Entries tagged: tax

Navigating Clients Through the Murky Waters of Foreign Asset Disclosures

By: Laura Blasberg, Esq.

Posted: February 2nd, 2017

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  By Laura R. Blasberg and Kelly A. McGowan A taxpayer’s situation and financial circumstances dictate which programs or rules the taxpayer should use to disclose foreign assets and accounts. Those who advise taxpayers will likely, or have already, been confronted with a client who has failed to disclose one or more foreign financial accounts […]

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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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Be Careful When Rolling Your IRAs

By: Martin Glass, Esq.

Posted: December 18th, 2015

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This is the end of the year.  Since many of my senior clients have to take out the Required Minimum Distribution (RMD) from all their IRA accounts, they also start to think about moving the rest of their IRA money into possibly a more productive investment.  But a word of caution, beginning this year, there […]

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How Portable is the Estate Tax Exemption?

By: Martin Glass, Esq.

Posted: July 15th, 2015

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The IRS just came out with their final rulings on how portability is to be used for the federal estate tax exemption.  That statement alone probably makes no sense to half of my readers, so let me take a step back and explain. Currently there is a $5.43 million exemption to the federal estate tax.  […]

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Grandchild’s College Expenses

By: Martin Glass, Esq.

Posted: April 20th, 2015

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Now that my kids are out of college, it’s time to start thinking about trying to help out my (future) grandchildren’s education.  Who knows how expensive that’s going to be in twenty-plus years?  It’s actually fairly common that grandparents want to help with college expenses for their grandchildren.  And most grandparents want to do so […]

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Gifts: Is There a Tax?

By: Martin Glass, Esq.

Posted: February 25th, 2015

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The answer is one of my great attorney answers: “It depends.”  In general terms, there is no gift tax in New York.  So for the remaining part of the discussion, we will be focusing on federal gift and estate taxes. It’s actually what’s referred to as a uniform gift and estate tax.  That means you […]

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Looking Over the Cliff

By: Martin Glass, Esq.

Posted: January 21st, 2013

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Well, happy new year to all. At the 11th hour Congress decided not to let us fall off the Fiscal Cliff by passing the American Taxpayer Relief Act of 2012. But what does that mean in the world of estate planning? There are a number of things that happened (or didn’t happen). So let’s go through […]

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This is the Year to Gift

By: Martin Glass, Esq.

Posted: April 27th, 2012

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Tax changes that President Barack Obama and Congress hammered out in the final days of 2010 discouraged clients from seeking estate planning advice last year, even though estate lawyers insist that there are many planning opportunities that shouldn’t be missed. It seems that the $5 million estate tax exemption for 2011 and 2012 has all […]

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Tax and Estate Planning for Same-Sex Marriages in New York

By: Martin Glass, Esq.

Posted: December 20th, 2011

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On June 24, 2011, New York joined Connecticut, Iowa, Massachusetts, New Hampshire, Vermont and Washington, D.C., to become the seventh jurisdiction in the nation to permit same-sex marriages. The Marriage Equality Act (“the Act”), which went into effect on July 24, 2011, is having a significant impact on tax and estate planning for New York […]

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Tax Deadlines for 2010 Deaths? IRS Finally Issues Guidance

By: Martin Glass, Esq.

Posted: September 7th, 2011

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On August 5, 2011, the IRS finally published some guidance for executors of estates of people who died in 2010. Notice 2011-66 explains how these executors can opt-out of the estate tax, and Revenue Procedure 2011-41 explains the special tax rules that apply to assets when executors opt-out of the estate tax. The estate tax and the Generation-Skipping Transfer […]

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