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Moving Tips

Americans move from one home to another for a variety of reasons. They want to upsize, downsize, be closer to family and friends, seek a more desirable design or layout, or accommodate changing medical or physical needs. As people age, the likelihood of a move increases and it’s important to have reasonable expectations, be alert...

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Update Your Estate Plan Following Divorce

Divorce is often traumatic and is almost always an emotional and overwhelming process. It typically changes living arrangements and results in the division of assets and the apportionment of custody for minor children. Often, people in the process of divorcing become so caught up in these changes that they neglect to consider how the divorce...

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While You Are Reviewing That IRA Distribution…

IRA owners who have reached the age of 70 1/2 are required to take minimum distributions each year. If you have not yet taken your annual distribution, now is the time to contact the custodian of your IRA to ensure that your distribution is timely calculated and made.  However, it is important to periodically review...

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While You Are Reviewing That IRA Distribution…

IRA owners who have reached the age of 70 1/2 are required to take minimum distributions each year. If you have not yet taken your annual distribution, now is the time to contact the custodian of your IRA to ensure that your distribution is timely calculated and made.  However, it is important to periodically review...

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Use New Technology To Protect Your Critical Records

Though retirees are likely to have the greatest number of critical records – and might need access to many of them on short notice – for instance, if a Medicaid application must be prepared – they are the least likely to understand and know how to take advantage of new tools that are available to...

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Retirement Planning Myths

Websites and publications geared towards those contemplating retirement ply their readers with articles on the “do’s and dont’s” of retirement planning. Even so, trying to formulate the right retirement strategy can be mind-boggling! Here are some common retirement planning myths: 1. “As I near retirement, investments should be more conservative.” Americans are living longer. In...

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Estate Planning: Essential at Any Age

Most people incorrectly believe that estate planning is important only after you have reached a certain age or acquired some wealth. This is not the case. At Berwitz & DiTata LLP, we like to think of estate planning as “lifetime planning” and believe that it is important for all of us who have reached the...

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Changes to New York State Estate and Gift Tax Regimes

On March 31, 2014, Governor Andrew Cuomo signed legislation that significantly alters the New York State estate and gift tax laws – the first change since 1998. Under the old law, an estate was subject to NYS estate tax if the total gross estate exceeded $1,000,000. Under federal law, an estate is subject to estate...

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What Is Includable In Your Estate?

For some of us, taxes may be owed even after death. Depending on the size of your estate, estate taxes, state and/or federal, may be due. To determine your potential estate tax liability, it is important to understand the assets that are considered part of your estate. • Real Property. Any real property that you...