Once you make the final decision to proceed with the divorce process, it's important to turn your attention to your estate plan. If you neglect to make the necessary changes soon enough, it could impact you and your loved ones in the future.
While you hope your parents have an estate plan in place, there's no way of knowing for sure. This is why it's important to offer your assistance at various stages of their life.
Creating an estate plan is every bit as challenging as it sounds since you have so many important decisions to make. Furthermore, the decisions you make now will affect your loved ones in the future.
When creating an estate plan, it's easy to focus the majority of your time on your assets, and who will receive them upon your death. While this is important on many levels, there are other aspects of the estate planning process that require your attention.
There are two main types of estate taxes estates here in New York could potentially be subject to upon a person’s death. One is the state estate tax, as New York is among the states that has its own such tax. The other is the federal estate tax.