Insights

Retirement benefits (such as pension, profit-sharing, 401(k) or IRA benefits) make up a substantial portion of many people’s assets. Congress recently passed, and the President signed on December 20, 2019, the Setting Every Community Up for Retirement Act (the SECURE Act) as part of the Further Consolidated Appropriations Act, 2020. The SECURE Act made various…

Client Alerts | December 30, 2019 | Estate Planning and Administration

The Tax Increase Prevention Act of 2014 extended the ability of certain IRA owners to make qualified charitable distributions (QCDs) for 2014. A QCD is a distribution to a public charity (other than a donor advised fund) from an IRA. Only IRA owners over age 70½ can make QCDs. The limit on QCDs for 2014…

Client Alerts | December 19, 2014 | Estate Planning and Administration

In February we alerted you that Governor Cuomo’s budget bill proposed important changes to the New York estate tax and the New York income taxation of certain trusts. The changes just enacted, described below, were scaled back from the original proposals, though still represent significant and important changes. Estate Tax Exclusion. The New York estate…

Client Alerts | April 8, 2014 | Estate Planning and Administration

Governor Cuomo’s recently released budget bill proposes important changes to the New York estate tax and the New York income taxation of certain trusts. Proposed changes require high net worth individuals and trustees of certain trusts to consider taking action between now and March 31st. Taxing Gifts. One proposed change is to increase, for New…

Client Alerts | February 5, 2014 | Estate Planning and Administration

There may be only six months left before the lifetime gift tax exemption reverts from its present $5.12 million to $1 million and the gift, estate and generation-skipping transfer (“GST”) tax rates jump to 55%. Unless Congress enacts legislation providing otherwise, these changes will occur on January 1, 2013. Many clients have taken advantage of…

Client Alerts | June 19, 2012 | Estate Planning and Administration

The Congressional Joint Select Committee on Deficit Reduction (the “Committee”) is currently scheduled to announce its proposals on November 23, 2011. Rumor has it that among the proposals presently being discussed are changes to the current gift, estate and generation-skipping transfer tax laws. We believe two of these proposals merit your attention and possible prompt…

Client Alerts | November 8, 2011 | Estate Planning and Administration

Planning for the future, yours and other’s, is very important in today’s environment. There are some current estate planning opportunities that may not be available in the future. TUESDAY APRIL 17th IS TAX DAY 2012 Did you take any actions in 2011 that could trigger the requirement to file a gift tax return? Examples of…

Client Alerts | November 8, 2011 | Estate Planning and Administration