Clients are often and understandably confused about the differences between irrevocable trusts and revocable living trusts, and the consequences they each have for asset protection, estate planning and taxes.
Those who advocate living trusts commonly lead people to believe that these trusts will reduce estate taxes and protect one’s assets in the event...
Avoiding The Dangers of Transfer On Death And In Trust For Accounts
It is now permissible, in the State of New York, to have beneficiaries listed on 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, designation. With savings, checking and money market accounts held with banks, one is...
How to Provide for Minor Children and Grandchildren
It is quite common for parents and grandparents to want to leave money to a person under the age of eighteen (18) years old (a “minor”). Since a person younger than 18 can not legally inherit money, having a minor as a beneficiary on one’s accounts, regardless of how small in value the accounts...
Four Reasons Why You Should Have An Attorney Review Your Lease
Clients often think it a waste of time and money to retain an attorney to represent them in connection with leasing space, whether it be space in an office, a warehouse, or an entire building. More often than not, however, an attorney can obtain important concessions for the tenant, many of them monetary in...
Estate Tax Repeal: Will it Really Happen?
As everyone is probably aware, part of the tax reform proposal before Congress is the repeal of the federal estate tax. Clearly, it is not known if the estate tax repeal will in fact happen, but if it does, it will occur gradually. What does one do in the interim?
Clients should not postpone their...
Estate Planning With IRAs
Clients often overlook their IRA accounts when doing estate planning, as they are aware that these accounts generally have beneficiaries and do not pass under their wills. The reality, however, is that they are and should be a very integral part of developing an estate plan.
For one thing, the value of...
Starting Your Own Business: The Basics
Embarking on a new business enterprise is indeed exciting. While it is tempting to move quickly to build the business, it is imperative that the owner/operator take care of certain details early on. Doing so will help to ensure eventual success.
After initially setting up the corporation or limited liability company, it is important...
The Benefits to Charitable Giving
Making lifetime gifts to charitable organizations, including many educational institutions that are registered as charitable organizations, offers many tax advantages. Generally speaking, making these gifts permits one to take a deduction on one's income tax return. Additionally, lifetime gifting removes assets from one's taxable estate.
In addition to making lifetime gifts, one...
How to Protect Your Assets
Clients are often confused about the differences between irrevocable trusts and revocable living trusts, and the consequences they each have for medicaid planning. Those who advocate living trusts commonly lead people to believe that these trusts will protect one’s assets in the event long-term health care is needed. While living trusts serve the...
How to Prevent Collection Problems
It is indeed troubling when you experience a payment problem after having exerted your best efforts to render valuable services or deliver high quality goods to a customer. Aside from the annoyance caused by non-payment, there are obvious financial repercussions as well. Fortunately, there are a number of steps one can take to minimize...