An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help.ABLE Accounts … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more.Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
What Are 529 Plans and What Are Their Advantages?
What are 529 plans? Can they be held in trusts? Read on to learn more about these plans and why to consider them.What Are 529 Plans and What Are Their Advantages? … [Read more...]
Have You Heard of These Trusts?
One of the reasons why it is important to discuss your estate planning goals with a licensed attorney is because as a layperson, you are not going to be aware of all of your options. Many of our clients are very surprised when they find out that there are solutions that perfectly satisfy their objectives. With this in mind, in this blog post, we are going to look some trusts that you may have never heard of before.Pet TrustsYou are certainly not going to forget any of your loved ones that … [Read more...]
New Tax Proposals
There are two new tax proposals being floated. One is an income tax proposal and the other is a wealth tax proposal. Read on to learn more about these proposals and whether they might impact you or your clients.New Tax Proposals … [Read more...]
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read on to learn more about these accounts, their drawbacks, and better alternatives.What are UGMA and UTMA Accounts? … [Read more...]
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more.State Income Taxation of Nongrantor Trusts … [Read more...]
Gift Giving and Taxation
There are a lot of great things about living here in New York, but as we all know, taxes can be a bit stifling. Of course, there are the taxes that you must pay throughout your life, and people that have enjoyed a high level of financial success have to be concerned about death taxes.On the federal level, the estate tax carries a 40% flat rate, and this is a figure that is high enough to get your attention. It is applicable on asset transfers that exceed $11.4 million. This amount is called … [Read more...]
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read on to learn more about state income taxation and how you could avoid it.State Income Taxation … [Read more...]
One Will May Not Be Enough
A lot of people think that “estate planning” is a fancy way of describing the process of creating a last will. In fact, there is a lot more to it, and a last will is really not the right vehicle of asset transfer for many people. We will elaborate on this in another section, but we will first explain why you may need more than one type of will when you plan your estate.Life Support PreferencesThis is really not a very pleasant subject to contemplate, but you should address end-of-life issues … [Read more...]
