Preserving a family's assets generally requires careful planning and preparation to prevent an elderly parent from running out of funds in the future. Adult children may otherwise find themselves dipping into their own savings or retirement plans to provide financial...
Preserving & Protecting Your Family’s Assets & Legacy
Month: February 2020
Does my loved one need a nursing home or assisted living?
As they age, New York residents may find they need more assistance with day-to-day tasks. While family and friends help when they can, it may not be enough to tackle household chores and daily maintenance. If their quality of life begins to suffer, many seniors choose...
Income Tax Rates for Trusts and Estates 2019
Update: Here are the 2020 income tax rates for trusts and estates The IRS has enacted revenue procedure 2018-57 which updates rules in the tax code, which updates include regular adjustments for inflation. Included in these updates are adjustments to the 2019 tax...
What happens if you die in New York without a will?
If you fail to make a Last Will and Testament prior to your death, the laws of New York say that you died intestate. What this means is that New York law will determine not only your heirs, but also how much each of them inherits from you. The New York State Unified...