Trusts and Estates

Valuation Theory & Your Life: Why What Happened to The King of Pop’s Estate Should Matter to You

In the last few years, some of entertainment’s most iconic performers have left us. Both Prince and David Bowie passed in 2016, and just this year we lost Aretha Franklin. It seems a lot more recent, but it has been almost ten years since Michael Jackson passed away at age 50.

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Valuation Theory & Your Life: Why What Happened to The King of Pop’s Estate Should Matter to You2019-10-31T10:33:59-05:00

Issues and Opportunities in Estate Planning Under the New Congressional Leadership

The political ground appears to be shifting on the taxation of assets that are transferred among family members as part of their estate planning. While many details have yet to emerge, there are indications that in 2017 there could be some tax law changes that would help families and their businesses preserve more assets and reduce tax liabilities. We reviewed those issues on May 15 at a Business Valuation Conference sponsored by the New York State Society of CPAs.

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Issues and Opportunities in Estate Planning Under the New Congressional Leadership2019-03-29T17:51:43-05:00

Portability of the Unused Spousal Exclusion

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 introduced the concept of portability. Portability allows the executor of a deceased spouse’s estate to transfer any unused estate tax exemption to the surviving spouse, as long as the surviving spouse was a US citizen or resident. In simple terms, portability of the federal estate tax exemption between married couples means that if the first spouse dies and the value of the estate does not require the use of all of the deceased spouse’s federal exemption from estate taxes, then the amount of the exemption not used for the deceased spouse’s estate may be added to the surviving spouse’s exemption when the surviving spouse later dies.

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Portability of the Unused Spousal Exclusion2019-01-09T18:34:16-05:00

Social Security Retirement Benefits

Social Security was created in 1935 to help Americans supplement their retirement income. The idea of Social Security is universal for Americans, but it is a complex system and can often cause confusion. Full retirement age is the age at which you can begin to collect full Social Security retirement benefits without any reductions.

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Social Security Retirement Benefits2019-03-30T09:15:53-05:00

New York State Estate Tax Changes

Over the last year, after talking to many clients about estate tax planning, even though the New York State estate tax law was changed on March 31, 2014, many people paid no attention to the changes. There was some good news regarding the change of law. The NY estate tax exclusion amount rises each fiscal year beginning April 1 until it equals the federal exclusion amount on January 1, 2019.

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New York State Estate Tax Changes2019-03-30T09:19:20-05:00

Pre-Planning Elder Care: Are You Prepared

| May 04, 2015

Typically, people do not begin to consider their long-term care until they are well into retirement. In today’s economic environment, it is essential to create and implement an elder care plan in your early 60s to ensure you take advantage of planning opportunities and have your wishes carried out. Outright Gifts

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Pre-Planning Elder Care: Are You Prepared2019-03-30T09:44:52-05:00

Estate Planning: Types of Life Insurance

Trusts and Estates
| Jan 22, 2015

When doing estate planning or just protecting your family, life insurance is usually a key component of the process. You can provide financial protection for your family or your business in the event of your premature death. But, like many issues we have written about life insurance, while we know what it is, the different options can be very confusing.

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Estate Planning: Types of Life Insurance2019-01-09T18:04:04-05:00