My snowbird friends and neighbors are no doubt enjoying their southern Florida break even more this week, as Long Island remains in a deep freeze. But there’s more that separates the two states than temperature. I represent clients who live in New York, others who live in Florida and snowbirds who travel back and forth […]
Continue reading…SECURE Act Presents Hurdles for IRA Owners’ Estate Plans
Passing the SECURE Act on December 19, 2019, has changed how retirement account distributions must be made. Congress’ timing made it impossible for professionals to comply with the new law before its effective date of January 1, 2020. By passing the SECURE Act, the IRS changed the definition of a Designated Beneficiary for IRA and […]
Continue reading…IRS PROPOSES UPDATED LIFE EXPECTANCY TABLES FOR 2021
This November, the IRS issued proposed regulations changing the life expectancy tables and distribution period tables for computing the required minimum distribution (RMD). This information is used for owners of retirement accounts and their beneficiaries for inherited accounts, to calculate their withdrawals. Keep in mind, under the SECURE Act, beginning in 2020, the starting age for IRA distributions […]
Continue reading…Thanksgiving Wishes from the Law Office of Stephen J. Silverberg, PC
We are grateful for our clients, colleagues, friends, and family and hope you find yourself in the company of loved ones on this Thanksgiving Day. With warm wishes for a Happy Thanksgiving from all of us.
Continue reading…Can You Trust Your Trust? – Part 1—Credit Shelter Trusts
Many trusts may be no longer necessary, may conflict with current tax laws or no longer meet the original intent of the person establishing the trust because of changes to federal estate tax laws. There may have been changes in family situations or perhaps a beneficiary has suffered a health event, creating a need for […]
Continue reading…A Work In Process – Stay Tuned For Update On The Kiddie Tax And The New Tax Law
The article on QDiSTs published on this blog on January 31 is a complex topic, even for those of us who routinely scale the heights of tax law. I have realized it was too complicated and I am completing a scaled-down version. Meanwhile, here is an update. The core concept: I am making the case to consider […]
Continue reading…Personal Finance 101: What’s the Difference Between a Stockbroker and an Investment Advisor
Thank you to Blank Slate for publishing my recent article, “The Difference Between a Stockbroker and an Investment Advisor.” Far too many people don’t understand that there is a big difference between these two roles. A financial advisor must put their client’s interests first. They are a fiduciary, and have a legal and ethical obligation of primary loyalty to […]
Continue reading…Does Your Will Need a Thorough Cleaning or Just a Refresher?
As a BBQ maven, I spend a fair amount of time making sure that my tools are well maintained. They take much abuse from high heat, charred fats, and sauces. The results are delicious, but the tools get messy. Your estate plan faces more challenges than you may know. That’s why you need to review […]
Continue reading…IRS ANNOUNCES THE OFFICIAL ESTATE AND GIFT TAX LIMITS FOR 2020
Estates of decedents who die during 2020 have a basic exclusion amount of $11.58 million, up from a total of $11.4 million for estates of decedents who died in 2019. An individual taxpayer may leave $11.58 million to heirs with no federal or gift taxes due. A married couple will be able to leave $23.16 […]
Continue reading…The SECURE Act – What You Need to Know
While most of Washington is otherwise occupied, seven Republican Senators sent a letter to Senate Majority Leader Mitch McConnell, urging prompt passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement). The SECURE Act passed the House of Representatives with strong bipartisan support in May by a vote of 417 to 3. The […]
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