Year End Tax and Estate Tax Planning in Light of Likely Tax Reform

It’s that time of year again: here are our year-end recommendations concerning estate planning.  There are important things to consider given looming tax reform and now is a good time … Continue Reading →


Special Needs Trust Fairness Act Signed into Law

On December 13, 2016, President Obama signed into law the Special Needs Trust Fairness Act. The new act allows first party special needs trusts to be established by mentally competent … Continue Reading →


Recent IRS Regulations May Limit Family Entity As Estate Planning Tool

Recently proposed regulations under Section 2704 of the Internal Revenue Code may curtail a powerful estate planning technique.  If finalized in their proposed form, the regulations would limit the use … Continue Reading →


Adult Children and Custodial Accounts

Parents and grandparents often save money for a child or grandchild for college or other reasons in a “custodial” account (with the parent as custodian) under the Uniform Transfers to … Continue Reading →


It’s Important to Review Your Estate Plan Periodically

You should review your estate planning documents periodically to confirm they are up to date and reflect your current situation.  Consider if any changes need to be made to bequests, … Continue Reading →


Federal Estate, GST and Gift Taxes

For 2016, the Federal estate tax exemption rises $20,000 to $5,450,000. A married couple can pass up to $10,900,000 free of Federal estate tax. “Portability” between spouses means that any … Continue Reading →


New York Estate Tax

New York State’s exemption is now $3,125,000 and increased to $4,187,500 on April 1, 2016.  It will rise to $5,250,000 on April 1, 2017 and in subsequent years track the … Continue Reading →


Revocable Trusts

Probate is an unnecessary expense and delay in administering an estate.  A revocable trust funded with your assets is recommended to avoid costly court supervision of trust administration.  Probate can … Continue Reading →


Tax Free Gifts

You can give $14,000 ($28,000 if you are married) to as many people as you choose without dipping into your lifetime exemption.  Gifts can be made outright, to trusts, and … Continue Reading →


Avoiding Capital Gains Taxes

With new higher exemption amounts, the planning focus has now shifted to minimizing capital gains taxes.  Please let us review your asset structure to determine how to take maximum advantage … Continue Reading →