Consider Funding a Trust with Life Insurance

Consider Funding a Trust with Life Insurance

Estate planning is all about ensuring that your wishes are met both in life and after your death.  An estate plan has other vital goals such as ease of administration, tax minimization, and achieving harmony among family members.  Estate plans will include lifetime...
Do I Have To Pay Taxes During Retirement?

Do I Have To Pay Taxes During Retirement?

It is a common belief that one’s Social Security benefits (‘SS”) are provided tax-free.  Generally, that is true.  By there are exceptions. You may be surprised to learn that a portion of your Social Security benefits could be subject to federal income taxes.  We...
How Much Tax Do You Pay On Inheritance?

How Much Tax Do You Pay On Inheritance?

“The death of a loved one is always a difficult time. The last thing most people want when they’re grieving is to have to deal with the IRS and state tax officials.” Unfortunately, unless the person you love has an estate plan and has spoken with you...
Does A Revocable Trust Protect Assets?

Does A Revocable Trust Protect Assets?

Does my revocable trust protect assets from all long term care costs including nursing home and home care expenses? There are ways to protect assets, but a revocable trust is not one of them.  This question is frequently asked, and the reason for it is understandable....
Guardianship Basics

Guardianship Basics

“As a result of illness, old age or incapacity, what may happen when you can no longer handle your own decision-making, handle your own money or make your own health care choices? Who can step in to help and how are they empowered?”   For the most part, we...
Reviewing Your Estate Plan Protects Goals, Family

Reviewing Your Estate Plan Protects Goals, Family

Guess what?  If you never get around to doing your Last Will (about 50% of Americans have not done a Last Will),  New York State has a Last Will all drafted and ready for you.  You don’t even have to approve it or sign it. The New York State Last Will is called the...