Trusts & Estates News

Trust & Estates Update – Spring 2020

COVID-19 Introduces New Challenges – and Some Opportunities: The COVID-19 pandemic introduced many financial and economic challenges for individuals and families at all income and asset levels.  Deep uncertainty makes careful planning and document management more essential than ever.  At the same time, the still-transforming legal and regulatory landscape may provide new possibilities for strategic planning. This update contains short summaries of changes in the law, tips on best practices, and overviews of potential tax saving strategies.

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Cathleen Bahan Consulting

Release: Holm & O’Hara LLP Launches Urgentplanning.com

FOR IMMEDIATE RELEASE April 2, 2020 Urgentplanning.com offers new way to access critical legal services, quickly, during difficult times www.urgentplanning.com To meet increased requests for rapid-response legal services, midtown Manhattan law firm Holm & O’Hara LLP has launched urgentplanning.com.  The site utilizes cutting-edge technology to connect prospective clients and their families with the firm’s dedicated […]

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Cathleen Bahan Consulting

In-Secure:  New Law Has Profound Impact on Inherited Retirement Accounts

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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Cathleen Bahan Consulting

Trusts 101: Essentials for Everyone

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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Cathleen Bahan Consulting

Some Potential Good News for Investors in New York’s New Rent Laws

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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Cathleen Bahan Consulting

What happens if I die in New York State without a Will?

If a person dies without a will (“intestacy”) in New York State, what happens to their estate is determined by two things:

  • The nature of their assets
  • The composition of their family

Some property passes automatically to specific heirs, regardless of whether or not a will is in place:

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Cathleen Bahan Consulting

It’s Gotten Easier to Fall Off NY’s Estate Tax Cliff—Again

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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Cathleen Bahan Consulting

Trusts & Estates Update – Spring 2019

With the onset of the 2018 tax season, the impact of the Tax Cuts and Jobs Act (Pub. L. No. 115-97) (“TCJA”), passed quickly at the end of 2017 is becoming more apparent. One year after the enactment of the new law, its wide-ranging effects on both individuals and companies are coming more clearly into […]

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Cathleen Bahan Consulting

Naughty and Nice: Tips for Post-Holiday Estate Planning

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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Cathleen Bahan Consulting

Trusts & Estates Update – Spring 2018

As spring makes its slow, but eventual, arrival, it is a perfect time to evaluate your current state of affairs in light off your future goals and aspirations. Estate planning  is an integral part of financial planning that prepares you and your family for an uncertain future in the context of your wishes for your […]

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Cathleen Bahan Consulting

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