Change to New York Power of Attorney Form
Effective June 13, 2021, New York will be changing its statutory financial Power of Attorney form. The new statute is a significant improvement compared to the previous statutory power of of attorney law. The new New York Power of Attorney form is more simple than its predecessor and helps to ensure that it will be […]
The Best Place To Die (From An Estate And Inheritance Tax Perspective)
Best place to die Several years ago, I wrote a few articles comparing the tax consequences of dying in New Jersey, New York, Pennsylvania and Florida. Now that New Jersey has amended its estate tax laws, I thought I should write another post for 2017 regarding the best place to die. I will write this […]
Reasons to Value a Trust
Recently I gave a lecture on the valuation of trusts. While I am not an accountant nor am I a valuation expert, I live and breathe trusts… and frequently the question comes up, what is value of a particular beneficiary’s interest in a trust. Keep in mind, just because a trust is worth $1M, it […]
New York Reserves Right to Subject Real Estate Owned By Single Member LLC to Estate Tax
In a recent New York tax advisory opinion, TSB-A-15(1)M, the Commissioner of Tax and Finance stated that if a single member LLC owns an interest in New York real property, that property can be subject to the New York estate tax upon the death of the sole owner. In this situation, the Petitioner had set […]
Non-residents Non-citizens of the US Should Be Careful of How they Invest in American Assets
Many individuals who live outside of America like to purchase real estate in America or invest in the U.S. Stock Market. It can be much safer than investing in other parts of the world and often times the individual has children who have moved to America to live or study. Florida and New York are […]
Change in New York Estate Tax Law
Effective April 1, 2014, the State of New York made numerous changes to its tax law. Most dramatically, New York is increasing its estate tax exemption amount from $1,000,000 to match the federal estate tax exemption amount. New York’s New Estate Tax Exemption Amount Until March 31, 2015, the new estate tax amount will be […]
Three Gift Ideas—ROTH Style
Idea One—Money One of the questions that frequently comes up when I speak with clients is that they want to be able to gift money to their heirs, but they do not want their offspring to waste the money. There are a number of ways to accomplish this. If you are considering gifting a significant […]
New York Statutory Power of Attorney
If you recall, I wrote an article back in 2009 that the New York legislature changed the requirements for the New York Power of Attorney form. Looking around online today I noticed that most of the free New York Statutory Power of Attorney forms that are available online are WRONG. They are either old forms […]
A Comparison of the Pennsylvania and New Jersey Inheritance Tax Laws
Some states, including New Jersey and Pennsylvania, have an inheritance tax. Other states, like Florida and New York, do not have an inheritance tax. An inheritance tax is a tax on the person who receives money from a decedent. The inheritance tax rate itself depends upon the relationship between the person receiving the money and […]