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
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
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
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
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
Sometimes, the terms of an irrevocable trust (one that cannot be amended or revoked) were fine at the time the trust was created, but subsequent events or circumstances make the terms of the old trust impractical, unwanted,...more
Oftentimes, in the summer, we return to the topic of changing your residence for state tax purposes. There are five factors which the tax authorities will look to in determining whether someone has changed their residency. ...more