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7 Reasons for Seniors to Celebrate in 2023

2022 was a tumultuous year. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news. However, with 2023 in motion, there are some silver linings — in particular for seniors.

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IRS Raising Annual Gift Tax and Estate Tax Exclusions in 2023

Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases.

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Three Estate Planning Options for Your Art Collection

hanging art

Collecting art or other valuable items can be a passion for many people. Sometimes the passion is about investments because the art world has enjoyed enormous appreciation over the last few years. But more often it’s about enjoying the art or the medium itself than about ensuring financial gain. However, once you have accumulated a sizable collection, what do you want to happen to it after your death?

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Why Small Business Owners Need an Estate Plan

Female,Mature,Senior,Small,Business,Owner,Using,Mobile,App,Checking

Running a small business can keep you busy, but it should not keep you from creating an estate plan. Having a valid, legally enforceable and well thought out plan in place is important for everyone to make a priority, especially small business owners. Not having a plan in place can cause problems for your business and your family after you are gone.

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Estate Tax Law Changes – What To Do Now

By: Louis W. Pierro, Esq.

The opportunity to make proper use of the present $11,700,000 Federal Gift Tax exemption, and the opportunity to fund and sell to Grantor Trusts, form and fund Grantor Retained Annuity Trusts, fund Qualified Personal Residence Trusts and other planning techniques, may be gone in a matter of days.

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Advisory: Drastic Changes to the Estate and Gift Tax System – TIME IS OF THE ESSENCE

By: Louis W. Pierro, Esq.

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Four Tips on Creating a Special Needs Estate Plan

Blind young man

By: Michael W. Gadomski, Esq.

Public benefits enhance the quality of life for people with disabilities yet eligibility for SSI or Medicaid is based on the financial value of assets the persons possess.  So what if parents or grandparents wish to set aside additional financial resources for a child or adult with a disability while maintaining their loved one’s eligibility for public assistance?

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Can you Visit Nursing Home Residents after they are Vaccinated?

by Staff

COVID vaccines are starting to roll out to nursing homes across the country, signaling the beginning of the end of the pandemic. Once your loved one has had both doses of the vaccine, you may be able to visit, but precautions are still necessary. 

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Ability to Withdraw Money Early from Retirement Plan Without Penalty Expires at the End of the Year

by Staff

If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon. 

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Estate Planning When You Live in Two States

Hand luggage at the airport in front of an airplane

Many people have homes in two states. Legally, you do not need separate estate planning documents for each state, but it may make sense from a practical perspective.

The Constitution of the United States requires that states give “full faith and credit” to the laws of other states. This means that your will, trust, durable power of attorney, and health care proxy executed in New York (Just to pick one state) should be honored in the state where you have a second home. That’s the law.

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