What’s trending on NP Trusts & Estates

August 01, 2017

NP Trusts & Estates Blog

Author(s): Deborah J. Wilcox Mabry, Evelyn V. Moreno, Mary-Benham B. Nygren, Nicole A. Place

Estate planning for your pets, reporting a decedent’s income to the IRS, the difference between revocable and irrevocable trusts, tax tips for divorce and more. Here’s what’s trending in estate planning and wealth management.

Estate Planning

What is the difference between a revocable trust and an irrevocable trust?

Depending upon your gift and estate planning goals, you may want to create a revocable trust, an irrevocable trust or perhaps both.—Evelyn V. Moreno

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Estate planning for your pets

Your pets shower you with undying love. Don’t leave their care to chance if you should die first. When meeting with your estate planning attorney, think about your furry companion’s well-being in addition to the disposition of your financial assets.—Anne B. Covert

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Estate Administration

Get the help you need from the Social Security Administration when a family member dies

While the last thing you may feel like doing is dealing with the Social Security Administration when a loved one passes away, with guidance you can address the necessary details efficiently.—Deborah J. Wilcox Mabry

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New York’s Family Exemption: property passing outright to family members

If you are a New York resident, your family is entitled to certain assets after your death. You may be surprised by some of the things that are included.—Nicole A. Place

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Income Tax

How does a Decedent’s income get reported in the year of death?

Income earned from January 1st to date of death gets reported on a decedent's final personal income tax return. The reporting of the income earned after date of death depends on the type and disposition of the earning asset.—Mary-Benham B. Nygren

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I have just received an IRS audit letter! What do I do now?

You received an IRS audit notice. As part of the audit, the IRS will want sufficient documentation to support the deductions taken on your return. Here’s more on what the agent will want to see.—Ronald Leveille

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Tax tips for getting divorced

Congratulations, you’re getting divorced! Here is what you need to know from a tax standpoint.—Trusts and Estates Editorial Team

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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