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trust tax

How Are Trusts Taxed? FAQs

By Blog
With the tax season fast approaching, you may have questions about how your trust is taxed, who is responsible for tax filings, or how trust income taxes get paid. This blog will answer some common questions you may have about the taxation of your trust. Do all trusts pay income taxes? It depends. A trust is a separate legal and taxable entity. Whether the trust pays its own taxes depends on whether the trust is a simple trust, a complex trust, or a grantor trust. Simple trusts and complex trusts pay their own income taxes. Grantor trusts do NOT pay…
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womens history

Why Do We Need A Women’s History Month?

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For many young girls today, this may be a valid question. But for many of us, we grew up with very few female role models in history books. Sure, we heard of Betsy Ross, we learned Bible stories about Eve, Sarah, Rachel, Rebecca, and Mary. We even grew up with the U.K. having the longest reigning monarch who is a woman, Queen Elizabeth. But in the U.S., she was rarely mentioned and most of the history that was taught was centered around men’s accomplishments. History books taught that the greatest scientists were Albert Einstein or Sir Isaac Newton. We did…
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impact investing

Introduction to Impact Investing: History, Strategies, and Trends

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When it comes to modern investing, individuals have a multitude of options to choose from and a myriad of ways to implement their desired investments. As part of those options, the rise of impact investing has created some fundamental changes in how investors view their asset portfolios. Assessments of a corporation’s performance on environmental, social, and governance (ESG) criteria have made it easier than ever for investors to align their personal values with their investment portfolios, and many have chosen to do so. Impact investing started as a means for organizations to avoid those areas that directly conflict with their…
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gamestop

Trading vs. Investing: What We Can Learn from the GameStop Saga

By Blog
I was recently quoted in an article for Long Island Newsday, and mentioned that there are big differences between investing and trading. Both want to profit from appreciation in the stock market, but the time horizons are very different. Investing is long-term – it considers your goals, risk tolerance, liquidity needs, and longevity. You look to diversify your portfolio appropriately for your circumstances and put money across various asset classes. Ideally, you rebalance as markets move and stick to your long-term plan in the face of market volatility. For many investors, trading, on the other hand, can be focused on…
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ocio

What Is An OCIO?

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What is an OCIO? An Outsourced Chief Investment Officer (OCIO) acts as a full-service third-party provider to wealth management, investment management, or consulting firms and takes on the investment related responsibilities of those organizations. That typically includes setting the strategic asset allocation, selecting managers to oversee day-to-day portfolio management, and providing guidance on the overall direction of clients’ investment portfolios. Beyond the obvious investment management function, an OCIO can provide huge benefits to an RIA seeking additional expertise and leverage by providing key deliverables that will free up time for advisors to spend with clients. Not only does an OCIO…
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divorce

Financial Awareness and Divorce

By Blog
I have been approached by many matrimonial attorneys, therapists, and divorce coaches who ask me to help their clients with their finances before, during, and after their divorces. Many people getting divorced, both men and women, may be smart, accomplished, or at their top of their professions, yet were not the ones handling the finances in their marriage. Many of these clients don’t know what they spend, how much their mortgage is, what assets they have, how much debt they have, what is in their investment accounts, or what is in their pension and retirement accounts. They weren’t the ones…
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tax savings qsbs

The Powerful Tax Savings of “Qualified Small Business Stock”

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IRC Section 1202 provides one of the most powerful tax benefits in the U.S. Internal Revenue Code (IRC) to entrepreneurs and investors. However, it is also one of the least recognized IRC Sections, even amongst those who stand to most benefit from its use. Section 1202 provides an exclusion from taxation to a qualified investor of up to $10 million of capital gain or 10 times the stockholder’s adjusted cost basis, whichever is greater, upon the sale of Qualified Small Business Stock (QSBS). Why has such a generous provision in the tax code gone comparatively unnoticed? A look back at…
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cliff

Mitigate New York’s Estate Tax Cliff with Smart Estate Planning and Gifting Strategies – 2021 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 $5,930,000 for 2021. Under current law, this number will remain until January 1, 2022, 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 Tax Reform: Your Questions and Our Answers – 2021 Update

By and Blog
This post will help you unpack some of the estate and gift tax provisions of the 2017 Tax Reform Act, as well as answer some of the most pressing questions raised by the changes. In a nutshell, what stayed the same and what changed? One major item that stayed the same is the simple existence of an estate tax. The initial tax reform bill from the House called for a complete elimination of the estate tax, which didn’t make its way into the final law.  Trump had also talked about altering the current date-of-death basis step-up for gains above a…
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gst tax

Basics of Federal Estate, Gift and Generation-Skipping Transfer (“GST”) Tax – 2021 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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