Recent Publications - Personal, Family & Business Planning


Wendy And Jen Wreck the Movies – Citizen Kane (1941) Or Deposit Money, Not Children, in the Bank
January 20, 2022 | Trusts & Estates
What happened “Legendary was the Xanadu where Kubla Kahn decreed his stately pleasure dome.” Legendary too were the colossal errors made by Mary Kane in this celebrated classic movie which follows a journalist as he tries to uncover the meaning of Charles Foster Kane’s last words. Jim Kane and Mary Kane ran a Colorado boarding …
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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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iPhone To OurPhone: Apple Update Allows Users To Create A “Legacy Contact”
December 23, 2021 | Trusts & Estates | Intellectual Property
Today, much of our lives are documented through digital devices and assets, instead of, for example, through things such as traditional family photo albums.  But while photo albums are easily passed on after death, passing along digital assets present additional challenges.  Expectedly, there are laws which address the ownership of digital assets.  That said, despite …
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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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Governor Expands Definition of ‘Elder Abuse’ to Include Identity Theft
December 7, 2021 | Privacy, Data & Cyber Law | Trusts & Estates
On December 6, 2021, Governor Kathy Hochul expanded the legal definition of “elder abuse and exploitation” to incorporate identity theft in the list of eligible support services and programs for seniors through non-profit agencies and law enforcement (S.1560/A.1994). Identity theft is the unlawful use of an individual’s personal identification information such as the person’s name, …
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Updated Guidance for Visiting Loved Ones in Skilled Nursing Facilities
November 22, 2021 | Trusts & Estates
2020 changed the way family celebrated the holidays. This was especially true for families with loved ones in skilled nursing facilities (SNFs). However, the 2021 holidays look like they will be brighter and visiting loved ones in SNFs will be easier thanks to new federal and state guidance. On November 12, 2021, the Centers for …
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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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Play for the Win-Win: Help a Charity While Benefitting Yourself
October 26, 2021 | Trusts & Estates
Charitable giving helps to improve social well-being by supporting a broad range of areas including education, scientific research, alleviation of poverty, and others. To encourage donations, the federal government makes certain charitable contributions eligible for tax benefits. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) increased certain charitable donation deductions, while the CARES …
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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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An Open Letter to the Incoming NY Governor, Kathy Hochul
August 20, 2021 | Tax
Welcome to the Governor’s office, Ms. Hochul. Unfortunately, congratulations are hardly in order; indeed, a wish for good luck seems much more appropriate. I suppose you realize that the last round of tax legislation, enacted in April by the Democratic-controlled Assembly and Senate – veto-proof super majorities in both Chambers – resulted in a tax …
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