Blog
New Tax Bill Drastically Changes Treatment Of Alimony
For the last seventy-five years, a spouse paying alimony (also known as “maintenance” or “spousal support” in New York and many other jurisdictions) has been able to deduct the alimony award from his or her tax return each year. Likewise, the spouse receiving the maintenance has the obligation to include the total amount of alimony…
Read moreEstate and Gift Law Changes under the 2017 Tax Cuts and Jobs Act
The new legislation signed into law on December 22, 2017 has significant estate planning changes. The federal estate, gift and generation skipping tax exemption amount is now doubled to $11.2 million per person. This exemption is portable between spouses. The new legislation also increased the annual gift exclusion amount from $14,000 to $15,000 as of…
Read moreThe Best Gift To Your Family (and it doesn’t cost a thing)
There is one gift you can easily assemble in under ten minutes, at no cost, that will someday be greatly appreciated by your loved ones. A letter of instruction can provide great comfort and relief to your family when you are not available to provide guidance in person.
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 moreWhere 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 moreEstate Planning – Much More Than Signing a Will
In the age of the internet, there is a growing trend amongst the American populace who decide they need a Will to avoid the cost of a lawyer and use a legal services website like Legal Zoom® or use some free Will form found on the internet. However, there are many dynamics that go into…
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…
Read moreA Living Will is Not a Will (But No Less Important)
Lawyers are occasionally guilty of speaking legal jargon that a non-lawyer has no idea what the lawyer is talking about. For example, an estate planning lawyer (or perhaps an estate planning website you found) may suggest that you execute a living will in addition to a will, health care proxy and power of attorney. You…
Read moreWhat 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 moreSocial Security, Medicaid Income And Resource Levels And The Regional Rates For Calculating A Penalty Period For 2016
The Social Security and Supplemental Security Income (SSI) benefits did not increase for 2016, and remain the same as in 2015. There is also no increase in the spousal impoverishment standards for 2016. The community spouse Minimum Monthly Maintenance Needs Allowance (MMMNA) remains at $2,980.50. This is the amount of monthly income a spouse who…
Read more