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Making Charitable Contributions Work
While you're alive and have philanthropic goals, give appreciated assets held in a taxable account to charity. For charitable bequests, designate your IRA or tax-deferred employer retirement plan. Why? Suppose a hypothetical Al Cole wants to give $10,000 to charity this year. Instead of cash, he donates $10,000 of ABC... Continue reading
Posted May 6, 2016 at New York & Long Island Elder Law
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What to Do to Reduce Estate Taxes
o Reduce Estate Taxes If you plan on leaving a sizable amount of money to your heirs, it's understandable to be concerned about estate taxes. After all, the top Federal estate tax rate of 40% could take a nasty bite out of a multi-million dollar estate, and that's not including... Continue reading
Posted May 5, 2016 at New York & Long Island Elder Law
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What to Do to Reduce Estate Taxes
o Reduce Estate Taxes If you plan on leaving a sizable amount of money to your heirs, it's understandable to be concerned about estate taxes. After all, the top Federal estate tax rate of 40% could take a nasty bite out of a multi-million dollar estate, and that's not including... Continue reading
Posted May 5, 2016 at New York & Long Island Elder Law
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Gift Giving and What to Do About IRS Form 709
Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules. Fortunately, those rules don't require you to file a gift tax return every single time someone celebrates a birthday or... Continue reading
Posted May 4, 2016 at New York & Long Island Elder Law
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Want to Spare Your Kids From a Family Fortune?
From shirtsleeves to shirtsleeves in three generations, goes the early 20th-century American proverb. Then there's the 19th-century British version: Clogs to clogs in three generations. And from Italy, date uncertain: From the stable to the stars and back again. You'll find similar sentiments in almost every language, all expressing the... Continue reading
Posted May 3, 2016 at New York & Long Island Elder Law
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Estate Planning for Your Works of Art
ning for Your Works of Art Art investors are nearly always advised not to invest in art at all, but to collect it. Buy what you like, the conventional wisdom goes, not what you expect to increase in value. But collectors still must contemplate financial matters, especially related to inheritance,... Continue reading
Posted May 2, 2016 at New York & Long Island Elder Law
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Special Needs Trust Fairness Act Passes in Senate
People with special needs have won an important victory in the Senate where the Special Needs Trust Fairness Act passed unanimously. However, the fight is not over. For people with disabilities, special needs trusts are often a vital way to protect assets and ensure that they have the resources needed... Continue reading
Posted Apr 29, 2016 at New York & Long Island Elder Law
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Will Declared Invalid Because of Missing Signature
When people write their own wills without the assistance of attorneys, they often forget important steps and risk having their will invalidated. Such is the case with the will of one man from Minnesota. Gary Kruger was very close to his cousin. The two shared a birthday and referred to... Continue reading
Posted Apr 28, 2016 at New York & Long Island Elder Law
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Homeless Man Claims His Inheritance Is Being Wrongfully Held From Him
A homeless man in New York City claims that he was left an inheritance of $100,000 that the executor of the estate has refused to give him for three years. Winfield Huppuch, a publishing executive, let his friend Raphael Lebron live with him for 12 years. When Huppuch passed away,... Continue reading
Posted Apr 27, 2016 at New York & Long Island Elder Law
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Estate Planning Attorney Pleads Guilty to Fraud and Other Charges
A Wisconsin estate planning attorney who faced 33 federal charges stemming from fraudulent activity and stealing her wealthy clients’ money has reached a deal and will plead guilty to five of the charges. Wisconsin attorney Sarah E.K. Laux ran two businesses. The first business was an estate planning service where... Continue reading
Posted Apr 26, 2016 at New York & Long Island Elder Law
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Why People Do Not Have Estate Plans
A recent survey reveals something that we already know: most Americans do not have estate plans. However, the survey also reveals the reason why people do not get estate plans is because they feel they lack the financial know-how to even get started. A recent survey by Everplans concluded that... Continue reading
Posted Apr 25, 2016 at New York & Long Island Elder Law
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Is the Family Business a Part of Your Estate Plan?
Family business contributes to over 70 percent of global productions, but owners of them don't update their estate planning. It's estimated that over 50 percent of family business owners didn't update their estate planning documents for more than five years. Perfect and updated family planning ensures the smooth transition of... Continue reading
Posted Apr 15, 2016 at New York & Long Island Elder Law
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MSU Alum Leaves Millions to School
Montana State University announced on Thursday that the late Bill Wurst, a 1959 alumnus in electrical engineering, has left $4 million to the MSU College of Engineering as a gift from his estate. The gift will be used as matching funds for the university’s planned Norm Asbjornson Innovation Center. Through... Continue reading
Posted Apr 14, 2016 at New York & Long Island Elder Law
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Can You Do Estate Planning for Your Farm?
