Before we look at transfer on death accounts, we should explain what probate is and why people avoid it. Transfer on death account A transfer on death account is an account that passes on to your beneficiaries and can be established to help your beneficiaries avoid the probate process when you pass away. Read on […]
Is There a State-Level Gift Tax in New York?
Gift Tax: Does this Exist at the State Level in New York? You should gain a good understanding of the potential taxes that can be levied on your estate when you are developing a plan. We will provide an explanation in this post, and we will start by clearing up some confusion about an estate […]
Traditional IRA Changes Are on the Horizon
On December 20, 2019, the SECURE Act was enacted. It changed some of the individual retirement account parameters, and more adjustments are on the way. We will look at them in this post, but first, we will review the contents of the original SECURE Act. Elimination of the Stretch IRA From an estate planning perspective, […]
On a Flight With an Estate Planning Lawyer
Imagine getting into a conversation with the person sitting next to you on a cross-country flight. She tells you that she is an estate planning lawyer, and she is willing to answer questions that you may have about the process. This would be a great opportunity to walk away with some very useful knowledge, so […]
New York Community Medicaid Look Back Update
In this post, we are going to share some news about the Community Medicaid program because it will be of interest to informed senior citizens and their loved ones. Before we focus on that information, we will explain why this program should be on your radar if it is not already. In-Home Care The vast […]
Roth IRAs Can Be a Great Planning Strategy: Advanced
This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. Read on to learn more.
Roth IRAs Can Be a Great Planning Strategy: Basics
Roth IRAs can be a great planning strategy. They can save taxes and help in many ways. Read on to learn more.
Taxation of Nongrantor Trusts
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more.
Home Value Increases Can Create Estate Tax Liability
We have all watched our home values go up over recent years, and it is exciting to see your fortunes rise. Here in Manhattan, real estate has always been expensive, and the median annual cost for a home right now is just over $650,000 according to Zillow.com. This is the good news, but there is […]
Jim Morrison’s Estate Plan Mistake Revisited
Jim Morrison considered himself to be a poet, and he emerged as a cultural icon when he fronted The Doors during the heyday of the classic rock era. Sadly, he passed away of a drug overdose when he was just 27 years old. The date of his passing was June 3, 1971, so people are […]
