As your parents age and their health becomes a concern, you may wonder how to ensure that they receive the care and treatment they need. One of the most popular options, of course, is a long-term care facility. A residential facility like this can provide your loved one with the resources and assistance needed, but for many families, the expenses may be cost-prohibitive.
Small business owners living in New York or elsewhere have a strong incentive to create a will. Without one, it may be up to the government to decide who gets control of the business and its assets. This could have unintended consequences such as a spouse inheriting the company even if it isn't in that company's best interest. Furthermore, it is a good idea to have life and disability insurance as part of an estate plan.
A recent Caring.com survey found that just over 40 percent of American adults have estate planning documents. While some New York residents may think they do not need an estate plan, such planning can be important for adults of all income levels.
Anyone who owns property in New York can benefit from considering how they want to handle estate planning. Estate planning involves how a person wants their assets distributed upon their death as well as protection of assets during the person's lifetime. A common mistake that many people make when planning their estate is not properly allocating estate proceeds to charity.
Estate planning is an important responsibility. Too many people underestimate the urgency of the process and put it off until it is too late. According to the AARP, only 40 percent of American adults have planned their estates. If you are thinking about drafting a will or establishing a trust, you are on the right track, but you should proceed with caution.
Savvy real estate investors in New York may prefer to explore potential tax saving options like combining cost segregation and Section 1031 exchanges. Due to provisions in the Tax Cut and Jobs Act, or TCJA, this particular strategy may be even more important for investors. The TCJA has modified rules that apply to Section 1031 exchanges and expanded applicable depreciation rules. These changes present new opportunities that some investors may not know are available.