When you get your first job, your employer will withhold a certain amount from your paycheck and pay it to the federal government on your behalf. Then, in April, you will file a tax return allowing you to get some of that money back possibly. But if you did not have...
Month: October 2022
Month: October 2022
When a grantor trust is built to be broken
What happens when the grantor trust that's been set up was intended to be defective? Sometimes, they're supposed to be that way. IDGTs are a type of grantor trust that is purposefully broken by design so that the New York grantor can ensure that the income tax...
Taxes, Charities, and IRAs
Donating to a charity is a good way to support a cause, and it also provides tax benefits. It is possible for people who live in New York to donate to charity directly out of a traditional IRA, avoiding taxes for both the donor and the charitable foundation or...
Benefits and drawbacks of donor-advised funds
As you begin your estate planning in New York, you may wonder if donor-advised funds are the way to go. These funds allow you to give valuables to an Internal Revenue Service-recognized charity that you support. Organizations, individuals and families can create these...
Steps to take after a car accident
New Yorkers expect their ride to go smoothly when they get behind the wheel, but accidents can still happen. If you are in an accident, know that there are actions that you can take to protect your interests. Remain at the scene and call 911 Regardless of who's at...
Understanding the common types of trusts in New York
Trusts are a valuable estate planning tool that can help you protect your assets and provide for your loved ones. There are many different types of trusts, so it is important to choose the right one for your specific needs. Revocable trust This type of trust allows...
How can you avoid the most common fall driving hazards?
Practicing good driving habits is an essential skill for the entire year. However, fall in New York creates several unique challenges that make accidents more likely to occur. Keep these specific hazards in mind when driving during the fall months in order to prevent...