Trusts & Estates


WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE – “Decanting” Trusts – Sometimes you can change the terms of an Existing Trust
July 28, 2021 | Patricia C. Marcin | 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 | Patricia C. Marcin | 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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Like a Good Neighbor, New York is Still Free to Tax You – Sorry for the Inconvenience
July 6, 2021 | Louis Vlahos | Trusts & Estates | Tax
NH vs MA Last week, the U.S. Supreme Court denied New Hampshire’s request that the Court exercise its original jurisdiction under the Constitution[i] to hear and resolve a conflict involving the taxation by Massachusetts of income earned by certain residents of the Granite State.[ii] The disagreement between the two jurisdictions originated when Massachusetts, in response …
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Tax Increases in Sight? Time to Sell the Business? Focus on Economics
June 28, 2021 | Louis Vlahos | Trusts & Estates | Tax
Not Good As Mr. Biden settled into the White House, and as the Democrats began planning how to best utilize their slim Congressional majority to enact and pay for their sweeping legislative agenda, the principal concern among most owners of successful closely held businesses was Mr. Biden’s proposal to almost double the federal income tax …
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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 | Patricia C. Marcin | 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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NY’s Gestational Surrogacy Law Comes with Estate Planning Requirements
April 8, 2021 | Wendy Hoey Sheinberg | Trusts & Estates
On February 16, 2021, New York state legalized compensated gestational surrogacy. The Child-Parent Security Act (the Act) imposes estate planning requirements on the intended parents. Required Estate Planning Prior to implanting the embryo in the surrogate, the intended parent(s) must sign a will. The will must: designate a guardian for all children born of the …
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What Would Joe Do (about Estate Taxes)?
March 26, 2021 | Jeffrey S. Greener | Trusts & Estates | Tax
Estate tax “reform” continues to be a prime objective for Democrats. On the heels of more and more talk in Washington about the inequality of the U.S. tax system, Senator Bernie Sanders has just introduced legislation to impose a progressive tax on America’s wealthiest 5%. According to the Joint Committee on Taxation, the goal of …
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Art Does Not Imitate Life: NY’s Person-Centered Guardianship
February 24, 2021 | Wendy Hoey Sheinberg | Trusts & Estates
The new Netflix movie, “I Care a Lot,” is truly terrifying. Like many thrillers, this movie begins with a relatable premise and a relatable fear. In this case, it is the fear of dependence and exploitation. The film builds on those fears until our very worst nightmares are playing out before our eyes. Unbeknownst to …
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Want to Know a Secret? A Will Is not a Wish List
February 18, 2021 | Wendy Hoey Sheinberg | Trusts & Estates
Multiple news outlets have reported that a secret Will of the late broadcast legend, Larry King, has been found. According to the reports, this secret Will is handwritten and states: 10/17/19 This is my Last Will and Testament. It should replace all previous writings in the event of my death, any day after the above …
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Conservatorships and Guardianships: They’re not Just for Pop Icons
February 12, 2021 | Wendy Hoey Sheinberg | Trusts & Estates
Britney Spears has been making headlines lately, unfortunately not for her music but for her conservatorship.  In 2008 Ms. Spears’ father was appointed conservator for her personal and financial decisions.  In 2019 a professional fiduciary was appointed to take over Mr. Spears role as co-conservator while Mr. Spears dealt with reported health issues. According to …
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