While a 2024 poll indicated New Yorkers’ overwhelming support for New York’s Medical Aid in Dying Act for terminally ill people (M.A.I.D), the act had not been approved by the legislature each time it had been presented,...more
8/6/2025
/ Advance Directives ,
Civil Liberties ,
End-of-Life-Care ,
Health Care Proxies ,
Hospice ,
New Legislation ,
New York ,
Patient Rights ,
Physician-Assisted Suicide ,
Physicians ,
Proposed Legislation ,
State Legislatures
While we may know better, an 18-year-old is generally considered an adult under New York law. Many of those 18-year-olds will be heading off to college in the next couple of months. Parents’ rights to make decisions for their...more
7/1/2025
/ Adult Children ,
Beneficiaries ,
Estate Planning ,
Health Care Proxies ,
Incapacitated Persons ,
Inheritance ,
New York ,
Power of Attorney ,
Tax Planning ,
Trusts ,
Wills
May is mental health month, the perfect time to address this important topic. Mental health and substance abuse disorders affect many families. These issues need to be considered in estate planning.
Mental health and...more
Sometimes, the terms of an irrevocable trust (one that cannot be amended or revoked) were appropriate at the time the trust was created, but subsequent events or circumstances make the terms of the old trust impractical,...more
It is important for all adults to have advance directives in place to ensure that your wishes will be carried out if you become incapacitated. There are three basic types of advance directives: a living will, a health care...more
The federal estate and gift tax exemption changes from year to year. The current combined federal estate and gift tax exemption amount of $13.99 million per person ($27.98 million per married couple) is scheduled to “sunset”...more
1/16/2025
/ Estate Planning ,
Estate Tax ,
Federal Taxes ,
Gift Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Exemptions ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns ,
Trusts
If you are at least 70 ½ years old and you have a traditional IRA, you can donate up to $105,000 directly from your IRA account to charity. This direct transfer, called a Qualified Charitable Distribution (QCD), avoids having...more
This article discusses the sensitive topic of how to know when it’s time to relinquish the car keys once people realize they are no longer able to drive safely. As we age, we may start dreading the eventual “driving...more
Most closely held businesses, whether organized as a C or S corporation, LLC or partnership, have (or should have) a buy-sell agreement. A buy-sell agreement addresses what happens to an owner’s interest in the business when...more
On June 6, 2024, in the case of Connelly v. United States, the United States Supreme Court determined that corporate-owned life insurance proceeds used to redeem a decedent’s shares in the corporation must be included when...more
6/26/2024
/ Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Internal Revenue Code (IRC) ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Small Business ,
Survivorship
Giving assets away during lifetime to reduce estate taxes due upon your death is not the “no-brainer” it used to be. Sometimes, holding onto assets until your death lowers total taxes. Income tax, gift tax and estate tax...more
A supplemental needs trust (SNT) is an important estate planning tool for those with a special needs child. It ensures that your special needs child is taken care of after you are gone. Unlike other types of trusts, assets...more
New York has an “estate tax cliff,” which can result in heirs paying New York estate tax at a rate exceeding 100%. The current per-person NYS estate tax exemption is $6.94 million, which is the amount you can leave to your...more
You may have heard of Spousal Lifetime Access Trusts (SLATS) lately, especially if you have been thinking about using your federal estate and gift tax exemption before the current higher exemption amount of $13.61 million is...more
The current combined federal estate and gift tax exemption amount of $13.61 million per person ($27.22 million per married couple) is scheduled to “sunset” automatically on January 1, 2026, and revert to $5 million indexed...more
The federal estate and gift tax exemption (the combined amount you can give away to beneficiaries other than your spouse or charities during life and at death without paying gift or estate tax) is increasing to $13.61 million...more
If you are at least 70 ½ years old and have a traditional IRA, you can give up to $100,000 from your IRA account directly to charity. This direct transfer, called a Qualified Charitable Distribution (QCD), avoids having to ...more
Did you know that actions can be taken after you die (i.e., post-mortem) to achieve the best results possible for your testamentary plan? Some estate plans are intentionally structured to give your beneficiaries and your...more
You may already know about many of the amazing things the North Shore Land Alliance has done to protect our beloved Long Island. The mission of the Land Alliance is: “To conserve and safeguard Long island’s natural and...more
I am often asked about the difference between wills and revocable trusts, so I thought it important to explain the purpose of each.
Wills and revocable trusts basically do the same thing – each is a document in which you...more
Oh, the things you hear at cocktail parties: “Everyone should have a revocable trust,” “It’s easy to change your residence to Florida for tax purposes – just count days and get a Florida license,” “Make all your trusts...more
What is one of the things that kids from a first marriage worry about when their parent re-marries? The “evil” step-parent getting it all, of course. Many parents struggle with the problem of alleviating the fears of their...more
As we turn the calendar to 2023 and the holiday gift-giving season is behind us, now is the time to consider this year’s changes to the estate and gift tax exemption. You may recall from earlier columns that the estate and...more
One of the easiest ways to give to charity and one of the best-kept “secrets” is to open a fund at the Long Island Community Foundation (LICF). A community foundation is a public charity that connects you to a variety of...more
Your friendly neighborhood branch banker suggests that you change all your accounts to either joint with your kids or to name your kids as beneficiaries on all your accounts (a “pay on death” beneficiary...more