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Amoruso & Amoruso

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States with the Best Tax Rates for Retirees / New York, NY & Greenwich, CT

“The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It's up to $11.7 million for 2021 ($23.4 million for a married couple).” For the moment, fewer Americans are concerned about the federal estate... Continue reading

Posted Sep 24, 2021 at New York Estate Planning & Elder Law

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What Kind of Trust Is Right for You? / Greenwich, CT & New York, NY

“Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.” Everyone wins when estate planning attorneys, financial advisors and accounting professionals work together on a comprehensive estate plan. Each of these professionals can provide their... Continue reading

Posted Sep 22, 2021 at New York Estate Planning & Elder Law

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Common Estate Planning Mistakes and How to Avoid Them / White Plains, NY & Greenwich, CT

“Even those with the best of intentions can fall into the trap of estate planning misinformation. Estate planning attorneys frequently hear rumors and ill advice disguised as facts.” Every family has one: the brother-in-law or aunt who knows everything about, well, everything. If the information is wrong, expensive problems are... Continue reading

Posted Sep 20, 2021 at New York Estate Planning & Elder Law

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Key Dates for Planning Retirement / New York, NY & Greenwich, CT

“Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.” Just as there are many types of retirement benefits, there are many... Continue reading

Posted Sep 10, 2021 at New York Estate Planning & Elder Law

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How to Keep the Vacation Home in the Family / Greenwich, CT & White Plains, NY

“Vacation property can become a family legacy. Keeping your cabin, fishing lodge, hunting property or other special assets separate for future generations is often a special goal for a family.” There are several ways to protect a vacation home so it remains in the family and is not overly burdensome... Continue reading

Posted Sep 8, 2021 at New York Estate Planning & Elder Law

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Do You Pay Income Tax when You Sell Inherited Property? / Rye Brook, NY & White Plains, NY

“My great-grandfather was a farmer and had about 23 acres when he died. My grandfather passed away before my great-grandfather. The land was put in a trust for my mother and uncles. My mother passed away two years ago.” From the description above, it’s clear the family had a plan... Continue reading

Posted Aug 30, 2021 at New York Estate Planning & Elder Law

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Estate Planning for Couples with Big Age Differences / New York, NY & Greenwich, CT

“Increasingly, financial advisors are working with clients from nontraditional families, which can sometimes require different or additional strategies to protect their assets and achieve their financial goals.” Seniors who are married to younger spouses have a special situation for estate planning, a situation that’s become more common, according to Barron’s... Continue reading

Posted Aug 27, 2021 at New York Estate Planning & Elder Law

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What can a Power of Attorney Do—or Not Do? / Greenwich, CT & White Plains, NY

“The person signing the power of attorney, which gives someone else the authority to act for them, is called the ‘principal’ and the person who is given the power to act for you is called your ‘agent.’” Power of attorney is an important tool in estate planning. The recent article... Continue reading

Posted May 7, 2021 at New York Estate Planning & Elder Law

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Can a Person with Alzheimer’s Sign Legal Documents? / Greenwich, CT & New York, NY

“Due to the debilitating nature of Alzheimer’s and related forms of dementia on your loved one’s ability to make sound financial decisions, the sooner you can get financial matters in order the better.” If a loved one has been diagnosed with Alzheimer’s disease or any other form of dementia, it... Continue reading

Posted May 5, 2021 at New York Estate Planning & Elder Law

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Will Inheritance and Gift Tax Exemptions Change in 2021? / New York, NY & Greenwich, CT

“The increase in the exemption is set to lapse after 2025. However, the Treasury Department and the IRS issued “grandfather” regulations in 2019 allowing the increased exemption to apply to gifts made while it was in effect, if Congress lowers the exemption after those gifts.” The federal estate and gift... Continue reading

Posted May 3, 2021 at New York Estate Planning & Elder Law

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What Is Family Business Succession Planning? / Greenwich, CT & New York, NY

“If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.” Many family-owned businesses have had to scramble to maintain ownership when owners or heirs were struck by... Continue reading

Posted Apr 30, 2021 at New York Estate Planning & Elder Law

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Common Mistakes when Making Beneficiary Designations / White Plains, NY & New York, NY

“Once you’ve bought an annuity or a life insurance policy and named your beneficiaries, you may never think about those beneficiary designations again. However, that could be a big mistake.” Let’s say you divorce and remarry and forget to change your beneficiary from your ex-spouse. Your ex-spouse will be smiling... Continue reading

Posted Apr 29, 2021 at New York Estate Planning & Elder Law

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How to Protect Child’s Public Benefits / New York, NY & White Plains, NY

“If you have a child or other family member who has special needs due to physical or mental conditions, you face a variety of challenges planning for their care, including financial ones.” Well-meaning relatives may not understand that putting a family member with special needs in their will could put... Continue reading

