Recent Publications - Patricia C. Marcin


Joint and Designated Beneficiary Accounts: BEWARE!
November 14, 2022 | Trusts & Estates

Your friendly neighborhood branch banker suggests that you change all your accounts to either joint with your kids or to
name your kids as beneficiaries on all your accounts (a “pay on death” beneficiary designation). She says this will make the administration of your estate when you die much less complicated and easier for

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Besides Saving Estate Taxes, What Should Be on Your Estate Planning Checklist?
July 11, 2022 | Trusts & Estates

The federal estate tax exemption provisions are set to expire at the end of 2025, potentially requiring more people to pay estate taxes. In view of the uncertainty of the estate tax laws, it is important to have estate planning documents that are flexible enough to adjust to changing estate tax laws.

Generally, the exemption

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Have You Addressed Your Crypto Assets in Your Estate Plan?
May 6, 2022 | Trusts & Estates

Crypto assets (such as non-fungible tokens, or NFTS) and cryptocurrencies (such as bitcoin) are types of digital assets, which are typically transmitted by means of blockchain technology. (I know, this makes my brain hurt, too!) Crypto assets are growing in popularity as an investment class, and you may already own some or may be thinking

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The New York State Estate Tax Cliff and the “Santa Clause” Fix
March 30, 2022 | Trusts & Estates

New York has an “estate tax cliff,” which can result in heirs paying New York estate tax at a rate exceeding 100%. The current per-person NYS estate tax exemption is $6.11 million, which is the amount you can leave to your heirs at your death without paying NYS estate tax. If your taxable estate, however,

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2022 Estate and Gift Taxes: What’s Changed?
March 1, 2022 | Trusts & Estates

We were all set for big changes in the federal estate and gift tax laws last year and, by the end of the year, almost nothing changed. Who knows what changes will ultimately come down the pike when Congress finally becomes functional, and when those changes will take effect? For now, we’ve escaped the reduction

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Changing Your Residence for Estate Tax Purposes Is Complicated
February 7, 2022 | Trusts & Estates | Tax

It has been a long, cold winter, and many of us are yearning for warmer weather. With New York’s fiscal crisis due to the pandemic, and the prospect of higher taxes, many are thinking about changing their primary residence to a warmer and “friendlier” taxing jurisdiction. While an easy topic of cocktail party talk, changing

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Popular Again: Using Life Insurance Trusts to Hedge Against Estate Taxes
January 10, 2022 | Trusts & Estates

With the prospect of estate tax exemptions going down and estate tax rates going up, it’s a good time to consider using life insurance as a hedge against potential estate taxes. One way to do that is to add an Irrevocable Life Insurance Trust (ILIT) to your estate plan.

Life insurance proceeds are included in

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WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE — The Long Island Community Foundation: Family Philanthropy
December 17, 2021 | Trusts & Estates

It’s the holiday season, and people are in the spirit of giving.

Besides giving gifts to friends and family, we consider supporting nonprofits whose work aligns with our values. One of the easiest ways to give to charity, and one of the best-kept secrets, is to open a fund at the Long Island Community Foundation

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WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE – Should You Rely on Estate Tax Portability?
November 18, 2021 | Trusts & Estates

Every U.S. citizen may gift, during life or at death, assets to his or her children free of federal estate or gift tax up to an aggregate amount – frequently called the “exemption amount.” The exemption amount in 2021 is $11.7 million.

Prior to 2011, if one spouse died without having gifted or bequeathed all

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WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE – Estate Planning and the Family Business: A Family Affair?
October 1, 2021 | Trusts & Estates

Discussing your estate plan with your adult children can feel like a daunting task. You want your children to be ready for the responsibilities that wealth entails, but you’re not sure you’re ready to disclose your finances and intentions to your kids yet. It can be even more overwhelming when a family business is involved.

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WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE – “Decanting” Trusts – Sometimes you can change the terms of an Existing Trust
July 28, 2021 | Trusts & Estates

Sometimes, the terms of an irrevocable trust (one that cannot be amended or revoked) were fine at the time the trust was created, but subsequent events or circumstances make the terms of the old trust impractical, unwanted, or obsolete. So, what can be done?

Originally published in Lloyd Harbor Life, July 2021. Read the full article here.

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WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE – “The American Families Plan: Disguising an Estate Tax?”
July 13, 2021 | Trusts & Estates

President Biden’s proposed changes to the Internal Revenue Code, known as the American Families Plan, was unveiled at the end of April 2021. These changes are intended to accomplish three goals: (1) fund the government’s efforts against the pandemic, (2) support new social programs, (3) enable tax cuts for lower-income families. The measures aim to

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WILLS, TRUSTS & ESTATES: PLAIN AND SIMPLE – Changing Your Residence For State Tax Purposes – More To It Than You May Think
May 27, 2021 | Trusts & Estates

Oftentimes, in the summer, we return to the topic of changing your residence for state tax purposes. There are five factors which the tax authorities will look to in determining whether someone has changed their residency.  This is frequently referred to synonymously as one’s “domicile” for tax purposes:  (1) physical presence, (2) home, (3) family

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