Entries tagged: estate planning

Should You Loan Your Children Money?

By: Martin Glass, Esq.

Posted: July 28th, 2017

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I’m amazed at how many times clients tell me that they loaned money to one of their children and now they want to somehow add that into their estate plan.  I ask them if it was a loan or a gift.  They of course say that it was a loan, but have absolutely no paperwork […]

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Secondary Reasons to Protect Your Assets

By: Martin Glass, Esq.

Posted: April 26th, 2017

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In past articles I’ve discussed some key reasons to try to protect your assets – namely, protection from the cost of estate taxes and long-term care.  However, there are other less widespread but nevertheless important events and situations in which you need to try to protect your assets.  These include bankruptcy, litigation, and divorce. Attorneys […]

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Do You Really Need A Revocable Trust?

By: Martin Glass, Esq.

Posted: February 25th, 2017

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    For many years now I’ve heard many attorneys tout the virtues of revocable or “living” trusts over Wills.  But, with the added expense, is the trust really necessary?  In many cases, no!  Now don’t get me wrong, there are many times when a revocable trust is the way to go, but there should […]

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Estate Planning and Estate Tax Forecast

By: Martin Glass, Esq.

Posted: November 28th, 2016

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Well, the election has come and gone.  What does that mean in terms of estate planning and estate tax? As a quick review, the current federal estate tax exemption is $5.45 million and is scheduled to increase to $5.49 million as of January 1, 2017.  Each year it goes up a bit as it’s indexed […]

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Changing a Beneficiary After Death

By: Martin Glass, Esq.

Posted: October 26th, 2016

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Whether we’re talking about named beneficiaries on a brokerage account or beneficiaries in a Will, there is a way to change them – even after death. Perhaps getting an inheritance now could be a problem for you.  It could be for tax reasons or because you’re about to go through a nasty divorce and don’t […]

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Making Gifts in These Financial Times

Posted: August 23rd, 2016

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If a person has the desire to make any gifts, now may be a great time to do so.  There are sometimes financial benefits to making certain gifts.  A tough economy is often the best impetus to make gifts.  It may seem counter-intuitive at first—making gifts when the donor has less valuable property—but the conditions […]

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Prince Needed a Will, and You Do Too

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Posted: July 25th, 2016

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    Published in the Hauppauge Reporter Prince was a member of that rare breed of artists who defy easy description.  His innovative songwriting, eclectic style, and extravagant stage presence ensured his induction into the Rock and Roll Hall of Fame as well as a spot on countless “best of” and “most influential” lists of the […]

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What to Do When a Loved One Dies

By: Martin Glass, Esq.

Posted: July 25th, 2016

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Of course, it’s always tough when a loved one dies.  It’s already emotionally draining, but if you are immediate next of kin and/or the named Executor, there’s even more stress.  Depending on the complexity of the estate, there could be an enormous amount of work required to handle the person’s estate. A few things should […]

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I Need an Estate Plan – Part Four

By: Martin Glass, Esq.

Posted: May 23rd, 2016

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The first three parts of this series have been about the various advanced directives, i.e. Power of Attorney, Health Care Proxy, and Living Will.  These are all very important documents but they also become null and void upon your death. That’s where your Last Will and Testament (the “Will”) comes in.  If you don’t write […]

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I Need an Estate Plan – Part Three

By: Martin Glass, Esq.

Posted: March 21st, 2016

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“Hi, I need to get a Power of Attorney for my dad.”  You would be surprised how many times I get that call.  A daughter or son calls and wants me to prepare a “simple” power of attorney for their parent.  But before anything else, I try to find out why the parent isn’t calling. […]

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