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New York, New York 10017
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(212) 490-2990 Fax
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White Plains, New York 10603
(914) 684-2100 Phone
(914) 684-9865 Fax
Dutchess Office300 Westage Business Center
Drive, Suite 400
Fishkill, NY 12524
(845) 896-1106 Phone
(845) 896-1107 Fax
The recent repeal of the federal estate tax is having a profound impact on the estate plans of millions. Littman Krooks LLP is offering a complimentary estate tax seminar for those who wish to learn more about how they might be affected.
This repeal has the potential to affect the estate plans of [...]
All parents want to minimize the opportunity for conflict among their children once they have passed away. Sometimes, however, conflict arises when parents have gifted money to one of their children and not to the others. Such conflict may be avoided by including provisions in your estate plan for gifts and [...]
Continue reading...People who are familiar with the costs associated with nursing home care are acutely aware that care is getting more and more expensive every year. Fortunately, a portion of the cost of nursing home care, like other medical expenses, can be deducted as an itemized expense on federal tax returns. Medical expenses, including some longterm [...]
Continue reading...Trusts are often thought of in association with large estates, especially those of celebrities whose lives and finances are constantly under public scrutiny. You should know, however, that trusts can be used by anyone interested in estate planningand anyone committed to ensuring the best possible outcome for his or her family and beneficiaries.
A trust is [...]
The federal gift tax exemption is currently $1 million — meaning you can gift up to $1 million cumulatively over the course of your lifetime without incurring any gift tax. There is not marriage penalty; married couples can give up to $1 million per spouse.
A gift made under $13,000 in 2009 will not count against [...]
New York is one of the only three states that allow for the option of spousal refusal. Spousal refusal is an asset protection tool used wherein a spouse living the the community refuses turn over his or her assets or income to an ailing or incapacitated spouse for the purpose of seeking nursing home Medicaid [...]
Continue reading...A Revocable Living Trust is an important estate planning tool that allows individuals to transfer assets into a trust during their lifetime. These assets are then transferred directly to beneficiaries without going through probate, the court supervised distribution of assets according to the terms of your Will.
Understandably, the Revocable Living Trust is an attractive option. [...]
A trusts can be used for asset protection, but it must be the right type of trust. A living trust may not shield your assets because it is revocable. That is, you can change the terms at any time. Courts have held that since you have access to your revocable trust, creditors should be able [...]
Continue reading...Asset protection is the process by which both business and personal assets are organized so that they are protected from future creditors. This both shields your assets and discourages creditors from pursuing judgments against you.
Asset protection, while valuable to everyone, is most necessary for certain types of individuals.
These include:
• Business owners;
• People who are facing [...]
If you own a business, whether you are a sole proprietor or own jointly with partners, it is important that you take into consideration how you want your business and its assets to be handled when you are no longer able to contribute to its maintenance and growth.
You may want your business to be liquidated [...]
