We find that people absorb information well when it is presented in a question and answer format. With this in mind, we will look at some commonly asked New York estate tax questions here. Do all NY residents pay the state-level estate tax? No, there is an estate tax exclusion that represents a certain amount […]
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If You Have a Minor Child, Estate Planning Is Crucial
Becoming a parent is an amazing – and often terrifying – experience. As a parent, you undoubtedly want to protect and provide for your child. Not only must you do that daily, but you also need to plan for the possibility that your child will need your protection and financial security if something happens to […]
Breaking: Senate Finance Committee Advances SECURE Act 2
hidden The Setting Every Community Up for Retirement Security Enhancement (SECURE) Act was enacted in December of 2019. It impacted some of the guidelines for individual retirement accounts. Last year, a follow-up measure that has been dubbed SECURE Act 2.0 was introduced. A House version was finally passed on March 19 of this year. It […]
State Income Taxation of Social Security Benefits
Since the onset of the pandemic, many individuals have decided to relocate. Some move to be closer to family, others for better weather. Still others change domicile for financial reasons, like the pursuit of different job opportunities or for lower taxes. Estate Planning attorneys advise individuals who move to update their Estate Planning documents to […]
What Everyone Should Know about the New FDIC Regulations
Most estate planners recommend creating a basic estate plan, usually with a revocable Trust as the centerpiece. Revocable Trusts provide an easy, yet effective way to avoid probate in most states. In those states in which probate is not a concern, Estate Planning attorneys use Trusts to provide asset and creditor protection or to protect […]
How Estate Planning for a Family May Trap the Unwary Practitioner
Estate Planning attorneys often represent multiple members of a family. It’s a natural evolution of the attorney’s relationship with their clients. Consider a married couple who undertakes basic Estate Planning when they have young children or are beginning to build wealth. As their estate grows, their attorney recommends more sophisticated Estate Planning techniques designed for […]
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