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Amoruso & Amoruso
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“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 10 hours ago at New York Estate Planning & Elder Law
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“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
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“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
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“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
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“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
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“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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“Studies have shown that the number of family businesses owned by second generations and third generations dramatically decline for a number of reasons. One large reason is the lack of business succession planning for the family business.” The importance of the family business in the U.S. can’t be overstated. Neither... Continue reading
Posted Apr 2, 2021 at New York Estate Planning & Elder Law
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“Ever since a group of philanthropists created the Giving Pledge in 2010, taxpayers have expressed greater interest in potential estate planning strategies that would allow them to leave a significant portion of their assets to charity upon their death.” The interest in charitable giving increased in 2020 for two reasons.... Continue reading
Posted Apr 1, 2021 at New York Estate Planning & Elder Law
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“In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.” Before the SECURE Act, named beneficiaries who inherited an IRA were able to take distributions over the course of their lifetimes. This allowed the IRA to... Continue reading
Posted Mar 31, 2021 at New York Estate Planning & Elder Law
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“In addition to deciding who gets what when you die, you have key roles to fill that deserve thoughtful deliberation as part of the estate-planning process, experts say.” Spending the least amount of time possible contemplating your death is what most people try to do. However, one part of the... Continue reading
Posted Mar 30, 2021 at New York Estate Planning & Elder Law
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“Although most assets in your estate may pass through the probate process, other assets may not. It often depends on the type of asset or how an asset is titled.” Probate is a court-supervised process occurring after your death. It takes place in the state where you were a resident... Continue reading
Posted Mar 30, 2021 at New York Estate Planning & Elder Law
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“While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use... Continue reading
Posted Mar 26, 2021 at New York Estate Planning & Elder Law
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“Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.” The uncertainty surrounding the election and possibility of changes to the tax law led many families to make substantial wealth transfers... Continue reading
Posted Mar 24, 2021 at New York Estate Planning & Elder Law
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“Sophisticated analyses take into account the tradeoff of receiving no income during the deferral period and more income later in retirement.” Claiming Social Security benefits early costs American households an average of $68,000 in lost wealth. More than a third of Americans claim Social Security at age 62, and two... Continue reading
Posted Mar 22, 2021 at New York Estate Planning & Elder Law
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“If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.” Medicaid is a government program that helps seniors and others pay for long term care. However, it’s not always... Continue reading
Posted Mar 19, 2021 at New York Estate Planning & Elder Law
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“When you’re planning to divide your estate unequally, explain the reasons to your heirs, and remember: They might be hurt anyway.” Leaving an equal amount to adult children works for many families, but equal is not always equitable. In those cases, leaving different amounts to heirs can lead to irreparable... Continue reading
Posted Mar 17, 2021 at New York Estate Planning & Elder Law
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“Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.” Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the... Continue reading
Posted Mar 15, 2021 at New York Estate Planning & Elder Law
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“Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.” While you are living, you have the right to give anyone any property of... Continue reading
Posted Mar 11, 2021 at New York Estate Planning & Elder Law
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“By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.” Not keeping a close eye on tax implications often costs families... Continue reading
Posted Mar 10, 2021 at New York Estate Planning & Elder Law
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“All you have to do is type ‘maximize Social Security’ into Google or any other search engine and you will get hundreds, if not thousands, of hits.” The desire to get the largest possible benefits from Social Security is a relatively new phenomenon. For decades, people received their monthly benefit... Continue reading
Posted Mar 9, 2021 at New York Estate Planning & Elder Law
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“The unprecedented quarantines to protect against the spread of the novel coronavirus have made many seniors more vulnerable to financial exploitation.” Social isolation, whether because of a pandemic or because an elderly person is alone, is a leading factor contributing to the financial exploitation of seniors. The necessity of quarantining... Continue reading
Posted Mar 8, 2021 at New York Estate Planning & Elder Law
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“Some people are concerned that the new conservative 6-3 majority on the Supreme Court will roll back protections for non-traditional families. Regardless of the decisions at the Supreme Court, or the impact on the state family courts, there are many ways that non-traditional families can maintain control.” Today’s non-traditional family... Continue reading
Posted Mar 4, 2021 at New York Estate Planning & Elder Law
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“If you’re helping an aging parent navigate Medicaid because they don’t have long-term care insurance or you think you’ll need it yourself someday, it’s important to understand how the program works.” Medicaid is a government program used by Americans to pay for nursing home and long-term care. The Medicaid Estate... Continue reading
Posted Mar 3, 2021 at New York Estate Planning & Elder Law
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“By definition, a Will accounts for a person’s wishes of how their assets and estate should be distributed and handled once they die. It spells out who should get what and who should do what, after the benefactor’s demise.” A last will and testament is used to point out the... Continue reading
Posted Mar 2, 2021 at New York Estate Planning & Elder Law
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“Beneficiary designations, tying up loose ends, reporting last wishes—here’s what you can do now.” The COVID pandemic has become a painful lesson in how important it is to having estate plans in order, especially when a spouse becomes sick, incapacitated, or dies unexpectedly. With more than 400,000 Americans dead from... Continue reading
Posted Feb 26, 2021 at New York Estate Planning & Elder Law