Trusts & Estates


Living Wills, Health Care Proxies and Powers of Attorney
February 6, 2025 | Elder Law | Trusts & Estates

It is important for all adults to have advance directives in place to ensure that your wishes will be carried out if you become incapacitated. There are three basic types of advance directives: a living will, a health care proxy and a power of attorney.

A living will is a document in which you state

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Starting a Difficult but Important Discussion
January 23, 2025 | Wendy Hoey Sheinberg | Trusts & Estates

Looking for a way to stop family arguments over politics? Well, who isn’t. A quick way to derail a familial political scuffle: Quietly announce that you want to talk about your will. The silence should be automatic.

It’s important to talk about your estate plan while you’re still around. An unexpected estate plan can leave

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Will the Federal Estate and Gift Tax Exemption Be Reduced in 2026?
January 16, 2025 | Patricia C. Marcin | Tax | Trusts & Estates

The federal estate and gift tax exemption changes from year to year. The current combined federal estate and gift tax exemption amount of $13.99 million per person ($27.98 million per married couple) is scheduled to “sunset” automatically on January 1, 2026, and revert to $5 million indexed for inflation (guesstimated at $7.5 million), unless Congress

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Quick Bites: Estate Planning
December 12, 2024 | Lauren I. Mechaly | Trusts & Estates

As a general concept, estate planning allows an individual to plan not only for what happens to his or her estate upon death, but also how his or her affairs are handled during life. There are certain documents that each person should have in order to accomplish these objectives.

A Last Will and Testament is

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Year-End Gifting: Using Your IRA to Make Gifts to Charity
November 22, 2024 | Patricia C. Marcin | Tax | Trusts & Estates

If you are at least 70 ½ years old and you have a traditional IRA, you can donate up to $105,000 directly from your IRA account 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.

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Recent Efforts to Increase Access to Justice for Practitioners and Parties
October 7, 2024 | Trusts & Estates | Elder Law

New York State Courts and our judicial system in general can be complex and difficult to navigate for unrepresented individuals and even practitioners at times. Several recent initiatives have made attempts to ease some of these burdens in the Surrogate’s Court.

Click here to read more.

Reprinted with permission of the New York State Bar

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The ‘Driving Discussion’
October 4, 2024 | Patricia C. Marcin | Elder Law | Trusts & Estates

This article discusses the sensitive topic of how to know when it’s time to relinquish the car keys once people realize they are no longer able to drive safely.

As we age, we may start dreading the eventual “driving discussion” our children may feel obligated to have with us, especially if there is an onset

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Owners of Closely Held Businesses: Time to check your buy-sell agreement
September 9, 2024 | Patricia C. Marcin | Corporate | Trusts & Estates

Most closely held businesses, whether organized as a C or S corporation, LLC or partnership, have (or should have) a buy-sell agreement. A buy-sell agreement addresses what happens to an owner’s interest in the business when the owner dies.

Many of these agreements provide that the business may or must purchase the deceased owner’s interest.

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BEWARE: Redemption Agreement Funded with Corporate-Owned Life Insurance
June 25, 2024 | Walter J. Gumersell | Joseph T. La Ferlita | Patricia C. Marcin | Lindsay M. Brocki | Tax | Corporate | Trusts & Estates

On June 6, 2024, in the case of Connelly v. United States, the United States Supreme Court determined that corporate-owned life insurance proceeds used to redeem a decedent’s shares in the corporation must be included when valuing those shares for federal estate tax purposes.

A decedent’s taxable estate includes the fair market value of shares

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To Gift, or not to Gift: Income Taxes vs. Estate Taxes
June 13, 2024 | Patricia C. Marcin | Trusts & Estates | Tax

Giving assets away during lifetime to reduce estate taxes due upon your death is not the “no-brainer” it used to be. Sometimes, holding onto assets until your death lowers total taxes.

Income tax, gift tax and estate tax benefits can differ dramatically, depending on the income tax basis of the assets to be gifted or

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