Where Do The Presidential Candidates Stand On Estate Taxes?
Many Americans vote based on how a candidate’s position affects their wallets. Election 2016 has a wide range of proposals that may drastically impact the estate taxes of many citizens. This blog provides a brief overview.Read more
How Safe is Your Employees’ Personal Information? Employers Must Take Immediate Action.
The IRS issued an alert on March 1, 2016 to payroll and HR professionals about a new phishing scheme involving W-2 information. Employers need to take immediate steps to confirm the security of their employees’ personal information. The alert describes a scheme which has already claimed several victims. Payroll and human resources officers have mistakenly…Read more
What it Means to be a Trustee – Part 1
Flattered to be named a trustee? Curious as to what it all means? Great, we will do a number of blog posts on the duties and powers of a trustee. This is the first such blog post. Trusts are used for a multitude of purposes. Estate planning, charitable gifts, disability planning, tax reduction and avoidance…Read more
What it means to be an Executor
This blog answers questions we frequently are asked by persons named as Executor in a decedent’s Last Will and Testament. The decedent’s Will appoints me as executor. What’s next? Is my appointment automatic? No. You will be appointed executor by the Surrogate Court after the Will has been accepted for probate. The Court will issue…Read more
Good and Bad News for Non-residents owing New York Real Estate
The New York Department of Taxation has issued two new tax advisory opinions that have a significant impact on taxpayers who are non-residents of New York State. We have previously posted information for non-residents. See Ryan Emery’s posts of April 21, 2015 and March 19, 2014. This blog reports on very recent developments based on…Read more
Trusts and Wills: What if the document no longer fits the family situation?
A common complaint about the trust or will of a deceased ancestor is that the terms of the trust or will are not responsive to changed circumstances and events not contemplated at the time the instrument was signed. Trust beneficiaries may become disabled or improvident. Family members may develop conflicts. Tax laws may have radically…Read more
It’s That Time of Year Again
What’s on your list of New Year’s resolutions? No doubt a resolution to create or review your estate plan is not at the top of your list. But estate planning is as important as resolutions to lose weight, spend time with family or be more frugal.Read more
GRATs are GRReat
A Grantor Retained Annuity Trust (“GRAT”) should be considered by wealthy individuals as part of a tax efficient gifting pro¬gram designed to minimize gift and estate taxes. With a GRAT, a Grantor transfers property to an irrevocable trust. That trust makes annual payments of a specified amount back to the Grantor (hence the “Grantor Retained…Read more
It’s Time To Reconsider IRA Beneficiaries
Have you named your children as beneficiaries of your IRA? Perhaps it is time to re-think that decision. A recent United States Supreme Court ruling raises concerns about asset protection and the designation of IRA beneficiaries. In June the high court unanimously ruled that, under federal law, an IRA that is owned by a beneficiary…Read more
How I Solved The Problem With Prenups
Today, parents’ delight at the announcement of their child’s engagement is often followed by concerns about the future success of the marriage. Given that almost 50 percent of all first marriages end in divorce those concerns are well founded. Where there are substantial or just important family assets such as a business, vacation home, retirement…Read more