■ Roth Conversions: If you converted your IRA to a Roth, call your CPA and re-evaluate. Some folks converted to get the income tax out of their estate and to thereby reduce their estates for estate tax purposes. This may no longer be relevant in light of the $5M exemption. If this was your motivator,…
Summary: Shapeshifter for Star Trek fans (aren’t we all?) are creatures that can change shape and form in contrast to those of the Federation and its allies who are referred to as “solids.” The estate tax no doubt has morphed into a shapeshifter and has not been solid for a while, and may never again…
Summary: The 2010 Tax Act is a game changer. Here’s some thoughts on how some of your existing documents might change. But the bottom line is everyone (yeah really, this isn’t an advertisement for your estate planner, it’s intended to help you), needs to revise their documents. √Power of Attorney: Review the gift provision. In…
Summary: Shapeshifter for Star Trek fans (aren’t we all?) are creatures that can change shape and form in contrast to those of the Federation and its allies who are referred to as “solids.” The estate tax no doubt has morphed into a shapeshifter and has not been solid for a while, and may never again…
Summary: The 2010 Tax Act is a game changer. Here’s some thoughts on how some of your existing documents might change. But the bottom line is everyone (yeah really, this isn’t an advertisement for your estate planner, it’s intended to help you), needs to revise their documents. √Power of Attorney: Review the gift provision. In…
So how much of your income might NY tax? Lots more than one couple thought. First a little background then we’ll review a recent case that will send tax shivers up your spine. You can be domiciled in one state under its tax laws, and simultaneously be deemed a statutory resident in another state under…