Blog - "Altman Speaks"

The Gift of Travel: Using Trusts to Gift Travel to Heirs

The beauty of estate planning is the knowledge that your intentions and wishes will be honored. With that in mind, many of our clients are becoming more and more specific with their intentions – some right down to dictating how they want their heirs to use their inheritance. This is best achieved through the use […]

Collecting on Your Collection: What to Do with Cherished Goods

Did you know that your personal effects, no matter what value, whether or not they are mentioned in your Will or Revocable Trust, must be reported to the IRS on Schedule F of your U.S. Estate Tax Return (Form 706). Moreover, there is a specific question on that form asking the Executor if the deceased […]

Annual Visit to Wineries in the North Folk of Long Island

Readers of my blog know I go the North Folk of Long Island every year to taste and buy wine. My wife and I enjoy the fine restaurants on the East end all serving foods grown from the many organic farms that over the years have replaced what used to be potato farms. I know this may sound strange to […]

Tax Changes Coming in 2013: Are You Prepared?

In addition to the Medicaid Surcharge tax (which we will cover separately), below is a list of significant tax changes that will take place January 1st, 2013. Medicare Payroll Tax Increase - The Medicare tax will increase .9%, from 1.45% to 2.35% on wages and self-employment income above $250,000 for married taxpayers filing jointly and above $200,000 for single taxpayers. For a married couple earning […]

The Price of Passing on Wealth: Understanding Estate and Inheritance Taxes

As you probably know, death is not the end of taxation. The estate tax is imposed federally and by most states, and some states may impose an inheritance tax as well. In Maryland, a decedent’s estate pays the greater of the Maryland Estate Tax or the Maryland Inheritance Tax. These taxes are the price paid […]

Just How Blind Are Blind Trusts?

Facing questions about the transparency of his investments and tax returns, Republican president candidate, Mitt Romney, has responded with two words: blind trust. A popular tool with politicians and government officials who want to stave off potential conflicts of interest and presumably keep the public’s attention off of their wealth (particularly in a down economy), blind trusts are […]

The Future of DOMA and Same-Sex Estate Planning

In June, we brought you Windsor - the New York District Court case holding that part of the Defense of Marriage Act (“DOMA”) is unconstitutional and finding that a same-sex couple was entitled to the federal marital deduction. Windsor is one of five federal cases from 2012 which ruled against DOMA, either directly or indirectly, […]

Adding Social Media Provisions to a Will? Estate Planning Evolves to Protect Your Online Persona

For many of our clients, a basic estate plan may contain a Will, Revocable Trust, Financial Power of Attorney, Advance Medical Directive, and HIPAA Release Form. Some of our more complex clients create Limited Liability Companies, Corporations, or various other Trust and Business entities as their estate plan may require. What all of these have […]

From Disability to Guardianships...Estate Planning Goes Well Beyond Tax Savings

Estate planning is about more than curbing taxes because it’s about more than money; that’s why we call a good estate plan "The Gift that Keeps on Giving" and that’s why estate planning works for estates of all shapes and sizes. Dealing with the disability or death of a loved one is extremely stressful. Commonly, […]

The IRS Invents a Chinese Billionaire? Black Market Art Valuation and the Estate Tax

Thanks to a foreign billionaire – who doesn't actually exist – the IRS wants $40.9 million in taxes and penalties for a piece of art that is illegal to sell and that three appraisers, including Christie’s, valued at zero dollars. How is that possible? Enter: The black market. But first, some background . . . […]

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Recent Posts

Location, Location: Lowering the Tax Bill on Certain New York Trusts

Leaving on a Jet Plane: Estate Planning Brings Peace of Mind to Travelers

Gun Trusts: An Important Consideration for Gun Owners

Our offices are closed today due to the inclement weather!

Retirement Plans Are Not Rainy Day Funds: Early Distributions = Stiff Penalties!

The Qualified Personal Residence Trust: Protect Your Home – Take Advantage of the Housing Market

Estate Administration is Not a Game! Mistakes are Costly!

Simple, Yet Common Estate Planning Error Lands a Virginia Case on the U.S. Supreme Court Docket

The Romantic Side of Estate Planning

Another Large Corporate Firm Pulls the Plug on Trusts and Estates: More Reason to Work with a Boutique Estate Planning Law Firm!

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