For many affluent New Yorkers, the ideal retirement blueprint is straightforward: establish a primary residence in sunny, tax-free Florida while keeping a smaller property in New York—a city condo or a house in the suburbs to maintain a foothold for family visits and theater weekends. On paper, the strategy seems flawless. Florida has no state […]
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Don’t Let Poor Estate Planning Ruin a Great Legacy – Jimmy Buffett’s Widow Battles Over $275 Million Estate
When Jimmy Buffett passed away in 2023, he left a legacy of a beach lifestyle where it’s always time for a margarita. But the same laid-back island vibes are in direct contrast to the battle now underway between his widow and a co-trustee. Jane Buffett and co-trustee Richard Mozenter filed lawsuits against each other. She […]
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New York State’s Estate Tax Cliff: How to Keep Your Estate on Solid Ground
New York State residents shouldn’t overlook a crucial and potentially costly component of their estate planning: New York State’s estate tax cliff. If your estate falls within the $7 million to $14 million range, it is imperative to address this issue now—before it results in an unnecessary and substantial tax burden on your heirs. Understanding […]
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Reading the Small Print in the Big, Not So Beautiful Bill: Why Businesses May Flee New York
Attorneys and business owners across New York are sounding the alarm over a little-discussed provision buried in the latest Republican-backed tax proposal, sometimes dubbed the Big Beautiful Tax Law. While much of the bill serves as a continuation or expansion of the 2017 Tax Cuts and Jobs Act (TCJA), an important provision threatens to reverse […]
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The IRS Offers Tax Prep Software – Free – Is it For You?
It’s been a long time coming, but next year, for the first time, some taxpayers will have a new filing option: a free tax prep software program created by the IRS and named “Direct File.” The roll-out will be slow. Direct File will be available only in thirteen states, including New York. Note that the […]
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SECURE 2.0 Opens Door for Qualified Longevity Annuity Contracts (“QLAC”)
Back in the spring, in a rare show of bipartisan action, the House and Senate passed a law intended to give Americans an incentive to save for retirement. The bill received over 400 votes in the House and over 80 in the Senate. The bill, dubbed SECURE 2.0, is a follow-up to the SECURE Act. […]
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IRS Raises Tax Brackets and Standard Deduction in Response to Inflation
In the largest automatic adjustment to the standard deduction since core features of the tax system were indexed to inflation in 1985, the IRS has increased key tax code parameters for 2023 to reflect high inflation rates. The top 37% top marginal tax rate will apply to individual income above $578,125 and married couples’ income […]
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Inflation’s Impact on Estate and Gift Tax Exclusions
Most of our content is original, but every now and then I come across an article I believe is so important I want to be sure clients, colleagues and friends have an opportunity to read it. Thanks to Steve Leimberg and Peter Tucci, as per the citation at the end of the article. The following […]
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No Inheritance Tax for Charles III
It’s good to be King. One of many reasons— not having to pay any inheritance taxes. For example, King Charles III inherited a royal-sized inheritance, as if becoming the King of the United Kingdom wasn’t enough, and it’s primarily tax-free. Charles takes the title of Duke of Lancaster and the corresponding duchy, valued at $750 […]
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Football Season Begins—But Franchise Owner Estate Battles Are Forever
With 11 controlling owners of NFL franchises 75 years and older, the next few years will see many teams changing ownership and the potential for epic battles off the field. Ten years before his death, the Denver Bronco’s owner Pat Bowlen did what he was supposed to do. He met with attorneys to create a […]
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