Estate and Legacy Planning Tips for the Suddenly Wealthy
Suddenly coming into money can be both a blessing and a curse. Whether you just signed a multiyear, multimillion dollar employment contract, received a significant inheritance, expect a large check ...
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What Is a Dynasty Trust and Why Should You Consider One?
If you have significant wealth, one of the best ways to protect your family and transfer your wealth is through a dynasty trust. However, setting one up requires considerable financial ...
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Should You Share Your Estate Planning Details With Loved Ones?
When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information ...
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Testamentary Trusts: The Best of Both Worlds
You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others ...
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Why You Might Have an Estate Tax Issue Soon
The Countdown Begins: Will We Keep the $10 Million Exemption? The year 2026 is quickly approaching, bringing substantial changes that may affect your estate tax situation. The Tax Cuts and ...
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Client Alert: CTA Imposes New Small Business Reporting Requirements Effective January 1, 2024
As of January 1, 2024, a new law called the Corporate Transparency Act (CTA) has gone into effect, which may require qualifying entities (known as reporting companies) to submit certain ...
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2024 Federal Estate & Gift Tax Amount & New York Basic Exclusion Amount
On November 9, 2023, the IRS issued Revenue Procedure 2023-34, providing the annual inflation adjustments for tax provisions to be used by individual taxpayers on their 2024 returns. The adjustments include ...
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Important Tax Update
Last week, the House Ways and Means Committee released its proposed tax plan to fund the $3.5 trillion “Build Back Better” reconciliation program. While this proposal is less drastic than the ...
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Proposed Bills Which would Negatively Impact Gift & Estate Tax Laws
The aggressive changes being sought after are an indication that some level of transfer tax reform is likely to be heading our way before year end. Over the past few ...
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Happy New Year 2021
Happy New Year to you and your family! Each year I send an e-mail to my clients to provide updates on any upcoming estate tax law changes, but I would ...
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Election Year Estate Planning
Protecting Your Assets in Advance of Possible Tax Law Changes The Federal estate tax exemption has not decreased in nearly 85 years since it went from $50,000 in 1934 to ...
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Why You May Not Have A Say in Medical Emergencies for Your College-Aged Child
Each year approximately four million American children will turn 18. This can be an exciting time in one’s life – from gaining legal rights and responsibilities to discovering a new ...
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Important Information That Will Impact Retirement Accounts
The SECURE Act of 2019 On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law. The SECURE Act became effective on ...
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A New Year is a Good Time to Review Your Existing Estate Planning Documents
Happy New Year to you and your family! As the new year begins, it is a good time to review your existing estate planning documents. The most common reasons for updating ...
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In Trusts (and Letters of Direction) We Trust
A common misconception is that estate planning, and in particular, the creation of trusts is only something that applies to wealthy individuals and families. This myth has been exacerbated by ...
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