the federal government takes 40 percent, which can account for a large chunk of the assets. However, there are steps that they could follow to limit...
