Schedule an in-office, Zoom or phone consultation Here.
Recently, we came across an article by a syndicated columnist that claimed that if you put your house into an irrevocable trust you lose your exclusion from the capital gains tax on the sale of the primary residence — $500,000 for a couple and $250,000 for a single person. The…
Some thirty-five years ago your writer was taught that estate planning is about getting your assets to whom you want, when you want, and the way you want, with the least amount of taxes and legal fees possible. In the intervening time, we have learned that estate planning is more…
This being our 35th anniversary, your writer thought it might be of some interest to our readers just how Ettinger Law Firm first came into being. It is written in the third person to make it more readable. The law firm was founded in a single office in West Hurley,…
Why don’t more people do the Medicaid Asset Protection Trust (MAPT)? The answer is that clients often get the wrong advice from well meaning but ill informed professionals, family and friends. Here are some of the most common MAPT myths. 1. You Can’t Sell the House. The MAPT may sell…
The current New York estate tax exemption stands at $7.16 million while the Federal exemption is at $13.99 million. While the Federal government only taxes the amount over the Federal exemption, New York takes a different approach. Once you go more than 5% over the exemption amount in New York,…
For 2025, the exemptions for estate taxes rise to $7.16 million for New York estate taxes, and to $13.99 million for Federal estate taxes. The annual gift tax exclusion rises to $19,000. If your estate is, or may become, greater than the New York threshold, early intervention can avoid the…
The first myth to explore about estate planning is that you can do it yourself over the internet. This supposes that a trust is a generic legal document where you plug in names, addresses and amounts you want to give and then off you go! However, experienced estate planning lawyers…
If you have a son, daughter, sister, brother or parent living alone for whom you are responsible, and they unfortunately become incapacitated or die, apart from the emotional and medical burdens, you may have significant legal and financial troubles. A little planning in advance for these contingencies will go a…
To qualify for community based Medicaid, meaning receiving medical care in the home, an individual cannot make more than $1,752 per month and a married couple cannot make more than $3,853.50 per month. Obviously, these minimal income standards make it very difficult to qualify for community Medicaid. However, applicants can…
An IRA may not be transferred to a trust without causing the whole IRA to be taxed. The “I” in IRA stands for “individual” — it must be owned by a single person. In practice, there is no need to transfer an IRA to a trust since IRA’s avoid probate…