Posted Apr 28, 2021 at New York Estate Planning & Elder Law

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What Happens when Homeowner Dies without Will? / Greenwich, CT & White Plains, NY

“How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?” When parents die suddenly, in this case due to COVID-19, and there is no will and no discussions have taken place, siblings are placed in an awkward,... Continue reading

Posted Apr 27, 2021 at New York Estate Planning & Elder Law

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Court Victory for Adults Caring for Parents at Home / New York, NY & White Plains, NYMedicaid Penalty, Home Care, Elder Law, Elder Care, Estate Planning, Nursing Home, Caregivers

“Advocates are celebrating an important victory for individuals who provide care for their parents at home. The new decision will likely lead to a substantial expansion in the number of homes transferred to those caregivers.” A New Jersey Appellate Division recently reaffirmed the state’s regulation that allows older adults to... Continue reading

Posted Apr 23, 2021 at New York Estate Planning & Elder Law

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What Is Fair in a Second Marriage and Estate Planning? / White Plains, NY & Greenwich, CT

“If you are planning to take another walk down the aisle, it is critical to take the time to review and revise your estate plan, especially if meaningful assets and debts are being brought into the marriage.” The assets you and your second spouse bring into the marriage need to... Continue reading

Posted Apr 22, 2021 at New York Estate Planning & Elder Law

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What Could Proposed Estate Tax Bill Mean to You? / New York, NY & Greenwich, CT

“The For the 99.5% Act reduces the estate tax exemption to $3.5 million per individual and $7 million per couple. The bill adds higher tax brackets for larger estates.” U.S. Sen. Bernie Sanders has released proposed legislation named “For the 99.5%” Act. If passed in its present form, the legislation... Continue reading

Posted Apr 21, 2021 at New York Estate Planning & Elder Law

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Estate Planning Lessons from Celebrity Nightmares / New York, NY & White Plains, NY

“The press has made much of the handwritten will that Larry King executed in the months before he died and in which he purports to change his prior will executed in 2015, to leave his estate equally between his children.” The dispute over Larry King’s estate shines a harsh spotlight... Continue reading

Posted Apr 16, 2021 at New York Estate Planning & Elder Law

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Can I Revoke a Power of Attorney? / White Plains, NY & Greenwich, CT

“You don’t actually appoint someone power of attorney (POA). A POA is a document that you execute that allows someone to act on your behalf.” Spouses and partners chosen by adult children often lead to estate planning challenges. In one case, a parent worries that a second husband may be... Continue reading

Posted Apr 15, 2021 at New York Estate Planning & Elder Law

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What Qualifies as a Qualified Charitable Distribution? / Greenwich, CT & New York, NY

“Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.” Qualified charitable distributions allow individual retirement holders to divert some of their federally... Continue reading

Posted Apr 14, 2021 at New York Estate Planning & Elder Law

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How Do Special Needs Trusts Work? / White Plains, NY & New York, NY

“Just as you have trust in a relationship, trusting your document and those with responsibilities in the trust are crucial to obtaining your objectives.” A trust of any kind is a document that expresses your wishes while you are alive and after you have passed. The need for a dedicated... Continue reading

Posted Apr 13, 2021 at New York Estate Planning & Elder Law

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What Paperwork Is Needed after Someone Dies? / New York, NY & Greenwich, CT

“While the tasks of dealing with an estate after someone passes may be simple administration, the work associated with it is often quite complicated.” Tax return issues, family matters, business associates, partners, trustees, bankers, investment advisors and tax collectors from the IRS to state and local taxing authorities all require... Continue reading

Posted Apr 12, 2021 at New York Estate Planning & Elder Law

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Trusts can Work for ‘Regular’ People / New York, NY & White Plains, NY

“When you hear the word trust fund, you might think of the uber-wealthy giving their kids a big chunk of cash on their 25th birthday. However, trust funds aren’t just for the rich.” A trust fund is an estate planning tool that can be used by anyone who wishes to... Continue reading

Posted Apr 9, 2021 at New York Estate Planning & Elder Law

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How Does Home Ownership Transfer after a Parent Dies? / White Plains, NY & Greenwich, CT

“My father passed away recently. How do we remove his name from the title to the home? Can we record a death certificate or have mom sign a new deed?” The first thing you’ll need to know about selling a home after the death of a parent is how your... Continue reading

Posted Apr 7, 2021 at New York Estate Planning & Elder Law

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What’s Happening to the Estate Tax? / Greenwich, CT & New York, NY

“Under current rules, the federal estate tax won’t ever affect you, unless you’re quite wealthy. However, that could change rapidly, even if you are far from rich.” Proposals now being considered by President Biden may expand the number of Americans who will need to pay the federal estate tax in... Continue reading

Posted Apr 6, 2021 at New York Estate Planning & Elder Law

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