Articles & Information

3 Reasons You Should Continue Making Lifetime Gifts

Posted On: September 13th 2018

Now that the gift and estate tax exemption has reached a record high of $11.18 million (for 2018), it may seem that gifting assets to loved ones is less important than it was in previous years. However, lifetime gifts continue to provide significant benefits, whether your estate is taxable or not. Let’s examine three reasons why…

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Protect Your Peace of Mind with a Trust Protector

Posted On: September 10th 2018

Irrevocable trusts can allow for the smooth, tax-advantaged transfer of wealth to family members. But there’s a drawback: When you set up an irrevocable trust, you must relinquish control of the assets placed in it. What you can control is who will eventually oversee distribution of the assets after your death. That is, you can…

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Addressing Long-Term Care Costs with a Tax-Qualified LTC Insurance Policy

Posted On: September 7th 2018

No matter how diligently you prepare, your estate plan can quickly be derailed if you or a loved one requires long-term home health care or an extended stay at a nursing home or assisted living facility. The annual cost of long-term care (LTC) can reach as high as six figures, and this expense isn’t covered…

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At Your Own Risk: The Pitfalls of DIY Estate Planning

Posted On: September 4th 2018

There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that automate the creation of wills and other documents, it’s easy to do. But unless your estate is small and your plan is exceedingly simple, the pitfalls of do-it-yourself (DIY) estate planning can be many. …

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21st Century Estate Planning Accounts For Digital Assets

Posted On: August 20th 2018

Even though you can’t physically touch digital assets, they’re just as important to include in your estate plan as your material assets. Digital assets may include online bank and brokerage accounts, digital photo galleries, and even email and social media accounts. If you die without addressing these assets in your estate plan, your loved ones…

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Double Duty Giving With Charitable Gift Annuities

Posted On: August 17th 2018

If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, it allows you to support a favorite charity and reduce the size of your future taxable estate. What Is It? A charitable gift annuity is…

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Provide For Family Members With Special Needs Using An SNT

Posted On: August 8th 2018

If you have a child or other family member with a disabling condition that requires long-term care or prevents (or will prevent) him or her from being able to support him- or herself, consider establishing a special needs trust (SNT). Also known as a supplemental needs trust, an SNT allows you to enhance a family…

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Digital Asset Planning

Posted On: August 1st 2018

Dear Client: Plan for your digital assets . . . one byte at a time! It is undeniable that internet and digital device usage has become a common and convenient tool to manage, organize, and distribute data and communication. Article 13-A of the Estates Power and Trust Law (EPTL) is the governing authority for the…

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Basis Consistency Rules May Come into Play if You’re Administering an Estate or Inheriting Property

Posted On: July 20th 2018

When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act are getting the most attention these days. But a tax law change enacted in 2015 also warrants your attention. That change generally prohibits the income tax basis of…

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The BDIT: A Trust With A Twist

Posted On: July 13th 2018

The beneficiary defective inheritor’s trust (BDIT) allows you to enjoy the benefits of a traditional trust without giving up control over your property. BDITs can hold a variety of assets, but they’re particularly effective for assets that have significant appreciation potential or that may be entitled to substantial valuation discounts, such as interests in family…

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