Picture this: you’ve worked diligently your entire life, building a legacy and accumulating wealth for your family, only to have it snatched away by the New York State estate tax at the eleventh hour. You watch helplessly as your hard-earned…
What is an Irrevocable Life Insurance Trust (ILIT)? An Irrevocable Life Insurance Trust (ILIT) is a special kind of trust you can set up to manage your life insurance policy. Once you create this trust, you can’t change or cancel…
New York estate taxation, similar to the federal estate tax, is a tax levied on the transfer of a deceased person’s assets to their heirs or beneficiaries. Understanding the intricacies of estate taxation in the Empire State is crucial for…
The Federal estate tax, also known as the “death tax,” is a tax imposed by the United States government on the transfer of wealth at an individual’s death. The tax has been a topic of much debate in American politics…
Fiduciary income tax is a critical aspect of managing estates and trusts, yet it remains a complex subject for many people. In this article, we’ll shed light on key concepts and responsibilities associated with fiduciary income tax, helping you better…