End of Year Estate and Gift Tax Planning Considerations 2018

  As the end of the year approaches, there are a number of planning techniques that individuals can consider implementing before December 31, and after the first of the year, to take advantage of estate and gift tax savings opportunities. Gifts to Individuals Individuals may gift away a certain amount of assets to other individuals […]


New York State Right of Election

  What is the Right of Election? New York’s Spousal Right of Election protects a surviving spouse from being completely disinherited from the estate of the deceased spouse.  Under EPTL 5-1.1A, a surviving spouse is entitled to take the larger of $50,000 or one-third (1/3) of the deceased spouse’s net estate.  This is known as […]


What’s New in Estate and Gift Taxes Under the Federal Tax Cuts and Jobs Act

As many are likely very aware, the end of 2017 brought with it new tax reform that took effect January 1, 2018. The Federal Tax Cuts and Jobs Act (the “Act”) made many revisions to the tax code in the first significant reform to the tax code since 1986.  This article will focus on the […]


Planning Ahead in Case of an Emergency

  Keeping up with passwords and usernames in an increasingly electronic world can be overwhelming at best. For many people even bank statements are now delivered neatly to electronic inboxes, but have you ever stopped to think who else may need access to all those usernames and passwords? If something were to happen to you, […]


Is Estate Planning Important for Young Adults?

For many young adults, the consequences of not having an estate plan in place can be dire.  Estate planning is not only tax and probate avoidance, but it is planning for your lifetime and incapacity as well. One tragic case that many people are familiar with is that of Terry Schiavo. Terry Schiavo was a […]


Estate Planning for Single People

While discussions for estate planning often focus on married couples, estate planning for a single person is equally as important. In many instances, a single person may need to do things differently and the consequences of not having a well-coordinated plan can create real problems. Most single people own assets in their names individually and […]


Selecting the Appropriate Trustee of Your Trust

  When you are selecting a trustee as part of the trust creation process, you need to ensure that you select the right person. The trustee has many different responsibilities and serves a vitally important role. Before you decide who will fulfill this position, you need to understand what trustees are actually responsible for and […]


BENEFICIARY DESIGNATIONS

  Life insurance policies, employer-sponsored retirement plans, annuities, and retirement accounts.  Odds are, you look at this list and see at least one financial account that you hold.  All of these accounts are generally payable upon the death of the account holder to beneficiaries named via beneficiary designations.  Beneficiaries could also be named on certain […]