Succession planning is one of the most important aspects of passing on a farm to future generations, but having a conversation about it is not always easy. Jolene Brown, an Iowa farmer and professional speaker, and Nelson Schoon, certified financial planner and owner of Financial Framing, weighed in on some... Continue reading
Posted Apr 13, 2016 at New York & Long Island Elder Law
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Using A Revocable Trust as the Primary Method for Disposing of Your Estate
If you haven't considered using a revocable trust rather than a will as your main estate planning document, you could be making a critical mistake. A recent MoneyWatch article, “5 reasons you need a trust, not a will,” lists five reasons for using a revocable trust as the primary method... Continue reading
Posted Apr 12, 2016 at New York & Long Island Elder Law
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Using A Revocable Trust as the Primary Method for Disposing of Your Estate
If you haven't considered using a revocable trust rather than a will as your main estate planning document, you could be making a critical mistake. A recent MoneyWatch article, “5 reasons you need a trust, not a will,” lists five reasons for using a revocable trust as the primary method... Continue reading
Posted Apr 12, 2016 at New York & Long Island Elder Law
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Who Pays the Bills If I’m Not Around?
Who pays the bills in your house? If your house is like most, there is probably one person who handles most of the financial matters. Would you or your spouse be prepared to assume the role of managing the household finances if something happened to the other spouse? Too often,... Continue reading
Posted Apr 11, 2016 at New York & Long Island Elder Law
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Mental Capacity at the Heart of Sumner Redstone's Billion-Dollar Empire
Mental Capacity at the Heart of Sumner Redstone's Billion-Dollar Empire The stakes are high for the ex-girlfriend, shareholders and family members in this larger-than-life battle over whether or not the man who was the ultimate dealmaker is capable of making his own decisions. Whether or not Sumner Redstone is mentally... Continue reading
Posted Mar 25, 2016 at New York & Long Island Elder Law
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Nasty Estate Battle Erupts in Public as Art Collector's Husband Stakes His Claim
Erupts in Public as Art Collector's Husband Stakes His Claim Epic family battles are always more interesting when they involve large assets and families who typically do not seek public displays of infuriation. Facebook has become the source of revolutions, personal journeys, and now, estate battles. When one of America's... Continue reading
Posted Mar 24, 2016 at New York & Long Island Elder Law
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Divorce is Expensive, but Not for All the Reasons You Might Think
If you are going through a divorce, better sharpen your pencils. Two do live cheaper than one, and you'll need to anticipate these additional costs as you plan for the future. Once the initial emotional trauma is past and the couple starts working towards creating separation agreements, it's time to... Continue reading
Posted Mar 23, 2016 at New York & Long Island Elder Law
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Settling Estate Requires Person to be Deceased, But What if They are Not Dead Yet?
After a 17-year absence, the court declared Mr. Evans dead. When at last he showed up, he was shot and killed after killing two police officers. He was better off dead the first time around. Most state laws are quite thorough regarding requirements for declaring a person legally dead. In... Continue reading
Posted Mar 22, 2016 at New York & Long Island Elder Law
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Good News: A Long Lost Relative Left You Money. Bad News: You Have to Pay Taxes
Depending on where the decedent lived, a surprise inheritance may come with another surprise: taxes that must be paid. Don't let a windfall become an expense. Whether an inheritance comes out of the blue or is expected, in most cases there is an inheritance tax and, often, an estate tax... Continue reading
Posted Mar 20, 2016 at New York & Long Island Elder Law
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Settling Estate Requires Person to be Deceased, But What if They are Not Dead Yet?
After a 17-year absence, the court declared Mr. Evans dead. When at last he showed up, he was shot and killed after killing two police officers. He was better off dead the first time around. Most state laws are quite thorough regarding requirements for declaring a person legally dead. In... Continue reading
Posted Mar 20, 2016 at New York & Long Island Elder Law
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Answers about the Qualified Terminable Interest Property (QTIP) Trust
The facts of life include remarriage. Almost 42 million adults in the U.S. have been married more than once, up from 22 million in 1980, according to the Pew Research Center. For older Americans, remarriage can pose estate planning problems. Even for couples who share children, potential remarriage might be... Continue reading
Posted Mar 20, 2016 at New York & Long Island Elder Law
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Will You Still Friend Me or Tweet Me When I’m Gone?
Posted Nov 30, 2015 at New York & Long Island Elder Law
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