Each year around this time, the IRS announces new inflation adjusted “numbers” which can increase 401(k) contributions and estate/ gift tax exemptions. Believe it or not, the same distressing “cost of living” increases we’ve experienced buying gas and food, actually bring good news on the tax front. The US has...
To be able to write a Will, most states require that you be eighteen years of age and have “testamentary capacity.” This means that you must be of “sound mind” or have a general idea of what you own and who your heirs are. “Capacity” here means the ability to...
One of the most common questions I get from estate planning clients is, "Why plan now?" My answer is that we don't know what the future holds, so the scouting motto "be prepared" is a solid way to approach estate planning. Click the link below to start planning...
Often an estate plan can last for a long time. If you put one in place when your children are young and the laws don’t change in a big way, you may be set for a while. But when you become an empty nester, it may be time for a...
Depending on your unique circumstances, there are laws that dictate what does or doesn't happen if you die without a will. The best way to protect your loved ones, is to write a will that makes sure your assets pass as you intend. The present law default settings (laws of...
While the majority of Americans will not have to pay any FEDERAL estate taxes under the current tax rules, this is NOT the case with STATE estate taxes. Presently, twelve states have estate taxes. These include: Connecticut Hawaii Illinois Maine Massachusetts Minnesota New York Oregon Rhode Island Vermont Washington District...
Caption: Many clients ask what the difference between a trustee and executor is. While they are often the same person, they don't necessarily HAVE to be. Here’s how it works: - Often a trust is set up to own and manage assets, and to avoid probate. A “living trust” is...
Estate Taxes as 2022 Begins The most onerous revisions to the estate tax landscape never made it into law at the end of last year. This is good news! The high federal estate tax exemption is still in place – $12,060,000 in 2022, up from $11,700,000 million in 2021. New...
Dear Client: For the most part, I don’t clutter your inboxes with tax proposals that may not be enacted. Until legislation is passed, we don’t really know what will survive the political process. However, there are so many tax proposals afoot, it seems prudent to know what may be in...
New York Has a New Power of Attorney Form A durable power of attorney form enables someone to take the reins of your life and manage your affairs, while you are alive. It’s essential if you lose mental capacity, and can avoid the need for a court appointed guardian. You...
