In our last newsletter, we forecast potential changes to estate taxes due to the majority maintained by the Democrats in the House of Representatives and the slight advantage the Democrats have in the Senate because Vice President Harris, a Democrat, casts the tie-breaking vote. The President recently released his American Family Plan (AFP) which includes...
Tax season is over! Spring has FINALLY sprung! It’s time to “review and renew.” Each spring, we at Berwitz & DiTata LLP encourage our clients, friends and “would be” friends to focus on estate planning, refresh those resolutions and stop procrastinating. We call it our annual “Review and Renew” program. If you have never...
José Fernández was a talented, young pitcher for the Miami Marlins. His death, on September 25, 2016 at the age of 24, was a tragic loss for the baseball community, the Cuban American community and, most importantly, his family. The loss was made more tragic by the reports that, shortly before his death, Fernández announced,...
“Orphan Elders” is the term used to describe seniors who are aging alone – without a network of family and friends. They are single or widowed, have no children, or none with whom they have a regular and supportive relationship, and no support system. Because of health or financial reasons, they may be isolated socially....
What is “decanting” and why does this matter? Decanting is the legal term for transferring assets from one irrevocable trust to another irrevocable trust. Typically, when we think of irrevocable trusts, we think they cannot be changed – and that’s true. But, if an irrevocable trust is seriously flawed, decanting is the process that provides...
Part of our practice, at Berwitz & DiTata LLP, is to represent Guardians who have been appointed under Article 81 of the Mental Hygiene Law. It is surprising how many well-intentioned Guardians are ignorant of their responsibilities. This can be really problematic. Here are some misconceptions that Guardians frequently have: It is OK to...
The premature death of “Black Panther” star Chadwick Boseman, a young actor who had such a positive impact on so many lives, serves as a sad reminder of the importance of estate planning. Shortly before his death, Boseman married his long time fiancé. Boseman’s marriage significantly affected the disposition of his estate. When a...
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government created to protect depositors of FDIC insured banks and savings associations against loss due to the failure of the insured bank. It covers all types of deposits: checking, savings, money market and time deposits like certificate of deposits (“CDs”), dollar-for-dollar...
Many of us fear that we may one day lose the ability to live independently and care for ourselves. When this occurs, the choices for most of us are nursing home care, assisted living or home care. In the greater New York area, depending on the level of care, nursing homes cost between $150,000.00 and...
We hear about new scams every day. Some are easy to recognize but others are quite clever. Unfortunately, seniors are prime targets. If they have diminished capacity, they are even more vulnerable. Here are some things that seniors can do to protect against the widespread damage caused by identity fraud: Telephone Scams – How...
