Estate Planning Upon Divorce: What Happens When Your Former Spouse is Named in Your Documents

The process of going through a divorce or legal separation from one’s spouse can be time-consuming, expensive, and above all, emotionally draining. Because of this, many individuals enduring such a separation often overlook many important aspects of their lives that their (now former) spouse was heavily involved. One of those aspects is the individual’s estate...

Cryptocurrency: Decoding the Taxation Policies

Updated March 11, 2021 Cryptocurrency, now synonymous with virtual currency, has been in the news as of late due to increased retail investor interest, volatility, and overall mainstream visibility. In addition, public figures, such as Elon Musk, have made significant investments in cryptocurrencies through their business holdings which has created even more interest in cryptocurrency...

Estate Planning During a Pandemic: What Should be Done?

Many, if not all, of us are practicing social distancing as we attempt to navigate through this pandemic. For most, that means working from home, and putting a majority of important tasks on the back burner. Considering one’s estate plan is likely one of those tasks, since attorneys’ offices are currently closed. However, what many...

Types of Charitable Planning and Their Tax Benefits

Charitable planning is gaining popularity not just for those with philanthropic desires, but also for those looking to take advantage of certain tax benefits that charitable planning may provide. The creation of a charitable trust is one popular form of a charitable gift. Charitable trusts are created for religious, scientific, literary, or educational purposes, when...

Why Life Insurance Is So Valuable, And How It Can Improve Your Estate Plan

Life insurance is a valuable asset, as it provides an insured’s loved ones with cash in order to cope with the adverse financial consequences of the insured’s death. There are a number of benefits to owning a life insurance policy, some of which may vary depending on an individual’s financial and personal situation. A significant...

How the U.S. Supreme Court’s decision in Kaestner impacts state taxation of trusts

On June 21, 2019, the U.S. Supreme Court unanimously decided North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, holding that The Due Process Clause does not permit a state to tax a trust’s income when the state’s only connection to the trust is the residence of a trust beneficiary. Kimberley Rice...

Guardianships

A guardianship may not only be a useful tool in many situations, but for some it may be the only option. A guardianship is an arrangement where the court appoints a person to make various decisions for another individual. The types of decisions the guardian may make, as well as the extent of the power...

Sales Tax: Keep ‘Em Separated

On May 29, 2019, the New York State Department of Taxation and Finance released Technical Memorandum TSB-M-19(1)S highlighting some of the Sales and Use Tax changes enacted in the 2019-2020 NYS Budget. One such item is the extension of the segregated accounts program through December 31, 2024. The NYS Tax Department encourages all sales tax...

Passing the Torch: What you Need to Know About Business Succession Planning

Oftentimes, an individual’s largest asset is an operating business. Although the business is frequently passed down from generation to generation, at some point, the business may have to be sold. In some situations, an outside buyer will purchase the business, and in others, it is purchased and sold within the family. However, selling a closely-held...

What happens if you cannot pay your tax bill on April 15th?

As the April 15th deadline for filing 2018 income tax returns draws near (April 17th for Maine, Massachusetts and the District of Columbia), many taxpayers may face a situation in which they do not have the funds available to pay the taxes due on their returns. This situation will be even more common than usual...

Lifetime Spousal Trusts: To Have and To Hold Your Marital Assets

Frequently, married couples have the desire to bequeath all of their assets to each other upon their passing. However, there may be reasons for spouses to instead transfer assets to each other during their lifetimes. Specifically, they may want to consider transferring assets to each other through the use of trusts. There are a number...

Disqualifying an Estranged Spouse

First comes love, then comes marriage, then comes a legal inability to disinherit your spouse? It’s true – New York state law prohibits an individual from completely disinheriting their spouse even if they have a Last Will and Testament stating so. New York Estates, Powers and Trusts Law § 5-1.1-A gives a surviving spouse a...