PURCHASE, N.Y. -- Yesterday we discussed gifting amounts and leading by example. This week we conclude by discussing Custodial Accounts, Trusts and 529 Plans.Custodial Accounts, Trusts and 529 PlansIf the gift recipient is a young child, Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) custodial accounts may be appropriate choices. With UTMA/UGMAs accounts, ...

PURCHASE, N.Y. -- Giving financial gifts to children or grandchildren can help reduce your estate taxes. However, if you are concerned about wasteful spending by the recipients, there are several options that allow you to exercise some control over how the is money used.How Much Can You Give?Federal law permits unlimited tax-free annual exclusion gifts of up to $14,000 per recipient ...

WESTCHESTER COUNTY, N.Y. -- Parenthood is a life-changing event, and for the LGBT community it requires thoughtful planning. After you’ve decided to explore adoption or surrogacy there are an array of financial and legal considerations to take into account. Individual experiences can vary widely depending on the medical provider being used and legal advice being sought out. Here are ...

WESTCHESTER COUNTY, N.Y. -- Parenthood is a life-changing event, and for the LGBT community it requires thoughtful planning. Whether you are going solo on this journey, or taking the leap of faith after having met Mr. or Ms. Right, you have several family building options to consider when becoming a parent. You may be asking yourself, do I want to adopt? Should I seek a surrogate? Am I ...

Family can be a source of nurture, inspiration and companionship. Family can also be the source of our deepest worries and concerns. After ensuring your financial house is in order, it may be time for you to answer the question, “If you could make the world better in one significant way, what would it be?”With great wealth, comes great opportunity. Americans donated an estimated $358.38 ...

Today, two-thirds of women identify themselves as the primary decision-maker in their home. Many of these women are also the breadwinner, earning 62% of the household income.1If you find yourself among this growing group of women, you play a vital role in managing your family’s finances – from overseeing the household budget, to paying the mortgage, to determining where to invest your ...

The underlying goal of proper estate planning is to ensure the legacy you leave behind provides your family with essential information that can help guide them through a difficult and confusing time.There are a number of fundamental components to consider when working with a financial advisor and estate attorney to draft your estate planning documents. Below you will find an outline of ...

As part of last year’s Bipartisan Budget Act of 2015, Congress approved some major changes to Social Security which could impact benefits.Designed to eliminate “loopholes," the new rules will mostly impact married dual-income couples. It is estimated that couples could stand to lose as much as $60,000 in benefits as a result of these changes.1The “File and Suspend” strategyThe ...

A common question Financial Advisors hear from clients is, “How can I save more than I’m saving now?” Fortunately, there are several ways you can accomplish that goal with a bit of professional help. Last month we discussed monitoring your expenses and reducing credit card expenses. We conclude today with boosting contributions. If you participate in a workplace retirement plan, ...

NEW YORK -- A common question Financial Advisors hear from clients is, “How can I save more than I’m saving now?” Fortunately, there are several ways you can accomplish that goal with a bit of professional help. Monitor expensesLowering your expenses by a modest amount such as 1% could allow you to boost your savings initiatives as much as a comparable increase in pay. To gain insights ...