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Tag Archives: estate planning

Estate planning and health care proxies require special methods during pandemic

Sharon Wick, an attorney with Phillips Lytle LLP, carried out the witnessing of a will last week in a client’s garage in Erie County. Maintaining the appropriate distance to avoid the potential spread of the COVID-19, Wick and her client, ...

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Keeping Your Balance: What estate planners might expect under Trump


President-elect Donald Trump has proposed wide-ranging changes to the nation’s tax system, which will affect virtually all Americans and their advisors. Estate planners in particular face a dramatic potential impact on their practices. Potential for federal estate tax repeal Trump ...

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Estate Planning: The viability of portability after changes to the federal estate tax

The 2010 tax act, affectionately known as the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” made significant changes to the federal estate tax, including the increase of the estate tax exemption to $5 million per person, ...

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Estate Planning: True or false … or somewhere in between?

Estate Planning for Retirement Accounts Questions: 1. Designating a trust created for a surviving spouse as the sole beneficiary of an IRA is no different than designating the spouse as the direct beneficiary because the minimum required distribution (MRD) in ...

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Estate Planning: More income from investments in troubled times

In these difficult times, with investment returns at historically low levels, many of our clients are searching for safer investments with higher yields. There are several avenues to explore for those who have charitable intentions. A Charitable Remainder Annuity Trust, ...

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Estate Planning: Uncovering the truth about revocable trusts

I once had a new client arrive at our first meeting with a tabbed copy of a Suze Orman book in hand in which she touts the value of using revocable trusts as part of a proper estate plan. Seeing as how I had not read her book, I was not in a position to either defend or oppose her position.

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Estate Planning: A trustee’s duty to disclose grows thanks to UTC

A trustee’s duty to notify contingent beneficiaries and remaindermen of New York situs trusts may now be receiving more notifications concerning the specific terms of the trust, its value and the nature and extent of the trust assets. The reasoning behind the notifications ...

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