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
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
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
The federal estate tax exemption provisions are set to expire at the end of 2025, potentially requiring more people to pay estate taxes. In view of the uncertainty of the estate tax laws, it is important to have estate...more