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Estate Tax Legislation – Where are we now?
In June I wrote that close attention and possibly quick action may be required for estate planning this year. My message is still the same as we continue to watch the legislative negotiations in Washington develop. On September 13 the House Ways & Means Committee released proposals for over $2 trillion dollars in net tax…
Read moreThe American Families Plan- President Biden’s Tax Proposals
On April 28, 2021, President Biden announced his American Families Plan, which outlines his agenda for raising taxes on the wealthy. Interestingly, unlike his tax proposals during his campaign, the American Families Plan does not propose reducing the Federal Estate Tax Exclusion amount (the amount before which an estate would owe Federal estate tax), which…
Read moreChanges to the New York State Power of Attorney Law
On December 15, 2020, Governor Cuomo signed into law changes to the New York power of attorney (“POA”) law, which will take effect on June 13, 2021. These changes will not impact the validity of an existing POA form and statutory gifts rider if it is executed in accordance with the provisions of the current…
Read moreUnique Estate Planning Opportunities in 2020
The federal gift and estate tax exemptions (the amount an individual can give away during lifetime and at death before which there is a federal estate or gift tax) have varied wildly over the last few years. Below is a chart demonstrating the drastic changes in the federal gift and estate tax over the years.…
Read moreIndividual Provisions of the Coronavirus Stimulus Package
There are numerous relief provisions for individual Americans in the Coronavirus Aid, Relief and Economic Security Act or the CARES Act. Below is a summary of them. REBATES TO INDIVIDUALS Rebates are available from the Federal Government for up to $1,200 for single individuals and $2,400 for married couples. Additionally a $500 rebate is available…
Read moreImportant Changes to New York’s School Tax Relief (STAR) Program
New York State has a school tax relief (STAR) program available to New Yorkers who own their home as their primary residence and earn less than $500,000 per year. Previously, this relief was in the form of a partial exemption on the school tax bill. New York started issuing STAR checks instead of partial tax…
Read moreNew York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes
New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes As an update to Ryan’s 2014 blog that in part discussed New York’s treatment of gifts, New York had let a provision in the law lapse that required the value of certain gifts to be included back into a New York…
Read moreThe Federal and New York State Tax Advantages of Long Term Care Insurance
If you have looked into purchasing long term care insurance, you know that it is an expensive proposition. However, there are some tax advantages related to the premium payments for long term care insurance. If you are an employee and itemize your deductions, you can deduct a portion of your long term care insurance premium…
Read moreFiduciary Access to Digital Assets
On September 29, 2016, Governor Cuomo signed into law a new statute amending the New York Estates Powers and Trusts Law in relation to the administration of digital assets.
Read moreFederal And New York State Tax Advantages Of Long Term Care Insurance
If you have looked into purchasing long term care insurance, you know that it is an expensive proposition. However, there are some tax advantages related to the premium payments for long term care insurance. If you are an employee and itemize your deductions you can deduct a portion of your long term care insurance premium…
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