Estate planning experts say that everyone should have an estate plan, but not everyone does. Often a life event such as getting married, having children or buying a house motivates people to contact an estate planning attorney and execute a will, any necessary trusts, and advance directives for health care. That is a good thing,…

In an article in the August issue of Vanity Fair, members of Paul Newman’s family claim that the company, Newman’s Own and its foundation are being mismanaged by the man who has served as chief executive for several years. Much of the dispute concerns changes that Newman made to his estate plan in his final…

In a move that could affect the way wealthy families plan their estates; the IRS may put a stop to the tax strategy of using businesses to pass down stock portfolios to heirs at a discount. Tax attorneys say that the issue has been on the IRS’s agenda for some time. The proposed rules could…

An upscale continuing care retirement community drew the ire of residents four years ago when it began limiting certain areas and events to its independent living residents. Suddenly, residents in the assisted living or nursing units could no longer attend certain holiday parties or eat meals in the community’s country-club style dining room. According to…

On April 14, the Labor Department proposed new rules to provide greater protection for retirement savings. The proposed rules, if finalized, would strengthen requirements for brokers and investment advisers to act in the interests of investors with regard to individual retirement accounts (IRAs) and 401(k)s. The proposed rules are intended to protect investors from being…

Charitable giving is a way to benefit a good cause while also earning tax advantages. However, there are ways to make charitable gifts even more advantageous, both during one’s lifetime and as part of one’s estate plan. One method is to donate appreciated securities. If you own stock that has appreciated over time, you may…

In the past, making alterations to irrevocable trusts was an expensive and public process that was generally done through the courts.  In 1992, New York was the first state to enact a decanting statute.  In 2011, this statute was amended, making it easier to alter irrevocable trusts. Trust decanting is a powerful tool which allows…

The Social Security claiming strategy known as “file and suspend” is often used by married couples entering retirement, but it can be useful for single retirees as well. Most people approaching retirement age are aware that the decision of when to start taking Social Security retirement benefits affects the amount of the payments. Retirees can…

A new intergenerational community center has opened in White Plains. The Lanza Family Center for All Ages opened February 24, 2015. It is modeled after the award-winning My Second Home in Mount Kisco, also operated by Family Services of Westchester (FSW). Seniors benefit emotionally, socially and physically from being around children. Rita Bellamy, the director…

There is a lesson to be learned from Tywin Lannister, the influential patriarch of Game of Thrones. Despite amassing great wealth and power throughout this life, his attempts to create a business legacy for his family failed. A family-owned business is a hard-won commodity and is considered a legacy to be passed from one generation…