Update: Here are the 2019 income tax rates for trusts and estates and the 2020 income tax rates for tusts and estates. The IRS recently enacted revenue procedure 2016-55 which updates rules in the tax code that are regularly adjusted due to inflation. Among the...
Preserving & Protecting Your Family’s Assets & Legacy
Month: March 2018
Creating a living will can benefit anyone, including a Kardashian
Deciding how to be cared for in the event of incapacitation can be difficult for any New York resident. There may be many facets to consider, such as priorities in one's life and how certain decisions may affect family. However, a living will can contain any...
Putting Rental Home Into a LLC or S-Corp is Sound Medicaid Planning
To qualify for Medicaid in New York, the Medicaid Regulations ("Regulations") provide that all income and resources actually or potentially available to a Medicaid applicant or recipient must be evaluated, but only such income and/or resources as are found to be...
You Did Medicaid Planning, You Created An Irrevocable Trust. Now, Make Sure The Trustee Files A Tax Return (Or Not)
Most irrevocable trusts created for the purpose of protecting assets from the costs of long term care (i.e., the nursing home) must file a Form 1041 (for IRS Federal filing purposes) and a Form IT-205 (for New York State filing purposes) only once - for the year of...
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