New York Estate Planning Law in 2024: Hot Topics and Possible Legislative Updates

Estate Planning Lawyers in Syracuse, NY

As we settle into 2024, it is important to be aware of some potential changes to New York's Estate Planning laws that are likely to be under discussion among policymakers over the course of the year.

If estate taxes change, consider updating your Will.

One possible legislative update involves taxation. The federal government and New York State government regularly modify the structures, rates, and thresholds associated with estate taxes. Legislators often base these modifications on economic conditions, as well as the extent to which the government needs to raise additional tax revenue. In the event that New York implements any significant changes to its estate taxes in 2024, you may wish to consult an Estate Planning attorney. Adapting your Will to the latest estate tax regulations can save your beneficiaries (the recipients of your assets) a considerable amount of time and money in the future.

Updating your Will also serves as a great opportunity for you to review the assets you have included within it. You can also review who you have listed as beneficiaries, and make any adjustments as needed.

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Digital Assets and New York Estate Planning LawA much newer topic gaining attention in New York and other states concerns the question of how digital assets can be incorporated into estate plans. Assets such as cryptocurrencies, social media channels, digital art, and digital real estate can sometimes carry a surprising level of value. However, the exact means through which these assets can be written into Wills and Trusts is under constant debate. If you own any such digital assets, be sure to monitor any legislative updates affecting how they can be incorporated into Wills and Trusts.

Need an Estate Planning Lawyer? MCV Law is here to help.

Any time is the perfect time to review your personal estate plan. Do you have a Will? Is it up to date? Are your assets safely secured for your loved ones?

Our skilled Estate Planning attorneys have decades of combined experience, and stay fully informed on the latest developments in New York Estate Planning Law. Connect with our team for a free initial consultation, and create a plan that protects everything that you've worked so hard for.

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