Kirkham Raikes PLLC

09/15/2022

Really interesting essay on the process of organ donation. Many clients have understandable concerns regarding when and how a donation decision is made. It is comforting to hear from a doctor about the safeguards and ethical considerations taken.

https://www.nytimes.com/2022/09/15/opinion/death-brain-organ-donation.html

11/04/2021

Are you in the midst of open enrollment and updating your benefits with your company? Started a new job? This article is for you.

One of the simplest ways to choose your beneficiary? Who relies on your income the most to survive?
Quick tips:

1) The name designated in your life insurance policy as the beneficiary overrules anyone you've named in your will so it is important that your documents are up to date.

2) When possible, consider adding a secondary beneficiary or more than one person in the event you're not certain one may be available.

3) If you own or co-own a business you may consider a payout to your colleagues.

4) Have children you plan to name? Deciding between the "Per Capita" distribution (equal among however you have) or "Per Stirpes" meaning that if one of the children predeceased you, the deceased child’s share would pass on to his or her surviving heirs.

5) More to consider: what age your child would inherit? Letting your beneficiary know they've been selected, being willing to change and update your beneficiary as your life changes.

While it may seem simple, we are here to help walk you through your family tree and who else might be in line when we layout your will. Check out the full article on and set up a consultation to get your questions answered today.
https://bit.ly/3q7Flh2

10/29/2021

What exactly do we mean by digital assets? Here is a quick list to think about when planning or updating your estate plan:

* Photos you've shared either on Facebook, Instagram, or other social media.
* That includes your Google Drive storage, iCloud storage, SmugMug, Shutterly, and more.
* Accounts that accrue monetary value like airline miles, hotel points, cryptocurrency, etc.
* Any other videos, sentimental online documents or other storage that other family or friends may not have access to after your death.

Protip: You'll also want to create instructions for your executor to access your online accounts. Anything from your bank accounts, emails, medical records, investments, social media, or other cloud storage. Not knowing where you store your passwords so accounts can be closed, updated, or dispersed could cost your loved ones both time and money. For more insight into the your digital assets we invite you to review the full article featured on

We would be happy to discuss all the ways you can protect your digital assets. Schedule a call today with Ashley or Vicki. www.kirkhamraikes.com

https://on.mktw.net/3mxwt2p

Without special provisions in your estate plan, your loved ones may not be able to access accounts for photos, bills, social media, music or other online...

10/24/2021

Completing your will is a cause for celebration, and no better excuse for a martini!

10/13/2021

You might be thinking "those gifts" 🎁 but of course, we mean charitable giving 💵💰 Before year-end we know many individuals and couples are looking to maximize their gifting.

--"The 'use it or lose it' concept – that is, the idea that it is better to make substantial gifts that use one or both spouses’ $11.7 million exemption while it is available – continues to apply." via

-- "A client may incorporate a “defined value” provision in the gift that would adjust the amount gifted to the client’s remaining exemption amount, thus protecting for this possibility."

--"Gifts are usually structured as gifts to trusts, which have many benefits for clients, including control, investment flexibility, asset protection, long-term family wealth planning and more."

Questions? We're here to help and update your estate through year-end. Visit us at www.kirkhamraikes.com for a private consultation.

To read more on Gifting, please check out the full article here: https://bit.ly/30ixXoh



[photo description: a "cake" made out of rolled money wrapped with red ribbons, the text reads: Gift Planning 2021 and the KR logo for Kirkham Raikes appears in the corner]

10/05/2021

Tuesday Thoughts: Are you recently remarried or entering into a new relationship that could lead to a long-term partnership? We're calling attention to numbers 5 & 6 on this Forbes checklist for folks who might have forgotten to update and designate new beneficiaries and your overall estate plan may need a refresh (including legacy planning, updating your power of attorney, healthcare proxy and more).

Questions about how much you need to edit or update your plan? Send us a private message letting us know the best way to reach you and either Ashley or Victoria will get back to you this week. Please visit www.kirkhamraikes.com for more info.

https://bit.ly/3uJ9R17

The “money talk” is a premarital essential for every couple. It becomes even more important for those entering a second marriage. Beyond the traditional discussions around cash flow and insurance coverage, there may be kids, an ex-spouse, and various other obligations that need to be considered.

