Recent Publications - Personal, Family & Business Planning
November 1, 2023 |
If you are at least 70 ½ years old and have a traditional IRA, you can give up to $100,000 from your IRA account directly to charity. This direct transfer, called a Qualified Charitable Distribution (QCD), avoids having to recognize the assets transferred to the charity in your gross income on your tax return.
Direct
Read MoreSeptember 28, 2023 |
Did you know that actions can be taken after you die (i.e., post-mortem) to achieve the best results possible for your testamentary plan? Some estate plans are intentionally structured to give your beneficiaries and your executor/trustee the ability to make educated post-mortem planning decisions after your death.
For instance, bequests can be altered through post-mortem
Read MoreSeptember 18, 2023 |
Aretha Franklin, the Queen of Soul, died in Michigan in 2018, leaving not one but two handwritten wills. The 2010 will was found in a locked cabinet, signed on every page and notarized, while the 2014 will, which the courts would usually view as superseding the first and which was written in a spiral notebook
Read MoreJuly 6, 2023 |
This article appeared in the Summer 2023 issue of Conservation News, a publication of the North Shore Land Alliance.
You may already know about many of the amazing things the North Shore Land Alliance has done to protect our beloved Long Island. The mission of the Land Alliance is: “To conserve and safeguard Long island’s natural
Read MoreJune 15, 2023 |
While the generation-skipping transfer (GST) tax is complex, most estate practitioners who regularly deal with it eventually obtain a level of comfort, if not an expertise, concerning it. Such practitioners counsel their clients about avoiding or minimizing exposure to the tax. Some of the typical tools in the arsenal involve the GST tax annual exclusion
Read MoreJune 7, 2023 |
I am often asked about the difference between wills and revocable trusts, so I thought it important to explain the purpose of each.
Wills and revocable trusts basically do the same thing – each is a document in which you give away your assets to your beneficiaries upon your death. Both can be revoked and
Read MoreApril 14, 2023 |
Oh, the things you hear at cocktail parties: “Everyone should have a revocable trust,” “It’s easy to change your residence to Florida for tax purposes – just count days and get a Florida license,” “Make all your trusts Delaware trusts to avoid state income taxes.” The efficacy of any of these pronouncements depends on each
Read MoreMarch 29, 2023 | |
The beginning of March marked the collapse of crypto-focused Silvergate Bank. That same month, the bank shut down its Silvergate Exchange Network, which allowed clients with holdings in digital currency to move U.S. dollars from their own account to the bank accounts of other Silvergate customers.
Cryptocurrency, nonfungible tokens and other digital assets and emerging
Read MoreMarch 27, 2023 | |
Recent headlines about bank closures have prompted people to check their personal bank accounts to make sure the balances are under the $250,000 FDIC insurance limits. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors of insured banks against the loss of their deposits if an
Read MoreMarch 22, 2023 |
Joseph La Ferlita and Nicholas Moneta authored the article “Got a Charitable Interest? Revisiting the Registration Requirements for Charitable Estates and Trusts” for the New York State Bar Association’s Trusts and Estates Law Journal.
“Frequently, estates and trusts have charitable beneficiaries. Trusts and estates attorneys should familiarize themselves with the rules that require certain estates
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