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...]
Living Trusts for Married Couples
A living trust is a relatively simple and straightforward, versatile, highly effective estate planning device that can be the right choice for a wide range of people. Single individuals can utilize a revocable living trust as an estate planning tool, and married couples can also jointly execute a living trust.The Anatomy of a Living TrustWith a living trust, the trust administrator is called the trustee. The individual that can receive monetary distributions from the trust is the … [Read more...]
Estate Planning Tips for Rochester Seniors
According to the United States Census Bureau, just over 10% of the population in the Rochester area is 65 years of age or older. Clearly, estate planning is very important for people in this group. Actually, it should be viewed as a basic responsibility for adults of all ages, especially if you have children. This being stated, it is an absolute must for people that have attained senior citizen status.There are some things to think about that may fly under the radar when it comes to estate … [Read more...]
Living Trusts Provide Flexibility
Studies that are conducted consistently show that most people do not give estate planning a second thought until they are senior citizens. Because so many procrastinate for so long, they wind up making uninformed choices when they finally do take action. They put together a last will on their own using some type of do-it-yourself download, and they hope for the best.The psychology behind this is understandable, but it is something to be transcended. Yes, you will not be around to see the … [Read more...]
Important Estate Planning Questions Answered
Studies that are conducted on a periodic basis consistently find that the majority of Americans are unprepared from an estate planning perspective. In many instances, the inaction is caused by misconceptions. A lot of folks think that you can simply draw up a last will when you are old and gray, and the matter is closed.In fact, there are multiple facets to take into consideration. In this blog post, we will use a hypothetical question and answer session to provide some solid foundational … [Read more...]
