New York phases out its estate tax exemption for taxable estates that are between 100% and 105% of the estate tax exemption. The New York estate tax exemption is $5,250,000 for estates of decedents who die in 2018. This means that an estate of a decedent who dies in 2018 that is over $5,512,500 loses the benefits of the $5,250,000 exemption. As a result, beneficiaries of an estate between $5,250,001 and $5,728,101 actually inherit less than an estate of $5,250,000. The New York State Bar Association has proposed phasing out the New York estate tax exemption for taxable estates that are between 100% and 150% of the exemption amount.
Lawyers of Distinction is pleased to announce that Donald S. Hendel, with an office in North Haven, Connecticut, has been certified as a member. Lawyers of Distinction is recognized as the fastest growing community of distinguished lawyers in the United States. Lawyers of Distinction does not offer membership to more than 10% of attorneys in any given state. Members are accepted based upon objective evaluation of an attorney’s qualifications, license, reputation, experience, and disciplinary history. Please see www.lawyersofdistinction.com for further details concerning membership qualification.
Many times a person who is sued owns one or more significant life insurance policies. If a lawsuit against the insured is successful, the life insurance policies could be subject to the claims of the successful plaintiff.
One way to protect a valuable life insurance policy from the claims of a creditor is to place the policy into a life insurance trust. The insured’s spouse and descendants may be beneficiaries of the trust. During the insured’s lifetime, all of the assets held by the trust, including any life insurance policies, are not subject to the claims of the insured’s creditors.
Mr. Hendel has been practicing wealth preservation planning for over thirty -five years.