On September 29, 2016, Governor Cuomo signed into law a new statute amending the New York Estates Powers and Trusts Law in relation to the administration of digital assets.more »
Many Americans vote based on how a candidate’s position affects their wallets. Election 2016 has a wide range of proposals that may drastically impact the estate taxes of many citizens. This blog provides a brief overview.more »
In the age of the internet, there is a growing trend amongst the American populace who decide they need a Will to avoid the cost of a lawyer and use a legal services website like Legal Zoom® or use some free Will form found on the internet. However, there are many dynamics that go into estate planning beyond executing a “simple” Will. First, you may have family dynamics or complex assets such as a closely-held business that require something more than a “simple” Will.more »
If you have looked into purchasing long term care insurance, you know that it is an expensive proposition. However, there are some tax advantages related to the premium payments for long term care insurance.
If you are an employee and itemize your deductions you can deduct a portion of your long term care insurance premium as a medical expense on Schedule A of your 1040, itemized deductions.more »
Lawyers are occasionally guilty of speaking legal jargon that a non-lawyer has no idea what the lawyer is talking about. For example, an estate planning lawyer (or perhaps an estate planning website you found) may suggest that you execute a living will in addition to a will, health care proxy and power of attorney. You probably already know that a will is but may have no idea what a living will is.more »
Flattered to be named a trustee? Curious as to what it all means? Great, we will do a number of blog posts on the duties and powers of a trustee. This is the first such blog post.
Trusts are used for a multitude of purposes. Estate planning, charitable gifts, disability planning, tax reduction and avoidance of probate are but a few uses for trusts. Despite these different purposes, the trustee has similar duties derived from the trustee’s status as a fiduciary.more »
The Social Security and Supplemental Security Income (SSI) benefits did not increase for 2016, and remain the same as in 2015.
There is also no increase in the spousal impoverishment standards for 2016. The community spouse Minimum Monthly Maintenance Needs Allowance (MMMNA) remains at $2,980.50. This is the amount of monthly income a spouse who is in the community, whose spouse is institutionalized, may keep.more »
If your loved one has passed away without leaving a Will, you will now find yourself in the murky area of Voluntary Estate Administration. If someone passes with a Will, there is a “probate” of that Will. If there is no Will, then a qualified person must petition the Surrogate’s Court to be appointed the Administrator of the Estate.more »
Do your New Year’s resolutions include increasing your savings?
Congratulations, this decision will benefit you and your family greatly. If your employer offers a retirement plan such as a 401(k); this is an opportunity to save for the future using tax deductible dollars and have the protection of a qualified retirement plan. In addition your employer may offer matching contributions; this benefit should be utilized if at all possible.more »
Anne Ruffer is Chair of the Community Foundation’s Professional Advisor Council. She wrote this article for the winter edition of Smart Money, a publication of the Central New York Community Foundation, to give some guidance on incorporating charitable giving into estate plans.
In 2010, the Central New York Community Foundation commissioned a study on wealth transfer. It found that over the next decade, local individuals in our five-county region will determine the distribution of an unprecedented $22 billion after they pass away. The Community Foundation’s Professional Advisor Council has discussed ways to raise awareness and motivate our charitable community to retain part of this wealth transfer.more »