Irrevocable Trust
Andreozzi Bluestein LLP provides representation, advise and drafting services to individuals and couples in need of a wide array of estate planning work. We also provide representation to estates in both probate and intestate administrations.
Irrevocable Trust
Andreozzi Bluestein LLP provides representation, advise and drafting services to individuals and couples in need of a wide array of estate planning work. We also provide representation to estates in both probate and intestate administrations.
An irrevocable trust is one where the creator abdicates all control of the trust and its assets. The creator of the trust does not maintain control over it, has no power to revoke the trust, and has no claim of ownership in the trust property. Irrevocable trusts are beneficial when used to hold life insurance policies or to receive assets anticipated to significantly increase in value in the future such that the future appreciation occurs outside of the taxable estate. However, tax savings must always be weighed against the loss of use and control of the assets transferred to the trust.
Latest News
Thinking of Leaving New York State? Preparation, Documentation and Intent are Keys to Avoiding Future New York Tax Bills.
By: Justin J. Andreozzi, Esq. In recent years, many high earning and wealthy New York residents have departed NY State to escape the ever-increasing burden of State and Local taxes. While the prospect of paying no State income ...
Read moreWHY YOU SHOULD ALWAYS PAY YOUR PAYROLL TAXES: A PRIMER ON TRUST FUND RECOVERY PENALTIES (PART 1)
By: Kevin Murphy, Esq. PART ONE When we discuss potential liability for the Trust Fund Recovery Penalty (TFRP)- I.R.C. § 6672, we often find the need to explain how payroll taxes work. Everyone has heard of and paid payroll ...
Read moreWHY YOU NEED ESTATE PLANNING
By: Ruth Wiseman, Esq. We all know the old saying that there are only two certainties in life – Death and Taxes. While this is an unfortunate truth, the good news is that with the right planning you can avoid unnecessary ...
Read moreAre 2018 State and Local Real Property Taxes Paid in 2017 deductible or not? The Answer’s in the Statute.
By: John L. Marien On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. In light of the various tax cuts contained in the revisions to the Internal Revenue Code, Congress was compelled to formulate ...
Read moreWhat Tax Reform Could Mean For Your Clients
By: Michael J. Tedesco, Esq. On December 22nd, 2017 with one stroke of a pen, president Trump signed into law the most sweeping tax law changes in a generation. For the first time in over 30 years tax professionals will confront ...
Read moreAragona Trust: Passive Activity Losses, the Material Participation Exception, and the Medicare Tax
Generally speaking, most taxpayers, including individuals and trusts, are denied the use of their passive activity losses and credits to offset ordinary income under the passive activity loss (“PAL”) rules of Section 469 of ...
Read moreShedding Some Light on the PFIC Regime
By: Kenneth A. Grossberg Today, United States investors in foreign corporations often find themselves with an unknown or unexpected problem. In particular, investors in mutual funds organized outside of the United States have ...
Read moreIRS Launches Compliance Initiative on Estate & Gift Tax
The IRS has recently launched a compliance initiative aimed at identifying taxpayers with potential estate or gift tax liabilities or related compliance issues. As part of this initiative, the IRS has requested and received ...
Read moreForeign Bank Account Reporting FBAR and the IRS Voluntary Compliance Initiative of 2009
On March 23, the IRS announced its voluntary compliance initiative to encourage disclosure of foreign bank account details, such as previously undisclosed foreign financial accounts and entities. The policy will remain in place ...
Read moreWe are a law firm built on Experience, Vision & Trust
Whether you need tax counsel for litigation, representation before the IRS, an advocate in tax controversies, or thorough tax analysis and objective consulting, our attorneys have the experience and obtain lasting solutions.