Estate tax credits, gift exclusions, among increases

Law aimed at reducing fraud found to be burdensome, inneffective.

AI has many upsides in today's world, but using the technology to draft a Will is a potentially risky proposition

New York State’s 529 College Savings Plans can be used to pay for a beneficiary’s qualified education expenses.  The earnings in a 529 Plan grow federally tax-deferred and qualified withdrawals are tax free. 

As the end of the calendar year approaches, it is natural to reflect on life, take stock of where you are and consider making plans for 2023 and beyond.

With the fourth quarter of 2022 here, it is time to consider how to be best positioned to minimize your tax liabilities before the end of the year

A growing numnber of Americans have added cryptocurrency to their portfolios. If you are one of them, is your crypto properly accounted for in your estate plan? 

It is estimated that as many as two out of three Americans will pass away without a valid will. There are a variety of reasons for this, ranging from a fear of discussing one’s own death, to an assumption a person has plenty of time left to plan, to those who think they simply don’t need one.

Though 2020 is coming to an end, there is still time left to make charitable contributions that qualify as a tax deduction on your 2020 federal income tax return.

Thanks to the passage of the CARES Act, there is an opportunity for additional giving at a time when the demand for services is up, and the donations are down at many non-profits.

The Achieving a Better Life Experience (ABLE) Act of 2014 was developed and implemented as a vehicle to allows states to create tax-advantaged savings programs for certain people who have disabilities which are present before age 26. The ABLE initiative allows for any individual to make annual contributions up to the annual gift-tax amount (currently $15,000) with a maximum allowed balance of $100,000.  The earnings and distributions are tax-exempt, provided the funds are used to pay for qualified disability expenses of the designated beneficiary. Some examples of qualified disability expenses include education, housing, transportation, employment training, financial management, and health. 

On February 12, 2020, the New York Stock Exchange reached an all-time high, closing at 29,551. Consumer confidence was skyrocketing and for many Americans, their retirement accounts were growing.

We all know what happened next.

Barely two weeks later came reports of the first American death attributed to COVID-19. Within a month the American economy would be paralyzed by a national shutdown of all “non-essential” businesses. Just a few months removed from a record high on the New York Stock Exchange, America was plunged into a recession.