Category: Estate Planning

Beneficiaries Beware: Inherited IRA’s are not protected “retirement funds” in a bankruptcy proceeding

Individual Retirement Accounts (IRA) come with many benefits and are often used as an estate planning tool as they are considered a non-probate asset provided that a beneficiary has been designated for the IRA i.e. with a beneficiary designation these assets bypass the estate.  However, the beneficiary that you designate on your IRA does not [..]

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The Role of Residency for New York State Income Tax Purposes

In retirement, many people choose to split their time between Florida and New York. While this might be appealing for several reasons, it can also present some concerns with respect to income taxes. New York State and New York City Personal Income Taxes are imposed on State and City “resident individuals”. If a person qualifies [..]

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