New York City Office655 Third Avenue, 20th Floor
New York, New York 10017
(212) 490-2020 Phone
(212) 490-2990 Fax
Westchester Office399 Knollwood Road
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
Starting January 1, 2010, the rules governing conversion of traditional IRA or 401(K) accounts to a Roth IRA will change. Through the end of 2009, only people with a modified adjusted gross income of less than $100,000 are eligible to convert traditional accounts to a Roth IRA. The income restriction will be lifted in [...]
Continue reading...In early December, the House voted to extend $31 billion in tax breaks that are due to expire at the end of 2009. The package of 45 deductions includes measures such as an income tax deduction for sales and property taxes, and credits for business to fund research and development.
The tax breaks are [...]
In 2009, any assets below the amount of $3.5 million can be bequeathed to heirs with no federal estate tax penalty. However, assets left to one’s heirs over this estate tax exemption amount will be taxed. Barring any changes by Congress, in 2010 the estate tax will be repealed entirely. However, in 2011, it will [...]
Continue reading...Reverse mortgages are available to homeowners at least 62 years of age or older. A reverse mortgage is one of several options available to older homeowners that allows them to take advantage of any equity that has accrued in their homes. In a reverse mortgage, the homeowner receives income from the home’s equity tax free [...]
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 Family Limited Partnership, as its name implies, is an arrangement where a family forms a limited partnership to hold family businesses and investments. In this arrangement, parents can make “gifts” of partnership interests to their children. The benefits of a Family Limited Partnership include asset protection and discounts for estate and gift taxes.
Family Limited [...]
People who leave a large sum of money to a loved one with a disability are always doing so with the best intention at heart. On its face, a lump sum in the tens or hundreds of thousands of dollars seems like a gift that will help care for your loved one for a long [...]
Continue reading...Establishing an estate plan is just the first step in preparing for your future care and the future care of your loved ones. If you have chosen to set up a trust for tax and probate purposes, it is important to stick to a regular schedule of funding your trust.
Funding your trust is the process [...]
The recovery plan enacted last December contains a new rule about the eligibility of non-spousal heirs to receive 401K benefits. Previously, children, siblings and other family members were subject to rules that forced them to cash out, and pay taxes on, an inherited 401K plan within 1-5 years – a rule than never applied to [...]
Continue reading...Setting up a trust to handle your assets during your lifetime is one element of a good estate plan. A living trust gives instructions as to how your assets should be managed during your life and provides instructions on how they are to be distributed after your death.
While the establishment of a trust is an [...]
