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 […]
In estate planning, the titling of assets is often the most important consideration of how those assets will be distributed upon death. If you have not taken time lately to review how all of your assets are titled and how beneficiaries are designated, it can be a useful exercise. Let’s take a look at a […]
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 […]
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 […]
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, […]
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 […]
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 […]
State of New York has become the 27th state in the nation to launch an ABLE program. The New York ABLE Program, named NY ABLE, is administered by the Office of the New York State Comptroller, managed by Ascensus Broker Dealer Services, Inc. and backed by Vanguard, Sallie Mae and Fifth Third Bank. NY ABLE […]
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 […]
One of the more common questions we deal with in the initial interview with many clients is why they need both a living will and a health care proxy. The answer to this question is quite simple but a background on what each document specifically does is useful. Health Care Proxy The health care […]