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What’s the difference between revocable and irrevocable trusts?
Trusts are separate legal entities that a person sets up while they are alive to manage assets, both during and after their death. Trusts can be used to reduce tax burdens and also to ensure that assets are managed appropriately. Once a trust is set up and funded, it...
What you should know about the Medicaid look-back period
Unlike Medicare, which is an age-based government insurance program, Medicaid is an income-based program intended to help those who cannot cover the cost of their own medical care. There are restrictions on assets and income for Medicaid that don’t exist for Medicare....
Estate planning after divorce: Don’t let your ex get it all
When you divorce, a lot of changes occur in your life. You might change your address. You might change your last name. But you definitely should consider changing your estate plan. That’s because while you’re in the process of divorce, or even after it’s final, your...
Estate planning to help your grandchildren
As a grandparent, you know that the love you have for your grandchild is unique. You want to do everything in your power to help them through all stages of their life. You know that you may only be around to do so when they’re young, but that’s where estate planning...
How the Secure Act changes your financial future
The Secure Act went into effect on Jan. 1, 2020, and that has some major consequences for long-term financial planning and estate plans. Here’s what you need to know about how things have changed. It’s easier to have a retirement plan The Secure Act actually provides...
Why include trusts in an estate plan?
There are many reasons why people in New York may consider a trust when it comes time to plan for the future. Estate planning may help people to achieve a number of their goals for their loved ones, from simply distributing property and assets to protecting them from...
How does a charitable trust help you save on taxes?
If you have accumulated a lot of assets, you may feel like leaving some of it to a charity. But you can give to the needy while also taking advantage of certain tax breaks that giving offers to you. If you want to make sure a charity receives some of your assets when...
Working around the death tax
When your estate has significant assets, then it may be subject to death taxes. These taxes can equal up to 40% of your estate’s value, and your beneficiaries shoulder them once you pass on. You might find this figure concerning, since it could reduce your estate by...
How does the gift tax work?
The Internal Revenue Service (IRS) requires gift-givers to pay taxes on gifts that exceed a certain amount. At this time, the tax does not kick in until the person making the gifts gives away $11.4 million or more. However, those with significant assets need to keep...
Three ways parents can use estate plans to protect their children
The world changes once you become a parent. Instead of taking steps only to protect your own future and the future of your spouse, you now have to take steps to protect your children. With a few steps you can put a plan in place that will better ensure a good...
