Trusts & Estates
February 1, 2022 | Jennifer F. Hillman | Joseph T. La Ferlita |
While some clients flaunt their wealth, others like to keep things quiet. Sometimes, such “financial modesty” is motivated by a concern that knowledge of family wealth could result in disincentivized children or grandchildren. Although some may question whether such financial modesty is a virtue, there is no requirement that parents disclose their net worth toRead More
January 20, 2022 | Wendy Hoey Sheinberg | Jennifer F. Hillman |
“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 ColoradoRead More
January 10, 2022 | Patricia C. Marcin |
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 inRead More
December 23, 2021 | Wendy Hoey Sheinberg | Michael C. Cannata | Frank M. Misiti | |
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, despiteRead More
December 17, 2021 | Patricia C. Marcin |
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 FoundationRead More
December 7, 2021 | Heather S. Milanese | |
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,Read More
November 22, 2021 | Wendy Hoey Sheinberg |
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 forRead More
November 18, 2021 |
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 allRead More
October 26, 2021 | Wendy Hoey Sheinberg |
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 CARESRead More
October 1, 2021 |
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.Read More
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