Each year around this time, the IRS announces new inflation adjusted “numbers” which can increase 401(k) contributions and estate/ gift tax exemptions. Believe it or not, the same distressing “cost of living” increases...
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At the law firm of Susan G. Parker Law Associates, P.C. our goal is to take care of people. We specialize in wills, trusts, estate planning, elder law planning, business matters, and probate. Whether you need a health care proxy, living trust, durable power of attorney or an entire estate plan, we listen to your needs and create a plan that works for you.
Our collection of informational posts and resources are written to provide you with additional insight regarding estate law and business matters.
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After years in other fields, including tax , corporate finance and employee benefits, I felt I could make the biggest impact on individuals by providing personal service, one client at a time. With years of background in taxes and employee benefits, I have unique expertise in estate planning, taxes, probate, business matters, and other asset planning services.
To be able to write a Will, most states require that you be eighteen years of age and have “testamentary capacity.” This means that you must be of “sound mind” or have a general idea of what you own and who your heirs are....
One of the most common questions I get from estate planning clients is, "Why plan now?" My answer is that we don't know what the future holds, so the scouting motto "be prepared" is a solid way to approach estate...
Update NY Medicaid: New 2.5 Year Look-Back Rule Starts January 1, 2023 for Community Medicaid Medicaid asset protection planning is needed well in advance of true need, to save family assets. While many are familiar with the five-year...
Often an estate plan can last for a long time. If you put one in place when your children are young and the laws don’t change in a big way, you may be set for a while. But when you become an empty nester, it may be time for a new plan. Plan...
Depending on your unique circumstances, there are laws that dictate what does or doesn't happen if you die without a will. The best way to protect your loved ones, is to write a will that makes sure your assets pass as you intend. The present...
While the majority of Americans will not have to pay any FEDERAL estate taxes under the current tax rules, this is NOT the case with STATE estate taxes. Presently, twelve states have estate taxes. These...
Tuesday 10/4 Post: Caption: Many clients ask what the difference between a trustee and executor is. While they are often the same person, they don't necessarily HAVE to be. Here’s how it...
Estate Taxes as 2022 Begins The most onerous revisions to the estate tax landscape never made it into law at the end of last year. This is good news! The high federal estate tax exemption is still in place - $12,060,000 in 2022, up from $11,700,000...
New York Has a New Power of Attorney Form A durable power of attorney form enables someone to take the reins of your life and manage your affairs, while you are alive. It’s essential if you lose mental capacity, and can avoid the need for a...
Probate generically refers to the process of winding up one’s life affairs, and distributing property to loved ones. But as a legal matter, not all assets are distributed through the court process of probate. What is probate and why do people...
Trusts are separate legal entities, in much the same way as corporations and LLCs (limited liability corporations). Their operating rules are spelled out in a legal document known as a trust agreement. The trust is...
When you ask what will happen when you die, it’s not just an existential question. You want to know what will happen if you die without a will. There’s a myth that the government will take your assets, but that’s not true. Instead,...
Probate is the process of having a court determine if a will is properly executed so that estate administration can get underway. As part of the process, a fee is paid to the county and notification is given to creditors, heirs, and beneficiaries....
Instead of leaving property to a loved one under a will, clients often create a “living trust” to get the job done. With a living trust, it is easier to change beneficiaries, as well as who gets what when you pass away. Changes to a living...
You absolutely need a will if you want to provide for your significant other, best friend or favorite aunt. Otherwise, they will only inherit if they are named as an account beneficiary. Without a will, your closest family members will inherit. People...
For many clients today, their homes and IRAs represent their biggest assets. And both require special care and handling when leaving them to loved ones as part of an estate. Real estate passes per title on a deed and IRA assets pass to those...
You know estate planning is a critical part of taking care of your loved ones after you pass. You also know that trying to handle estate planning on your own is a huge mistake. Therefore, you need to find a trust and estate litigation attorney who...
I’m sure that I’m not alone thinking now would be a good time to be in Florida. For many New Yorkers, what starts out as a seasonal home morphs into a primary residence. Aside from the weather, Florida attracts new residents because it has...
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After years in other fields, including tax , corporate finance and employee benefits, I felt I could make the biggest impact on individuals by providing personal service, one client at a time. With years of background in taxes and employee benefits, I have unique expertise in estate planning, taxes, probate, business matters, and other asset planning services.
*Attorney Advertising. Content provided is for educational purposes only; it does not constitute legal advice.
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