Berwitz & DiTata LLP

05/14/2024

Sometimes Property Management Guardians, appointed in an Article 81 proceeding, do not realize until after they have been appointed that it is their obligation to manage all of the assets and income of their ward and prepare an annual report.

For more information, check out our blog entitled, "Guardians Have a Duty to Account".
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05/14/2024

Websites and publications geared towards those contemplating retirement ply their readers with articles on the “do’s and don’t’s” of retirement planning. Even so, trying to formulate the right retirement strategy can be mind-boggling!
For more information, check out our blog entitled, "Retirement Planning Myths".
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05/14/2024

Pets are frequently overlooked in the aftermath of an accident or death. Sometimes pets are only discovered days after a tragedy. Many of our clients and friends have never considered what would happen to their pets if something unexpected happened to them.
What can you do to protect your pet’s future?
For more information, check out our blog entitled, "Protecting Your Pet’s Future".
https://buff.ly/4aAo7gZ

05/14/2024

If you are itemizing deductions, you must elect whether to report the income and claim the deduction or direct the payment of the charitable donation from the IRA.

However, if you make other charitable donations that do not use your IRA funds or which exceed the standard deduction together with your other deductions, you can still claim each of the donations as an itemized deduction and realize a tax benefit.

For more information, check out our blog entitled, "The Benefits of Using Your IRA to Make Charitable Contributions".
https://buff.ly/3VDyfkn

03/19/2024

Many of us have at least one step-relative in the family – a step-parent, a step- or half-sibling, or a step-child.

Because the relationships among step-family members are frequently as strong or stronger than the relationships we have with our direct family members, it is important to take current and potential step- relationships into account when planning your estate.

For more information, check out our blog entitled, "Estate Planning in the Age of Step-Families".

Many of us have at least one step- relative in the family – a step-parent, a step- or half-sibling or a step-child. Because the relationships among step-family members are frequently as strong or stronger than the relationships we have with our direct family members, it is important to take curren...

03/05/2024

We have many clients who divide their time between New York and another state, often Florida. If you spend significant time in two different states, there may be a question as to where you actually reside.

The question is more complicated than where you spend the most time — and the answer can really matter.

For more information, check out our blog entitled, "Here or There: Which State Do You Call Home?".

We have many clients who divide their time between New York and another state, often Florida. If you spend significant time in two different states, there may be a question as to where you actually reside. The question is more complicated than where you spend the most time — and the answer can rea...

02/20/2024

The IRS recently issued Revenue Ruling 2023-2, which has garnered a lot of media attention because of its implications on the treatment of assets that have been transferred into an irrevocable grantor trust.

We have received calls from clients who are concerned that their careful estate planning has been undermined by this new ruling and their heirs will not benefit from a “step-up” in basis.

For more information, check out our blog entitled, "Revenue Ruling 2023-2 and Estate Planning".

The IRS recently issued Revenue Ruling 2023-2, which has garnered a lot of media attention because of its implications on the treatment of assets that have been transferred into an irrevocable grantor trust. We have received calls from clients who are concerned that their careful estate planning has...

02/06/2024

Since the enactment of the 2020 NYS budget, advocates have been on the lookout for what are expected to be meaningful changes to the Medicaid program, from financial and medical eligibility, to how assessments are conducted.

Fortunately, some of these critical transformations have been delayed and will likely not go into effect in 2024.

For more information, check out our blog entitled, "Impactful Medicaid Changes Postponed What to Expect in 2024".

Since the enactment of the 2020 NYS budget, advocates have been on the lookout for what are expected to be meaningful changes to the Medicaid program, from financial and medical eligibility, to how assessments are conducted. Fortunately, some of these critical transformations have been delayed and w...

01/23/2024

Mental Health law crosses into all areas of legal practice. We have a unique family-focused law practice which guides families through the complex landscape of legal issues that impact loved ones with serious mental illness a n d/or substance use issues.

We employ both straight-line interventions as well as those which require the ability to “think outside of the box” to develop appropriate and timely legal and clinical interventions.

To learn more about our mental health services, check out our blog entitled, "Introducing Mental Health Law At Abrams Fensterman, LLP".

Mental Health law crosses into all areas of legal practice. We have a unique family-focused law practice which guides families through the complex landscape of legal issues that impact loved ones with serious mental illness a n d/or substance use issues. We employ both straight-line interventions as...

01/09/2024

Did you know that financial institutions can share our personal and financial records? Did you know that credit reporting agencies can sell our credit report to credit card companies and others?

Credit bureaus collect and profile data about each and every one of us in order to help businesses make decisions about those with whom they wish to do business.

To learn more about how to keep your finances secure, check out our blog entitled, "Protecting Our Financial Privacy".

Did you know that financial institutions can share our personal and financial records? Did you know that credit reporting agencies can sell our credit report to credit card companies and others? Credit bureaus collect and profile data about each and every one of us in order to help businesses make d...

12/27/2023

The time to discuss your finances with your children should happen early. Certainly, you do not want to wait until you are experiencing any cognitive decline before you tackle this conversation.

They may be gratified to know that you have things well in hand and expect never to need their help.

To learn more about having this conversation with your children, check out our blog entitled, "Speaking with Your Adult Children About Your Retirement".

Seniors who have been looking forward to a change in lifestyle or a move upon retirement may want to think about how this change may impact their loved ones. A discussion about retirement may be uncomfortable for parents. Some do not discuss the details of their finances with their children while ot...

12/12/2023

Naming someone as the beneficiary of your IRA or other retirement account can be a wonderful way to provide for a loved one after you have passed away.

There are several things you should consider when designating a minor as the beneficiary of your IRA account.

To learn more about planning ahead when it comes down to naming someone as the beneficiary of your IRA, check out our blog entitled, "Hidden Pitfalls Of Naming A Minor As An IRA Beneficiary".

Naming someone as the beneficiary of your IRA or other retirement account can be a wonderful way to provide for a loved one after you have passed away. Often, the people we name as beneficiaries of our IRA accounts are our children and/or grandchildren. Prior to the enactment of the Secure Act (Janu...