For many people it seems that snowbirds lead a great life, migrating south to avoid cold New York winters and returning to escape uncomfortable Florida summers so they are always living in a pleasant climate. Even better, by having nests in both states, they always inhabit a cozy home. There are, however, a few...
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Avoiding Gift Tax Problems
Parents often wish to put their children on their bank accounts and investment accounts for estate and disability planning purposes. Doing so is fraught with problems, as the child now becomes the legal owner of the account(s). Often overlooked is that by adding a child or children as joint owners on...
In Focus: Irrevocable Trusts
Many individuals are aware of the importance of creating a will to ensure that their property is properly managed and distributed after they die. However, a well-conceived estate plan will also consider other important goals such as asset protection, avoiding probate, and minimizing estate tax consequences. With the advice and guidance an experienced
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How Secrets Can Affect Estate Planning
Estate planning is, especially for those with substantial assets, a complicated process. For this reason, it’s important to have a well-schooled, highly capable estate planning attorney to guide you through. Some of the journeys are exciting -- preparing for a joyful retirement, looking forward to grandchildren or great-grandchildren, imagining the good that can...
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The Truth About Probate
The mere mention of the word “probate” usually conjures up visions of extensive delays and enormous expense in settling the estate of a deceased person. Seminars promoting living trusts and articles and books written about them are persuasive, and they promote the misconception that probate is an evil to be avoided.
The truth is that...
Protecting Your Assets From Scams
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...