November 5, 2014
ESTATE PLANNING, financial planning, property law, retirement, taxes
Protecting Digital Assets
As more and more people migrate their banking, purchases and private activities online, we become ripe for the taking by the unscrupulous. How can this impact my mother? Well let’s just follow yesterday’s headlines.
Over 6 million linked in passwords were posted online in China, for others to hack through. Why does it matter who can get to our linked in persona? Well it’s not to access our work history and resumes. It’s the value in a linked in password that is likely the same as the password we use for online banking and other valuable web venues.
If you’re like most people, you use the same few passwords ...
April 30, 2014
ESTATE PLANNING, financial planning, gift tax, property law, retirement, taxes
Some Good News (for a change!)
Until a few weeks ago, New Yorkers with a taxable estate of about a million dollars, would owe New York estate tax at rates rising to 16%. However, as of April 1, 2014, New York estates can avoid tax on the first $2,062,500, up from a base exclusion amount of $1 million per person, prior to April 1, 2014.
For many clients, with assets over $1 million, but below the federal exclusion (presently $5.34 million), the New York tax could add up. With the change, a tax break has been afforded which can save two hundred thousand dollars in New York estate taxes, for estates below the New York exclusion. However, once you ...