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Congress Passes “Extenders” Legislation Reviving Expired Tax Breaks for 2015

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) signed into law December 18, 2015, not only revives expired breaks for 2015 but also makes many breaks permanent, […]

Permanent Place of Abode: Taking Ownership

We have always been told it’s important to take ownership of your work, your actions, and sometimes even the actions of others. However, when it comes to determining whether you […]

Second-to-die Life Insurance Is a Vehicle to Pay Estate Taxes

Second-to-die life insurance (sometimes called “survivorship insurance” or “dual-life insurance”) can be a useful tool for providing liquidity to pay estate taxes for married couples with large estates.

7 Last Minute Tax Saving Tips

Year-end is literally days away, but there’s still time to reduce your 2015 tax liability as long as you take action by December 31. Consider these strategies:

Protecting Your Retirement Savings from Creditors

Estate planning and asset protection go hand-in-hand. After all, no matter how well your estate plan is designed, it won’t do much good if you have no wealth to share […]

Permanent Place of Abode: The Nature of the Relationship

The leading case examining what constitutes a permanent place of abode (“PPA”) states that “[p]ermanence, in this context, must encompass the physical aspects of the dwelling place as well as […]

Avoid a 50% Penalty: Take Retirement Plan RMDs by December 31

After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). […]

Don’t Miss Your Opportunity to Make 2015 Annual Exclusion Gifts

Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in […]

Permanent Place of Abode: Let’s Eat Out

In my last blog, I discussed the physical aspects of a permanent place of abode (PPA) as defined by New York State. Despite the State’s own regulations stating that a […]