Man performing tax and estate calculations in order to determine the way he wants his trust made

WHAT’S SPECIAL ABOUT A NONGRANTOR TRUST?

Gabriel Katzner - November 1, 2022 - Estate Planning

A grantor or trustmaker is the person who funds a trust, so how can you have a trust without a grantor? It is confusing, but the terms grantor trust and nongrantor trust refer to the trust’s income tax, not the existence or lack thereof of a trustmaker. The Difference Between a Grantor Trust and a […]

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Granparents at the yard with gran daughter looking at a picture album during sun set

What is a Generation Skipping Transfer Tax?

Gabriel Katzner - September 28, 2022 - Asset Protection

Taxes are a fact of life, but some tax schemes are better known than others. For example, everyone who earns a paycheck knows about the federal income tax deductions from their pay each pay period. Lesser known taxes include capital gains, gift, and generation-skipping transfer taxes. The generation-skipping transfer tax (GST) is a federal tax […]

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Family Limited Partnership in New York City

FAMILY LIMITED PARTNERSHIPS

Gabriel Katzner - December 14, 2021 - Asset Protection

Family limited partnerships (FLPs) are an estate planning tool that reduces estate, gift, and income tax liabilities by allowing families to transfer a significant amount of their wealth to the next generation. Unfortunately, this popular and effective estate planning tool is being challenged by the current administration in Washington, D.C. Understanding Family Limited Partnerships An […]

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Man signing in for his new job

NEW JOB? Financial and Estate Planning Things You Need To Consider

Gabriel Katzner - November 30, 2021 - Estate Planning

A new job is an exciting step in anyone’s life, whether it’s a first after school and summer job at the local water park or a move to become the CEO of a Fortune 500 company. Proper financial and estate planning are important in any stage of life and can help protect the future you’re […]

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Inheriting a retirement account

INHERITING A RETIREMENT ACCOUNT

Gabriel Katzner - January 25, 2021 - Income Tax Planning

Meet the Smith family. Mark is the co-owner of a small business with his wife, Margo. The couple has two adult children, Jessica and Larry. Mark also has a sister, Jan, whom he has been financially supporting for several decades. Mark and Margo each have their own retirement accounts. They have contributed to them since […]

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altruistic and financial benefits

THE ALTRUISTIC AND FINANCIAL BENEFITS OF CONSERVATION EASEMENTS

Gabriel Katzner - December 22, 2020 - Income Tax Planning

Jocelyn and Mike Brown own two hundred acres of land overlooking a beautiful ski town with a mountain range in the background. Jocelyn and Mike have five children and 18 grandchildren. None of the children or grandchildren have the financial resources to buy the land outright so that the equity can be evenly divided amongst […]

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State Income Tax Planning using Non-grantor Trusts

STATE INCOME TAX PLANNING WITH INCOMPLETE GIFT NON-GRANTOR (ING) TRUSTS AND COMPLETED GIFT NON-GRANTOR TRUSTS

Gabriel Katzner - October 27, 2020 - Income Tax Planning

Does looking back at 2020 bring on a feeling of panic? What happened? An unforeseen viral pandemic spread globally and brought financial destruction in its wake. Economists estimate that the pandemic’s total cost was more than $16 trillion in the U.S. alone. Each family of four had an estimated financial loss of $200,000.1 That, or […]

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Funding a College Education

EDUCATION FUNDING FLEXIBILITY IN LIGHT OF COVID-19

Gabriel Katzner - September 28, 2020 - Estate Planning

Funding a College Education: Don’t Be Overwhelmed by the Options New parents focus on milestones such as first steps and first words, not funding a college education. Investing in your child’s college education early in life can pay off in the long run. Each plan has a different menu of benefits and restrictions. It is […]

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Your art collection in your estate is valuable.

SPECIAL ESTATE PLANNING CONSIDERATIONS FOR ART AND OTHER COLLECTIONS

Gabriel Katzner - June 22, 2020 - Income Tax Planning

Many people are passionate about their collections, both the financially valuable (art or stamps) and the sentimentally valuable (mementos and postcards). If you have a collection—no matter its monetary value—you’ll want to include your treasures in your estate plan. Make arrangements in advance to ensure that the collection is handled in the way you want, […]

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