Wealth Management Archives - Mackenzie Hughes LLP.

The 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.

Estate 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…

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…

Start the New Year Right: Keep in Mind Savings Opportunities in your HSA

Do your New Year’s resolutions include increasing your savings? Congratulations, this decision will benefit you and your family greatly. If your employer offers a retirement plan such as a 401(k); this is an opportunity to save for the future using tax deductible dollars and have the protection of a qualified retirement plan. In addition your…

Implementing Local Legacy Simply

Anne Ruffer is Chair of the Community Foundation’s Professional Advisor Council. She wrote this article for the winter edition of Smart Money, a publication of the Central New York Community Foundation, to give some guidance on incorporating charitable giving into estate plans. In 2010, the Central New York Community Foundation commissioned a study on wealth…

Sweeping Changes to Claiming Social Security Benefits

The budget bill signed on November 2, 2015 by President Obama included sweeping changes in the claiming of Social Security benefits. The changes ended two major Social Security claiming strategies for married couples. No more file and suspend or restricted application. If you have not filed for social security benefits within 180 days of the bill’s…

Trust Planning and its Interplay with Asset Protection – An Overview

Asset protection planning is the development of legal planning techniques to place the client’s assets beyond the reach of future (not present or known) creditors. Many individuals have the potential for future creditor problems, whether it be through divorce, malpractice claims, tax liens, business claims, long term care expenses or other catastrophic expenses. Therefore, it…

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…

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…

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…