Now is the time to consider both conventional and situational strategies.Routine year-end planning includes income tax, capital gains, annual exclusion gifting, and estate planning considerations.Supplementing your routine strategies with situational strategies can help further enhance your financial and tax positions.A well-coordinated plan is key to utilizing this year’s opportunities and being well prepared for what may come in the future. First and foremost, wealth planning is a process.
Learn about what passed, what didn’t, and what’s next for New York’s 2021-2022 legislative session with an overview of important new legislation and pending proposals, including: Highest income tax rates in the country enacted.New Power of Attorney form goes into effect, requires two disinterested witnesses and notary.On the heels of the recent Tax Court case valuing Michael Jackson’s name and image, brand new post-mortem publicity rights take effect in New York.
This article reprint was recently published in Steve Leimberg’s Estate Planning Newsletter. Sharon Klein shares her insights on a case that has garnered intense media attention involving the disinheritance of Elizabeth Hurley’s son: “Disinheritance around a massive fortune, bitter court battles, out-of-wedlock children, iconic models, suicide…a soap opera plot? Hardly.