If the Last Will and Testament allows for statutory compensation for an executor, the executor can get paid commissions which are calculated as a percentage of the combined value of the assets of the estate plus income. However, some assets…
Some people like to cut corners. I guess there's nothing wrong with that, but if you cut corners with your estate plan then you may leave yourself subject to unnecessary issues. One corner that many people like to cut is…
The age-old question, “When should I start taking my Social Security Benefits?” is one that has plagued individuals in their late 50s and early 60s for decades. It is a great question that has a frustrating answer – it depends…
Sometimes, you just need access to your IRA account to make ends meet but you have heard about an IRS penalty for early withdrawal. Are there any exceptions? A person can make early withdrawals from their IRA without paying a…
What year should you take your first IRA Required Minimum Distribution (“RMD”)? Is the answer always the year you turn 70 ½? It may not be so simple. Generally, for IRAs, the beginning date of your first RMD is April 1…
Owning your own home is widely considered as the American dream. But as any homeowner will tell you, the expenses associated with home ownership can be a nightmare. Luckily, there are certain tax benefits to paying these expenses. Some homeowners…
The answer on the face of it is YES, you can take your child with special needs as a dependent. For someone to be claimed as a qualifying child, the person must meet four criteria: Relationship — the person must…
Saving for Retirement is Important, and it is always a good idea to contribute to a retirement plan. However, it is important to understand that once you contribute to certain retirement plans you may not be able to withdraw the…
April 15th is right around the corner, and we all know what that means – time to prepare your taxes. For many taxpayers there is still much to do before filing your federal and state income tax returns. All the…
New Yorkers face income taxes, real estate taxes, sales tax and now - sales tax on the internet. New Yorkers must now pay sales tax on goods purchased on Amazon.com and Overstock.com. Amazon.com Inc., the largest online retailer in the…