Holm & O’Hara LLP is pleased to announce that effective July 1, 2022 Steven E. Glass, Esq., has been made partner in the firm. Mr. Glass, who has been with the firm since 2017, focuses his practice on various trusts and estates matters, including estate planning and estate administration. He also handles residential real estate transactions and […]
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If you are like most people, a significant amount of your net worth is probably tied up in retirement accounts. Traditional IRAs and 401(k) plans offer a great avenue for pre-tax assets to grow and then be taxed later, usually at a much lower rate when you are past your peak earning years. Roth IRAs, […]
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Should you consider implementing a trust as part of your financial and estate planning? Many people are uncertain about what a trust is or how it can help them manage their affairs. Those who do not necessarily view themselves as wealthy may be especially hesitant to consider incorporating a trust into their overall planning. A […]
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On June 14, 2019, Governor Cuomo signed into law the Housing Stability and Tenant Protection Act of 2019 (S.B. 6458) (“HSTPA”), which reinforces and fundamentally changes the landlord tenant law surrounding rental properties – especially rent stabilized apartments – throughout New York State, making it very difficult to either remove apartments from regulation or to […]
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If a person dies without a will (“intestacy”) in New York State, what happens to their estate is determined by two things:
Some property passes automatically to specific heirs, regardless of whether or not a will is in place:
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Following federal estate tax reforms that took effect in 2014, New York State also revised its estate tax law so that estates of deceased New York residents worth less than $5 million (adjusted for inflation, currently $5.74 million) are no longer subject to estate tax. The basic exclusion amount was previously just $1 million. Rather […]
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The holidays are over. The champagne flutes and decorations are stowed away, and the prospect of spending hours feasting and reminiscing with your nearest and dearest at is again at a safe distance in the future. The holiday season offers an opportunity to reflect on the people in your life and how you may […]
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Estate planning is a topic that most people would rather defer, for obvious reasons. But it becomes a much more attractive subject once you understand its real purpose. Let’s start with the tough part: admittedly, if you were going to be around forever you wouldn’t really need some elements of an estate plan. Taken as […]
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Estate planning is a topic that most people would rather defer, for obvious reasons. But it becomes a much more attractive subject once you understand its real purpose. Our publication, “What is truly important to you?” provides more information about strategic estate planning, including some composite case studies to show how different estate plan scenarios could […]
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The turn of the year is often a good time to review short and long-term financial objectives and strategies, particularly as they interrelate with your estate plan. Right now, this process is more critical than ever for several reasons: Both the federal and New York State exemptions are greater in 2017 than they were in 2016, meaning […]
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