09/24/2021

Have you recently learned that you inherited an IRA? First, make sure to understand and ask a few questions:

1) Determine what type of IRA you've inherited.
2) Determine whether you're going to "disclaim" or "refuse" the IRA (say in the instance of siblings).
3) Spousal heirs have many things to consider including the option to transfer to your own IRA or creating a new one, transferring the assets to a "stretch" IRA, using the "life expectancy method" or the "10-year method" and others.
4) Non-spousal heirs? Unfortunately, you may have fewer options available to you.
5) Lump sum? Definitely an option.
6) Taxes? Always, always, always consider your tax implications.
7) Sound confusing? We know it can seem that way. Please don't hesitate to contact us with your specific questions.

For more information on inheriting an IRA, check out this brief article from Nasdaq
https://bit.ly/3lUVz9M

For specific questions about an IRA you inherited or how this might impact you in the future, please contact either Ashley or Victoria at www.kirkhamraikes.com or by leaving a private message here. A firm partner will get back to you by the next business day.

09/17/2021

We know what you're thinking. Q-tips?!

QTIP = qualified terminable interest property trust. Still not sure? Here's more:

1) A QTIP is a type of irrevocable trust.
2) A QTIP trust allows for one spouse to provide income for another.
3) Income-producing assets that can be held inside may include investment properties & taxable investment accounts.
4) Tax benefit? Assets qualify for a marital deduction.

To learn more about the advantages of a QTIP trust you check out this Yahoo Finance article below or send Vicki or Ashley a DM—or post your questions here ⬇️

https://yhoo.it/3u1dmzT

09/09/2021

Our first is filled with gratitude for a couple who not only completed their estate plan with our firm but who took photos of their virtual signing and shared them with us. An exceptional thanks to Mary Miele and her husband Trevor for their trust and commitment to get their estate updated and finalized this past June before a series of big travel plans.

Mary was candid about interviewing other law firms before committing her family's business to . Mary is the Owner/Founder of Evolved Education Company on the . Hence, we know she did her due diligence before making the necessary updates related to her family and their future.

Thank you, Mary & Trevor! We appreciate your family's business and trust.

08/19/2021

Whether you're an individual, a couple, a new family, or sending your firstborn to college this month, making a more concerted effort to improve their health or your legal affairs has never been more evident in our society. One such document we suggest for all our estate clients: the Health care proxy & living will.

A health care proxy document allows you to give another individual legal authority to make health care decisions for you if you become incapacitated. In addition, a living will or advance health care directive can allow you to state your wishes directly to your doctors.

1) appoint a person you trust to act on your behalf for health care decisions when you cannot, and
2) ensure that your intentions are well understood.
3) with what is known as a durable power of attorney for health care, you can also designate an agent that will make decisions that weren't covered by your living will.

**Key to know: The names of these documents, their validity, and how they are used vary by state. Please ask us how these are used specifically here in New York, and our expert team will offer more details based on your individual needs. Please visit us at www.kirkhamraikes.com to learn more. We're here to answer all of your estate planning questions.

08/05/2021

The goal in sharing today's post is for our clients and prospective clients to be aware of potential changes with the changing of (any) administration. In April, President Joe Biden released his "American Families Plan" and in May, The U.S. Department of the Treasury released their report “General Explanation of the Administration’s Fiscal 2022 Revenue Proposals” (generally referred to as the “Green Book”). Here are the highlights for corporations and high-net-worth individuals:

1) LONG-TERM CAPITAL GAIN RECOGNITION
2) POTENTIAL TRANSFER TAX PROVISIONS AND RETROACTIVITY
3) ADDITIONAL TRANSFER TAX PROPOSALS
4) RETROACTIVITY
5) SUNSET OF CURRENT INCREASED TRANSFER TAX EXEMPTIONS
6) PLANNING CONSIDERATIONS:
a) Intentionally Defective Grantor Trust (“IDGT”)
b) Spousal Lifetime Access Trust (“SLAT”)
c) Grantor Retained Annuity Trust (“GRAT”)
d) Charitable Lead Annuity Trust (“CLAT”)
e) Annual Gifts.

For more comprehensive and individualized questions please don't hesitate to send us a PM here or visit our website to submit your concerns and contact. We're here to educate and help you make the best estate plan for your specific circumstances.

https://www.jdsupra.com/legalnews/impact-of-president-biden-s-tax-plan-on-7131249/

07/23/2021

Looking for that breezy beach read? Well...maybe this isn't quite that BUT we promise it is important to plan out your meeting with an estate attorney BEFORE you do--so what better time than this summer while kids are in camp! Highlights include:

1. Guardians and Conservators for Minor Children
2. Patient Advocate Designation and Living Will
3. Pets!
4. What info and documents to gather BEFORE the meeting!

Check out the full article from The National Law Review for the full top 10!
https://bit.ly/36TDemv