Estate planning is important for all adults. Our priorities change as we age, if we marry, if we have children or pets or aging parents, if we have loved ones with disabilities and, of course, when we retire. But an estate plan is something that each of us should have. Younger individuals and/or newly...
At Berwitz & DiTata LLP, we believe that lifetime planning is at least as important as planning for after death and that no plan is complete without a carefully drafted and thorough power of attorney. A power of attorney designates a person, called the agent, to make decisions and take responsibility for managing the principal’s...
Last year, we advised our readers of a tax savings strategy that involved funding charitable contributions with their required minimum distributions or “RMDs.” We wish to remind those who anticipate making charitable contributions before year-end to review our article entitled “The Benefits of Using Your IRA to Make Charitable Contributions.” For your convenience, we have...
After a loved one dies, family members frequently have unrealistic expectations as to the steps that are necessary to complete the process of distributing the decedent’s assets. Chief among them is the belief that the distributive plan developed for the decedent should be implemented immediately and the property dispersed to the beneficiaries. When the fiduciary,...
Did you know that financial institutions can share our personal and financial records? Did you know that credit reporting agencies can sell our credit report to credit card companies and others? Credit bureaus collect and profile data about each and every one of us in order to help businesses make decisions about those with whom they...
Second or third marriages and blended families, where one or both spouses come to the marriage with children from a prior relationship, can raise interesting and sometimes difficult questions when considering an appropriate estate plan. The primary purpose of estate planning is to insure that, when you pass away, your assets pass to those whom...
If you already have a will, you may be ahead of the game. But don’t be too sure. When did you last review it? Do you recall where you put the original? Has your life changed in the interim? Have you married, divorced, had children or have your children given you grandchildren? Have you inherited...
Ideally, every client of Berwitz & DiTata LLP would have the foresight to plan now for the possibility that they will require care in the future. Most people believe that the only way to accomplish this is through long-term care insurance. Not everyone qualifies and those who do are often discouraged by the cost. Fortunately,...
It is now more important than ever for clients to engage in Medicaid planning in advance of the need for Medicaid benefits because of changes that were implemented in the 2021 fiscal budget by our state’s legislature and signed by Gov. Cuomo in early April 2020. In the Special Edition of this newsletter in April,...
