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why is estate planning important

Why Is Estate Planning Important?

Estate Planning is one of the noblest things one can do for his or her family.  The purpose of estate planning is to ensure that your family will be taken care of properly in the event of your death.  It ensures that all of your assets and wealth will be distributed the way you wanted, to the people you love and care about.  Proper estate planning also allows for reductions in taxes, which will increase the monetary value of your heir’s inheritance.  There are a few main reasons for estate planning and each one answers the age old question – Why is estate planning important?

estimated tax law

Estimated Tax Law

Estimated taxes are the taxes paid periodically on your income. It is based on the predicted tax liability of the taxpayer. If you had any significant transactions since you last figured your estimates then you will want to consider how this will affect your tax bill in the future.

employee or independent contractor

Employee or Independent Contractor? Myths About Worker Classifications Busted!

Business owners across America are working to get all their ducks in a row leading up to the implementation of the Patient Protection and Affordable Care Act (PPACA) in 2015. Among many other factors that are relevant in the discussion surrounding the impending PPACA, an important decision that employers need to make is how they classify their employees for tax purposes. Generally speaking, those who are classified as employees submit the W-2 Federal Tax Form called “Wage and Tax Statement,” which is what determines how their income is to be taxed. Not only does this classification dictate the taxes that the employee is required to pay, but it also affects the employer’s responsibilities in terms of tax obligations.

ALS walk

The Long Island ALS Walk

Join Our ALS Walk

Amyotrophic lateral sclerosis (ALS), commonly known as Lou Gehrig’s Disease, is a progressive neuromuscular disease that slowly robs the body of its ability to walk, speak, swallow and breathe. After diagnosis, a patient is only expected to live between 2 to 5 years. The lives affected by ALS aren’t limited to the patients; the friends and families of ALS patients also suffer through watching the degeneration of their loved ones. At DeFreitas and Minsky, we are personally affected by the heartache caused by ALS, and feel strongly about raising awareness for the disease and donations to support research that will lead to a cure. Join us as we walk, and together we can help support the medical teams that may one day put an end to ALS suffering.

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