Blog

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…

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The 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…

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Changes 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…

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Unique 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.…

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Individual 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…

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Important 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…

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New 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…

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The 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…

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Fiduciary 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.

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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…

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