New York has an “estate tax cliff,” which can result in heirs paying New York estate tax at a rate exceeding 100%. The current per-person NYS estate tax exemption is $6.11 million, which is the amount you can leave to your heirs at your death without paying NYS estate tax. If your taxable estate, however,

What Happened:

Uptown Girls begins as all fairy tales should:

“There was once a princess who lived in a castle high above the streets of an enchanted kingdom (New York). The king and queen were long gone but they left her with their treasure so that she could stay a princess forever…”

Some people thought

We were all set for big changes in the federal estate and gift tax laws last year and, by the end of the year, almost nothing changed. Who knows what changes will ultimately come down the pike when Congress finally becomes functional, and when those changes will take effect? For now, we’ve escaped the reduction

What happened

Sanford Babbitt, Charlie Babbitt’s estranged father, died. Charlie returns home and finds out he is only receiving a car and prize-winning roses, and that all of his father’s other assets have been left in trust for the benefit of an unnamed individual.

Eventually Charlie finds out he has an older brother named Raymond

It has been a long, cold winter, and many of us are yearning for warmer weather. With New York’s fiscal crisis due to the pandemic, and the prospect of higher taxes, many are thinking about changing their primary residence to a warmer and “friendlier” taxing jurisdiction. While an easy topic of cocktail party talk, changing

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 to

What happened

“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 Colorado

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 in

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, despite

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 Foundation