For years, New Yorkers used estate plans to minimize the possibility of federal estate taxes being assessed. The federal exemption amount in 2015 is $5.43 million, and it will increase for 2016, meaning that many people will not be subject to it anyway. This may mean that the focus should instead be turned towards minimizing capital gains taxes.
Trusts may preserve wealth for generations
New York residents may wonder why some family fortunes seem to endure for decades or even centuries while others peter out after only one or two generations. Such fortunes are often amassed by a towering central figure like Cornelius Vanderbilt or John D. Rockefeller, and the estate plans that these individuals put into place often determined how long their wealth would last.
The estate tax exemption in 2016
People in New York who are preparing an estate plan may wonder how to structure that plan to avoid estate tax. In many cases, doing so is not necessary. With the estate tax exemption set to rise to $5.45 million in 2016, many people's estates will fall under the maximum.
Estate planning law changes for 2016
People in New York who are planning their estates for the first time should become familiar with the most current federal and state laws that could be applicable. Staying up-to-date is also important for people who are updating existing estate plans. For 2016, there are several areas of tax law that are remaining the same and a few that are changing.
New York elder care and care plan research findings
New York residents should be aware of research findings that illustrate the importance of care plans in patient-centered care. Care plans are healthcare delivery strategies that focus on the patient and involve collaboration between multiple care providers. A Chilmark Research report found that these plans are important in creating an overall picture of a patient's health. Various patient needs are taken into account, and these plans use EHRs to give access to patient information.
Choosing the appropriate business entity
New York residents thinking about opening their own business are often eager to get started right away, but some of their most important decisions will be made in the early stages and should be considered carefully. Choosing the appropriate business entity can have significant liability, tax and estate planning consequences, and a mistake made here can cast a long shadow.
