December, 2015 | McMahon Law Firm, Attorneys and Counselors at Law

Minimizing capital gains taxes on estates

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Dec 30, 2015 | Tax Planning

For years, New Yorkers used estate plans to minimize the possibility of federal estate taxes being assessed. The federal exemption amount in 2015 is $5.43 million, and it will increase for 2016, meaning that many people will not be subject to it anyway. This may mean...

Trusts may preserve wealth for generations

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Dec 28, 2015 | Trust & Probate Administration

New York residents may wonder why some family fortunes seem to endure for decades or even centuries while others peter out after only one or two generations. Such fortunes are often amassed by a towering central figure like Cornelius Vanderbilt or John D. Rockefeller,...

The estate tax exemption in 2016

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Dec 23, 2015 | Tax Planning

People in New York who are preparing an estate plan may wonder how to structure that plan to avoid estate tax. In many cases, doing so is not necessary. With the estate tax exemption set to rise to $5.45 million in 2016, many people's estates will fall under the...

Estate planning law changes for 2016

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Dec 14, 2015 | Estate Planning

People in New York who are planning their estates for the first time should become familiar with the most current federal and state laws that could be applicable. Staying up-to-date is also important for people who are updating existing estate plans. For 2016, there...

New York elder care and care plan research findings

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Dec 11, 2015 | Care Planning

New York residents should be aware of research findings that illustrate the importance of care plans in patient-centered care. Care plans are healthcare delivery strategies that focus on the patient and involve collaboration between multiple care providers. A Chilmark...

Choosing the appropriate business entity

On Behalf of McMahon Law Firm, Attorneys and Counselors at Law | Dec 3, 2015 | Estate Planning

New York residents thinking about opening their own business are often eager to get started right away, but some of their most important decisions will be made in the early stages and should be considered carefully. Choosing the appropriate business entity can have...