The federal estate tax exemption allowance is at risk of being reduced in four years, so it may be time to rethink how you plan to pass generational wealth to your heirs. The current federal estate tax exemption is $12.06 million…
We all love getting gifts. But sometimes, receiving a gift today may cost you later in capital gains taxes. So, when it comes time to passing your assets to your children and other loved ones, you should understand the pros…
You may have heard or read the legal terms “by representation,” “per stirpes,” or “per capita” when researching estate planning. These terms may sound like irrelevant legal jargon, but they are very important when deciding how you would like your assets…
You have worked hard to accumulate assets so that you may pass your legacy to your family. There is no better time to talk to estate attorneys in New York about gift and estate taxes. A gift tax is a tax that…
New York state has not had a gift tax since it was repealed in 2000. However, even absent a gift tax, New York historically required decedents to include in their New York taxable estate all gifts made within three years…
The new federal tax law entitled, “An Act To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” which is commonly referred to as the Tax Cuts and Jobs…
The election of Donald J. Trump surprised most voters. Some were elated. Some were shocked. Many knew or believed that they knew how the new president would proceed and which issues he would address. Since his election, there’s been more…
Have you ever heard the phrase, “nothing is certain in life except death and taxes”? Notice that the phrase does not include “interest and penalties.” That’s probably because they are not always a certainty. When someone passes away there are three…