Personal Planning Archives - Mackenzie Hughes LLP.

To Shovel, or Not to Shovel

Winter is upon us in Central New York, complicating our morning commutes and creating more work for us each morning as we clean off our cars and shovel our driveways. Recently, in the City of Syracuse, clearing snow from sidewalks has become a hot button issue as the Common Council contemplated whether to impose fines…

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.

Beneficiary Designation Forms: A Good Estate Plan Is Not Complete Without A Review Of These As Well

Now that you are finally getting around to having your Will prepared or updated, or even considering adding a Revocable Trust to your planning documents, it is also important to plan for those assets that are subject to a document commonly referred to as a beneficiary designation form. Most commonly, my clients inquire: Doesn’t my…

Another Day – and Another Large Scale Identity Theft

The recent attacks: The IRS announced recently that criminals have gained unauthorized access to approximately 100,000 individual tax accounts through the “get transcript” application. The information accessed includes taxpayers’ social security numbers, birth dates and addresses.

Social Security Retirement Planning If You Are Divorced

If you are divorced, you are entitled to receive benefits on your ex-spouse’s record (even if he or she has remarried) if: 1. Your ex-spouse is entitled to Social Security benefits. If your ex-spouse worked for ten years or more, then he or she is eligible to receive retirement benefits as early as age 62.…

REPAYE: The Commencement of Student Loan Relief for More Graduates

Graduation is a time to celebrate the hard work that graduates have put in to earning their degree. For many, it also starts the clock ticking on when they have to repay their student loans.

Another Reason to Move South – Creditor Protection of Retirement Plan Benefits for Floridians

In the fall of 2014, my colleague Betsy wrote an informative blog regarding a recent U.S. Supreme Court decision that held that under federal law, an IRA that is inherited by an individual (i.e. the beneficiary) is not protected in bankruptcy.

Should you have a Top Hat Plan?

A top hat plan is an unfunded non-qualified deferred compensation agreement for a select group of management or highly compensated employees.

Is your family taking advantage of the New York State Nursing Home Assessment Credit?

New York Public Health Law §2807-d(2)(b) imposes an assessment on New York residential health care facilities of six percent (6%) of the receipts of the residential health care facility. In most cases, the nursing homes pass on this assessment to the residents. This assessment is shown as a separate line item on the nursing home…

For The Collectors Among Us

You may face an important gap in insurance coverage if you maintain a collection of items such as fine art, sports memorabilia, jewelry, guns, furs, antiques, stamps, coins, wine, dolls/toys, action figures or auto/movie memorabilia and rely on your homeowner’s policy to insure your collection. Without additional coverage, your collection will likely be lumped in…