Tag: suffolk county estate planning attorney

Gift Taxes and Estate Planning

On August 21, 2012, in Estate planning, by John A. Weber IV, ESQ.

Gift Taxes and Estate Planning

Gift Taxes and Estate Planning

Individuals can give tax-free gifts to an unlimited number of people each year, as long as the value of each of those gifts does not exceed a certain limit. Additionally, spouses are each personally entitled to give gifts up to the tax-free limit, even if they give gifts to the same person.

Tax-free gifts can benefit any estate large enough to be subject to estate taxes. By giving yearly gifts, up to the tax-free limit, individuals can avoid estate taxes on that portion of their estate. If these gifts are given to the same people that the estate would go to anyway, gifts can lower the tax liability estate heirs may face. In some instances, these gifts may reduce the estate below the estate-tax level, meaning gifts could potentially save an estate a great deal in taxes.

The limit on tax-free gifts has changed often over the past several years, and could change again. It is important to consult with an attorney or tax specialist when using tax-free gifts as part of an estate planning strategy.

If you have questions about this or other legal issues, call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 to schedule a free consultation.

Authenticity of a Last Will and Testament

On August 16, 2012, in Estate planning, by John A. Weber IV, ESQ.

Authenticity of Last Will and Testament

Thomas Kinkade’s estate is being contested

The importance of having a Last Will and Testament or more commonly referred to as a Will, cannot be overstated.  A simple Will is a document that has great importance to wealthy persons as well as those with not much to leave behind.  Generally, a Will is used as a concrete guide in distributing the  Testators Estate.  Circumstances can arise which complicate matters however.  One of these circumstances are when the Testator drafts more than one Will or Codicil.

Currently, the famous, late artist, Thomas Kinkade’s estate is being contested.  The dispute is between his wife (from whom he is separated from) and his girlfriend (whom he lived with at the time of his death).  The interesting twist in his case is that he had drafted several Wills and Codicils that the courts must now sort through to determine their authenticity.  The American Bar Journal’s Mark Hansen wrote an article summarizing the issues.  The link to the article is listed below.

ABA Journal – August 16, 2012

Estate Planning Attorney in Mineola

If you have questions regarding the authenticity of a last will and testament, please call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620.

WhiteHouse by PageLines

Copyright © 2021 Law Firm of Vaughn, Weber and Prakope, PLLC
All Rights Reserved