Clients often think that putting their children's names on their savings accounts, brokerage accounts, real estate and other assets, will accomplish tax savings and protect the assets in the event they need long-term health care.  Nothing could be further from the truth.  While putting a child's name as a joint owner on an asset...

The Tax Cut and Jobs Act passed by Congress and signed into law at the end of 2017 contains some very significant changes to the federal estate and gift tax laws. For one, the unified credit for estate and gift tax–the amount you can give cumulatively during your lifetime or which you can leave...

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...

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...

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...

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...

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...

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...

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...

A Qualified Terminable Interest Property ("QTIP") Trust is a common estate planning tool in second marriages.  Essentially, a QTIP trust ensures that a person's assets will go to their children (or other next of kin) rather than to their new spouse, while providing an income stream to the new spouse.  The Trustee of the...