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...

It is important to review all of one’s estate planning documents, from time to time, to see if the contents of the documents still adequately reflect one’s wishes.  At a minimum, your will, health care proxy, living will and durable of power of attorney should be looked at by an experienced attorney, to make...

While there are very sophisticated estate planning techniques used to reduce one's taxable estate, while one is living, there are also some simple, inexpensive ways to do so as well.  Yes, attorneys can establish all types of trusts for clients, in order to shelter assets from estate taxes, and those trusts are certainly useful,...