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The time to face facts about a parent’s (or one’s own) declining mental abilities and memory loss is sooner, not later, but too often the task is put off too long.
The facts about dementia are scary. One in eight Americans over age 65 and 43 percent of individuals 85 and over have Alzheimer’s [...]
The current scheduled changes in the estate and gift tax rates and exemptions have great significance for those with net worth between $4 and $15 million.
In the upcoming year many favorable tax laws are set to expire, and the political winds are blowing with great uncertainty- especially as the election season heats up. [...]
A Gun Trust is an estate planning document that has been designed to help you transfer firearms while protecting your family and friends from inadvertent violations of state and federal laws.
Traditional NY estate planning can be problematic when dealing with firearms. The documents used to manage your bank accounts often instruct people to [...]
The Tax Court has just passed a new technique that small businesses owners can use to pass assets to heirs with a minimal amount of taxes and complications.
Transferring ownership of a small business and its assets as gifts can be tricky in terms of taxes. That’s because a business is not a monolith [...]
The cost of procrastinating about cost-basis elections seems particularly high right now.
Taxes levied by the government on investment income and returns depend on several key numbers. One of these is the cost basis. Recent changes to government policy may call for reconsidering how this is done, and as always when it comes to [...]
U.S. citizens or long-term residents who expatriate are faced with an “exit tax” on the value of all their property as if they had sold it for fair market value before leaving the country.
Leaving the United States and renouncing your U.S. citizenship – expatriation – is treated by the IRS in the same [...]
The motives for disinheritance, cutting a relative out of an estate, range from the most primal — hate, abandonment, regret — to the most rational.
Here’s one side of NY estate planning that isn’t often discussed, but perhaps should be explored better: the deliberate decision to disinherit a family member. A recent article in [...]
The wealth of many boomers is tied up in small businesses they own. And that can be a problem when it comes time to retire.
If you’re a small business owner, then you probably speak of your business and your life in the same breath. There’s nothing wrong with that, but the question naturally [...]
Death does not excuse a final accounting with the IRS.
Death and taxes are the two tongue-in-cheek certainties in life, and anyone familiar with NY estate planning already knows to associate the two. Death means estate taxes and, for some, inheritance taxes. But there is another tax that is also a part of estate [...]
For many people, estate planning isn’t just about financial assets and other practical concerns. It’s also about honoring their religious beliefs and passing those values on to family members.
If you are a person of strong religious convictions, NY estate planning (like so much else in life) can easily become more than just a [...]
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