We are all interested in protecting our assets, doing our best, hopefully with the help of an asset protection attorney, to avoid excessive taxation and predatory lenders. During these days of malevolent use of elaborate schemes and sophisticated technology, we should all also be aware of protecting our accumulated worth from scam artists. Those...
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When Estate Planning Is the Last Thing on Your Mind
When you are going through a major life event in your family -- the birth or adoption of a child, marriage, divorce, remarriage, moving, buying or selling property, inheriting or losing a large amount of money, serious illness or injury, the death of a loved one -- you are not likely to be thinking...
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Tax Considerations in Planning A Move From New York to Florida or to Any Other State
Clients often move, especially as they age and desire to be in a warm climate. Moving can be an extremely pleasant experience, but there are certain legal and tax considerations that must be attended to.
Perhaps the most important item to consider, when moving out of New York, is the capital gains tax consequences of...
Planning for Incapacity on Long Island or in Florida
What Will Happen if I Can’t Take Care of My Family or Myself?Although most of us would prefer to die peacefully in our sleep after a day of pleasurable activity, the majority of Americans (63 percent) die in hospitals and another 17 percent die in other institutional settings, such as nursing homes, having been...
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Important Things You Should Know About Transfer On Death and In Trust For Accounts
It has become quite common for clients to list beneficiaries on their brokerage and investments accounts, regardless of whether or not they are retirement accounts. The designation is commonly referred to as a TOD, or transfer on death. With savings, checking and money market accounts held with banks and credit unions, one is also...
Common Estate Planning Mistakes
Estate planning is a complex issue, not only legally and financially, but emotionally. Although planning for your retirement may be fun, planning for your possible incapacity and inevitable death can be daunting. Also, it is difficult to be completely rational about such emotionally laden matters. This is why having a skilled and compassionate...
Probate in Florida: Is it Really That Bad?
Most Floridians have attended, at some point during their Florida residency, one or more seminars given by attorneys, discussing the need to avoid probate in Florida and instead create a revocable living trust. For the most part, the attorneys are correct. In general, it is highly recommended that if you are a Florida resident,...
The Purpose of Special Needs Trusts: Why Would I Want to Establish a Special Needs Trust?
According to the U.S. Census Bureau, nearly one in five people have special needs, which means that a large number of families have a member in this category: child, adolescent, young or middle-aged adult, or elderly person. For special needs individuals who are unable to work or support themselves, the government provides disability...
The Secret to Successfully Negotiating a Contract
It is part of the operation of most businesses to become involved in contract negotiation. Even if you are in a type of business where contracts are not utilized for customers or clients, it is inevitable that when purchasing products or services you will be...
Naming a Trust as the Beneficiary of One’s Retirement Accounts
There are many reasons why a client would want to leave their retirement accounts (IRA's, 401k's, TDA's, etc.) in a trust for the benefit of their heirs. For example, if a beneficiary is under the age of eighteen (18), he/she can not legally inherit. In addition, if the retirement accounts are sizable, most people...