Riddle Me This: When is a Retirement Account Not a Retirement Account?
Answer:  when it's inherited from someone else, silly! Many clients use their IRA for a significant, if not primary, part of their retirement plan. After all, both traditional IRA’s and ROTH IRAs are attractive for many reasons, chief among them tax-free growth and creditor protection. Bankruptcy protection for your own... »
Estate Planning Isn't Just About Death--It Also Comes Into Play When You Get Sick and Live.
I've said it before and I'll say it again, there are four essential documents that EVERYONE should have--and the Wall Street Journal agrees. This is not only about having your wishes carried out, but also about making things easier on your loved ones when they are faced with hard... »
Game Changer--Inherited IRAs May Not Be Protected from Creditors
Traditional and Roth IRAs are typcially exempt up to $1.25 million, however this exemption does not always apply to non-spouse beneficiaries. Courts are in disagreement as to whether inherited IRA funds constitute retirement assets, and are therefore subject to exemptions, or whether inherited IRAs are subject to different rules than... »
Why Giving Your House to Your Kids Can Create More Problems than It Solves
Often parents will transfer the ownership of their home to a child in order to avoid probate or as a tax play. There are several risks in doing this, and at the end of the day it may not help you accomplish what you wanted to begin with. Some... »
7 Tips for Shopping for Long-Term Care Insurance
Researchers at Georgetown and Penn State claim that 70% of people 65 and older will need long-term care. These policies help ensure you get the care you need if money is an issue, and protect cash so there is still a legacy to leave to your heirs. As with the... »
NYS Tax Changes to Trusts
Before April 1, 2014, it was possible to make distributions free of NY income tax to NY resident beneficiaries from trusts which were NY resident trusts but which were drafted in such a way that the trusts were not subject to NY income tax. [Stop reading if you have... »
Same-Sex Marriage Update
There has been a rapid flurry of activity in the same-sex marriage equality front, bringing the total to 19 states that allow same-sex marriage to occur in their borders. In Oregon, a federal trial judge ruled that Oregon must allow same-sex couples to marry.  He rested his conclusion on the Constitution. Couples began... »
Why Do a Trust?
A few musings on how a trust can be helpful for a certain type of individual who is looking to minimize risk. While you can't eliminate risk entirely, you can use estate planning techniques to minimize the risk or impact to your assets or the assets you intend to pass down to your... »
Giving to Charity
Many people are charitably inclined, whether it's donating money or donating clothes and books. Some want to make a bigger impact on their community with a larger gift, either during their lifetime or at death. For those who want to establish a trust, there is uncertainty that inhibits them... »
What's a NORC?
The estate planning world sure has some funny acronyms. A NORC is a Naturally Occurring Retirement Community. Believe it or not, there are dozens of NORCs right here in the City of New York. Several were featured in New York magazine last week. Here are a few highlights: The Lower... »
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