Recent Private Letter Ruling Increases Benefits of IRA Trusts

In one of our previous blog posts, we discussed the growth of trusts that are utilized specifically to be named as beneficiaries of retirement accounts, and the various benefits associated with said trusts (“IRA Trusts”). One major negative of IRA Trusts however, is that, in the event an IRA Trust is used as a beneficiary...

Don’t get caught holding the (sales tax) bag

Sales tax….no one likes collecting it and no one likes paying it. How many times have you heard a business owner say “but if you pay me cash…” How many times has a business owner said my customers won’t agree to pay sales tax because the store next door is not charging it? We’ve all...

De-Can’t I Change That Trust?

Decanting is a term that is used most commonly by wine sommeliers, but in the world of trusts and estates, it is also an important estate planning tool. Wine lovers may decant their wine by pouring the wine from one bottle or container into another, in order to remove unwanted sediment in the wine. For...

Your Estate Plan Deserves Some R-E-S-P-E-C-T

What do Aretha Franklin and Prince have in common? Not only are they both high ranking members of the royal family of music, they both passed away without a Will. Unfortunately, celebrities are not immune to the intricacies of the legal systems governing their estates when they pass away. When any person, famous or not,...

The Use of IRA Trusts to Plan for your Family’s Retirement

For many people, their retirement account is their largest asset. As a result, these accounts are being used less as a fund for one’s retirement, and more as a way to pass wealth to future generations. Typically, the account owner will name his spouse or his children as the beneficiaries so that his family can...

Revocable vs. Irrevocable Trusts: What’s the Difference?

Various types of trusts are used in the Estate Planning process, for many different reasons. This is due to the fact that trusts are extremely useful tools for managing property, while also providing a high level of flexibility. A trust can be created during a person’s lifetime, or upon death. Trusts used for Estate Planning...

Estate Administration: When There’s a Will (or Not) There’s a Way

When a loved one passes away, it is often a concern that the assets they own at the time of their death are now in a state of limbo. For property that is not jointly titled with a living individual, which does not have a named beneficiary, which does not transfer on death or for...

Using Pet Trusts to Plan for Man’s Best Friend

When considering your Estate Plan, you are making decisions regarding how you would like for your property to be disposed of after your passing. Of course, this includes items such as your home, car, jewelry, stamp collection and other various personalty you’ve gathered over the years. But what about your beloved pet? It is becoming...

IRS Rights to Audit Returns Filed to Elect Portability

As enacted by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and made a permanent part of the Internal Revenue Code by the American Taxpayer Relief Act of 2012, “Portability” allows a surviving spouse to utilize the unused portion of the Federal Estate tax exemption of their deceased spouse (the Deceased...

What Happens to my Digital Assets When I Die?

According to the New York State Estates, Powers & Trusts Law (“EPTL”) Article 13-A, a digital asset is “an electronic record in which an individual has a right or interest.” Examples of digital assets include an email account, a Facebook page, a YouTube channel, a Twitter account, and many more. The growing use of the...

The Basics of Estate Planning

Any age is the right age to begin considering your Estate Plan. Moreover, even if you already have one in place, it is important to revisit your plan at major life events and ensure that it still conforms with your wishes. A basic Estate Plan includes the following documents: Last Will and Testament (or Revocable...

Neil Katz Testifies Before Congress About Estate Taxes and Small Business

Neil testified the impact that the estate tax rules have on small business owners and their families before the US House of Representatives Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access at a hearing titled “Planning for the Death Tax: Can Small Businesses Survive?”.