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Time to Refresh Your Estate Plan!

New Year, New Laws

As 2024 winds down and we look forward to a new year, it's the perfect opportunity to take stock and plan for the future. At Blustein, Shapiro, Frank & Barone, we believe that should include a thorough review of your estate plan.

This year saw a flurry of new legislation impacting estate planning in New York. Here are some key highlights:

  • Estate Tax Alignment (Sort Of): Starting in 2025, New York's estate tax exemption will mirror the federal exemption, but without considering the 2017 Tax Cuts and Jobs Act. This means the exemption will be lower than the current federal amount, making estate planning even more critical.
  • New York LLC Transparency Act: LLCs formed or doing business in New York will need to disclose beneficial ownership information to the state, increasing transparency.
  • Transfer on Death Deeds: A new law allows property owners to designate beneficiaries who will inherit real estate directly, bypassing probate.
  • Multi-Person Bank Accounts: Pending legislation aims to clarify the rules around joint bank accounts, requiring clear designation of survivorship rights or "convenience" status.
  • Easier Legal Processes: New laws have reduced notary requirements for certain documents and made it easier to execute healthcare proxies remotely.

 

Don't navigate these changes alone.

With these new laws and the ever-changing landscape of estate planning, it's more important than ever to have expert guidance. The experienced attorneys at Blustein, Shapiro, Frank & Barone are here to help you understand these changes and create or update an estate plan that provides you with peace of mind. Contact us today for a consultation and start the new year with confidence.

Start the new year right! Make your appointment today.

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If you have not yet created an estate plan, there’s no time like 2025! Making an estate plan is very important, but so is keeping it updated throughout your life. Call 845-291-0011, or fill out the form above, for professional help with your 2025 estate plan.