Movies, television, and books like to present wills in dramatic ways–handwritten notes, videos, deathbed utterances–but what actually makes a will valid? The law varies depending on what state you live in, but there are some basic rules. The legal requirements for a will are fairly simple. In order for your will to be valid, you […]
Continue reading…Do You Know the Difference between a Stockbroker and an Investment Advisor? The SEC Knows
Few understand the difference between an investment advisor and a stockbroker. The difference is substantial. An investment advisor is a fiduciary; this means they have a legal and ethical duty of primary loyalty to their clients. The interests of their clients are paramount. Investment advisors receive a fee based on a percentage of the value […]
Continue reading…After Death, A Final Retirement Account Distribution Must Be Made
Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs). But what if you die after age 70 1/2 and before all the […]
Continue reading…Estate Planning When You are Separated – Kate Spade and Anthony Bourdain
From an estate planning perspective, the suicides of two successful and talented people share another commonality- both were estranged from their spouses. When most couples separate, they usually try to move the divorce along quickly. However, Spade and Bourdain’s lives were more nuanced. They had not moved to the next step of finalizing their divorces, […]
Continue reading…Estate Planning 101: When You DO Need a Trust and When You Really Don’t
Thank you to The Island Now for including my article on trusts in a recent issue – “Trusts – Marketing machine or genuine estate planning tool.”The article was written to inform readers about the difference between trusts that are used as part of a comprehensive asset preservation plan and those that I believe are being marketed to seniors […]
Continue reading…Good News and Bad News About the SECURE Act
On May 23, 2019, the U.S. House of Representatives passed a bill that would significantly change estate planning for retirement benefits from qualified plans and IRAs. It also contains provisions that impact Elder Law planning. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) received overwhelming support in the House, […]
Continue reading…Newsday’s Special Needs Planning Article
I was pleased to be included in a recent article in Newsday about Special Needs families and how they can use Special Needs Trusts to plan for the time when their adult children are grown and their parents have passed away. A few points to expand upon: The law in the area of Special Needs and Elder […]
Continue reading…How to Make Sure Your Family Is Prepared For Your Passing
If the first time you think about needing a will is when you take your first vacation without kids, then you need to get started, soon. With the two of you on a plan to a remote island destination, what would happen if you never returned? Who would raise your children, be in charge of […]
Continue reading…Where’s Your Teddy Bear, and Other Residency Requirements for New Yorkers
Losing the local and state tax deduction has more than a few New Yorkers thinking about making a lower tax cost state their primary residence. For many, that means Florida, especially if they already own a second residence in the Sunshine State. A move to Florida can save a New York resident up to 9% […]
Continue reading…An Intentionally Defective Grantor Trust is Legal
Despite its name, a “defective grantor trust” is a legal and valid trust. The “defective” part only describes the fact that it’s not valid for income tax shifting purposes. Because it’s a Grantor Trust, all of the income, deductions, and credits are reported on the individual income tax return of the person creating the IDGT, […]
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