FAQ: Rules About Inherited IRAs
Q.  I am 38 years old.  My grandmother named me as the beneficiary on her traditional IRA, which has $400,000 in it.  Can I roll this account over into my own IRA and defer withdrawals until I'm 60?   A.  Despite the U.S. Supreme Court ruling regarding creditor protection of... »
Life Insurance Trusts
What is a Life Insurance Trust? What does it do? In short, an irrevocable life insurance trust (ILIT): protects the life insurance payment from being countable in your gross estate, protects the proceeds from creditors and predators of your beneficiaries, and gives you more control over how the proceeds of your life insurance... »
Social Security--Timing is Everything
  by Robert Bloink, Esq. and William H. Byrnes, Esq. March 17, 2014 Creative use of Social Security timing strategies can be key to securing comfort in retirement, and timing benefits so that your client can receive a lump sum payment during retirement can unlock many options for the older client. For... »
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... »
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... »
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... »
Tax Day Is Over - Time To Celebrate...
...And Start Planning for 2015! As April 15 comes and goes, taxpayers let out a sigh of relief, and take a vacation from the tax stresses until next year. But just because Tax Day is over doesn’t mean you should abandon all thoughts of taxes. On the contrary, now is... »
Love and Money - Marriage, Remarriage, and the Tax Code
Ahhh, Springtime in New York and love is in the air. Birds are building nests, bees are pollinating like there is no tomorrow, and New Yorkers are dropping to one knee and asking “is it fiscally reasonable to get married or remarried?” When it comes to death, divorce, and taxes,... »
New York State Significantly Changes its Estate and Gift Tax Regime
New York State recently implemented significant changes to the Estate and Gift tax regime for New York residents, and in some instances, for non-New York residents, as part of the April 1st budget bill. The State and Governor Cuomo have touted the changes as "taxpayer friendly," but the... »
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