Category

Family Law Services

The Tax Implications of Divorce and Separation by Joanie B. Stein, CPA


Posted on October 30, 2017 by Joanie Stein

Among the many financial and emotional issues that couples will encounter on their road to a divorce are the implications that a final dissolution of marriage will have on their taxes. Following are some important tax-related issues for separated and divorcing couples to keep in mind. Tax Filing Status Legally separated and divorced couples have […]

Tax Considerations for Divorced and Divorcing Couples by Joanie B. Stein, CPA


Posted on January 13, 2017 by Joanie Stein

Couples who separated or began the process of divorce during 2016 should remember that their marital status will affect their individual tax filings in April 2017. Following are some tax tips to keep in mind. Name Change. Individuals who change their names after a divorce must notify the Social Security Administration (SSA) by completing Form SS-5, […]

Estate Planning Tips for Blended Families by Kathleen Marteney, CRPC


Posted on January 05, 2016 by Richard Berkowitz

When second marriages result in the blending of two families, a complicated financial picture may emerge. Couples coming into a second or third marriage bring with them ex-spouses, children from previous relationships and financial responsibilities, assets and liabilities that may carry deep emotional attachments.   Addressing these delicate issues from the onset will help newly blended […]

Marriage and Taxes by Joanie B. Stein, CPA


Posted on May 12, 2015 by Joanie Stein

Saying “I do” is a significant life event that will lead to many changes along the road to happily ever after. Among these changes are a range of legal and financial issues that couples should address as early as possible.   Change in Name Individuals who elect to take the last name of their new […]

Not All IRAs are Protected in Bankruptcy Proceedings by Adam Cohen


Posted on August 14, 2014 by Adam Cohen

The Supreme Court recently made a distinction between Individual Retirement Accounts (IRAs) that an individual owns and funds during his or her lifetime and those that one inherits from a family member. Specifically, the court excluded inherited IRAs from bankruptcy protection, arguing that such accounts lack the retirement-planning aspects of owner-funded plans. Moreover, because beneficiaries […]

Make the Most of Charitable Contributions by Adam Cohen


Posted on June 02, 2014 by Adam Cohen

Giving to charity helps non-profit agencies carry out their missions and can provide donors with a deduction that reduces their annual taxable income. However, the IRS provides specific rules governing how these charitable contributions can lower individuals’ tax bills depending on the type of donation, its value and the taxpayer’s income. 1. Make donations to […]

How to Update an Irrevocable Trust by Jeffrey M. Mutnik


Posted on May 27, 2014 by Jeffrey Mutnik

Rarely is estate planning a one-time endeavor. As the world evolves, so too do families and their circumstances. Grandchildren are born, children divorce and remarry, and decisions made yesterday may not be applicable tomorrow or into the future. Additionally, with the passing of time, new laws are enacted that affect the intended tax and legacy […]