All Posts By

Nicole Hart, J.D.

cliff

Mitigate New York’s Estate Tax Cliff with Smart Estate Planning and Gifting Strategies – 2022 Update

By and Blog
While the large increase in the federal estate tax exemption has provided many with federal estate tax relief, New Yorkers must continue to plan for New York estate tax. For a quick review of the New York Estate Tax “Cliff” basics, see the “Understanding New York’s Estate Tax “Cliff” blog post. What is the current exemption from New York estate tax again? The current New York estate tax exemption amount is $6,110,000 for 2022. Under current law, this number will remain until January 1, 2023, at which point it will rise again with inflation. Who does the Cliff affect? Everyone…
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tax law changes

Estate Planning in Light of Current Law: Your Questions and Our Answers – 2022 Update

By and Blog
This post will help you consider estate planning strategies in light of the current federal estate, gift and generation skipping transfer tax exemption, which in 2018 increased to $11.18M and has been indexed for inflation each year since then. However, the exemption amounts are scheduled to revert back to the pre-2018 exemptions (indexed for inflation) when the clock strikes midnight on January 1, 2026. Remind me what the numbers are. Below is a basic chart outlining the numbers (per person) pre-2018 as compared to the numbers currently. Remember these numbers relate to federal estate tax. We will discuss state estate…
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gst tax

Basics of Federal Estate, Gift, and Generation-Skipping Transfer (“GST”) Tax – 2022 Update

By and Blog
The bad news is that there is a federal tax on assets that you give away during life, at death, and to individuals two or more generations below you. The good news is that this tax will only apply to the wealthiest Americans and, even so, there are strategies you can use to minimize or avoid its application. The federal estate, gift and GST tax only kicks in above a certain dollar threshold. Furthermore, there are additional wealth transfer strategies that do not trigger any tax at all if structured properly. Taxable Gifts There is a federal estate and gift…
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new york estate tax cliff

Understanding New York’s Estate Tax “Cliff” – 2022 Update

By and Blog
In 2014, dramatic changes were made to New York’s gift and estate tax law. For many clients, the subject of the New York estate tax “cliff” continues to remain a source of confusion. This is for good reason. The New York cliff is not easy to understand, nor is it easy to know how it may impact your particular situation. The answers below are intended to guide those who remain baffled by the New York estate tax cliff. Does New York have an estate tax? Yes. New York, like several other states, has a state estate tax. This means that…
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account beneficiaries

Pay Attention to How Your Accounts are Titled

By Blog
Do you have sizeable jointly-held accounts with your spouse? Is your estate large enough that it could be subject to federal or state estate taxes? If you answered yes to both of these questions, then pay attention, because your Will may not do what you think it does. What’s the problem here? Your Will is not the end of the story. Your Will might only “work” if your accounts are titled properly. It’s not uncommon for us to see well-drafted Wills with solid tax planning incorporated into the estate plan. In the case of a high net worth client, this…
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tax cheat sheet

2022 Federal & State Estate and Gift Tax Cheat Sheet

By and Guides & Whitepapers
Here we have provided a “cheat sheet” to keep in mind for 2022 federal estate, gift and GST exemptions, as well as exemptions and inheritance tax consequences in specific states where a number of our clients reside. Federal Estate, Gift, and GST Tax Below is a summary of the current federal estate, gift, and generation-skipping transfer tax provisions for 2022. Note that, under current law, the increases in exemption amounts that began in 2018 are set to expire in 2026, at which point they will revert back to the pre-2018 numbers (i.e., $5,490,000 per person, indexed for inflation). Gift and…
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mental health trustee

Navigating Mental Health Issues When Serving as Trustee

By , and Guides & Whitepapers
A Conversation with an Experienced Estate Attorney and Trustee At Wealthspire Advisors, there are several senior advisors who also serve as trustee for their clients. Mike Delgass is one such advisor. Mike is a Managing Director and has been with the firm since 2005. Before Wealthspire, Mike practiced as a trusts and estates attorney and was a partner at two nationally recognized law firms. Mike draws from his extensive legal experience not only to help his clients navigate complex tax planning, but also in his role as personal trustee for some of the families with whom he works. Though there…
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question trustee

The One Question All Trustees Should Ask Themselves

By Blog
Have you ever seen the show The World’s Most Extraordinary Homes? My favorite segment in each episode occurs when the hosts interview the architects. The architect will describe the origin of his creative vision for the home, how the shapes and colors used in the home might be symbolic of the thing that inspired that vision, and how the materials were sourced and brought to the land on which the home was built. All of these factors coalesce to inform how the home will be lived in. Each of the architects will discuss the care he took in designing the…
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executors trustees guardians

Choosing Executors, Trustees, and Guardians for Your Estate Plan

By Guides & Whitepapers
Who would you trust to take care of your children if something happened to you? Who would you trust to manage their finances? Who in your life would be capable of administering your estate if you pass away? For some fortunate people, the answers to these questions are clear. For many others, however, answering these questions is far from easy. When clients are crafting or revising their estate plans, there are a lot of questions to answer and a lot of decisions to make. As a starting point, we suggest that clients start the planning process by considering the people…
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