Trusts & Estates
February 6, 2025 | |
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
Read MoreJanuary 23, 2025 | Wendy Hoey Sheinberg |
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
Read MoreJanuary 16, 2025 | Patricia C. Marcin | |
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
Read MoreDecember 12, 2024 | Lauren I. Mechaly |
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
Read MoreNovember 22, 2024 | Patricia C. Marcin | |
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.
Read MoreOctober 7, 2024 | |
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
Read MoreOctober 4, 2024 | Patricia C. Marcin | |
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
Read MoreSeptember 9, 2024 | Patricia C. Marcin | |
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.
Read MoreJune 25, 2024 | Walter J. Gumersell | Joseph T. La Ferlita | Patricia C. Marcin | Lindsay M. Brocki | | |
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
Read MoreJune 13, 2024 | Patricia C. Marcin | |
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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