Many Woodbury area residents have taken the time to set up an estate plan. Estate planning is important in order for a person to preserve their wealth and transfer it to the next generation. When a person makes an estate plan, they name an executor who has several...
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Month: May 2021
When will you owe taxes on money you gifted to a loved one?
Those of significant wealth in New York may be concerned that their estate will be subject to the federal estate tax upon their death. Currently, in 2021, if your estate is $11.7 million for a single taxpayer or double that for married couples who file jointly, your...