Tax Savings, Trust, Will, Asset Protection

GET YOUR DUCKS IN A ROW THIS SATURDAY!

This Saturday, October 6th, the DOCR Law team celebrates the 12th annual Pearl River Day!

 

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Join us for a casual Open House gathering on the Central Avenue front lawn to meet the partners and staff over refreshments including Guinness and Harp.

We’ll have cider and donuts, as well as rubber ducks for the first 100 children. For the grown-ups, we’ll have souvenir pint glasses and a raffle to win an estate plan worth $2,000!

As a firm of local Estate, Tax and Elder Law Attorneys, we advise that families "Get their Ducks in a Row" and plan ahead. Knowing your family is taken care of, regardless of what surprises the future might hold, is key to peace of mind. We could all use one less thing to worry about!

We look forward to seeing you!

Visit Pearl River Chamber of Commerce for the day's schedule of events.

October 4, 2018

NH Fiduciary Trust, Tax Saving

Realize the Benefits of a New Hampshire Trust

No matter where you live, you can take advantage of NH’s favorable trust laws through our Firm's NH offices.

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New Hampshire is arguably the best jurisdiction in the country to establish a trust relationship, and based on our firm’s NH offices, ANY of our clients can benefit from a NH Trust.

• NH Trusts pay no State income, estate or sales taxes

• Investment growth escapes State & Federal estate taxes

• Flexible distributions to you & your family

• Enhanced asset protection from creditors

• Transparent, real-time online access to accounts

• Use your current investment advisor or self-manage your portfolio

• Low fiduciary fees of 0.1% - 0.3% per year

LEARN MORE

 

July 26, 2018

News

Donohue, O’Connell & Riley is celebrating two important milestones in 2018!

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Celebrating the 40th Anniversary

Attorneys James Riley & Thomas O’Connell have been advising families in the Pearl River area since 1978. Over the years, their legal work has been based on their deep & sincere desire to help people. Their practice focuses on Estate Planning & Probate and Elder Law and they have attained the highest ratings for legal ability and ethical standards.

Celebrating the 10th Anniversary

In 2008, Attorney Joseph Donohue established his practice in Warwick, NY. Since that time, he has grown the firm organically and through acquisition. He has advised hundreds of clients on how to structure their personal affairs and businesses in order to minimize taxes and assure the smooth transition of wealth between generations. Joe’s practice is multi-jurisdictional in nature, and he regularly advises clients with interests across the US as well as abroad.

Attorney Kristin Canty joined the firm in 2015 and became an equity partner in the firm in 2017. Kristin is licensed in both NY and NJ and specializes in Estate Planning, Elder Law & Estate Administration for clients across the Lower Hudson Valley.

May 22, 2018

NH Fiduciary Trust

Jurisdiction Selection – Residency vs. Domicile

For those who consider two or more states to be “home,” it is important to understand the legal distinctions between residency and domicile, and the opportunity for tax savings based on where you spend your time.

Residency controls for Income Tax Purposes

The IRS allows you to choose your state of residency as long as you do not spend 183 days a year in one state. In other words, its where you aren’t, not where you are, that controls residency. This is strategic since residency controls for income tax purposes.

Domicile controls for Estate Tax Purposes

Domicile is very important for estate tax planning, and it is vital factor in order to preserve as much of your wealth as possible. Where you spend your last days can have a drastic effect on your family’s inheritance since domicile controls for estate tax purposes.

How a beloved Dog earned his bone

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In February 2017, the CEO of Match.com argued in the State of New York tax court that he was a new resident of Texas after having moved there, and therefore a non-resident of New York.

New York claimed that he still owed state taxes. The CEO claimed that he did not.

While the CEO had factors showing that he had ties to both states, the deciding factor came down to his most beloved possession – his Dog – having moved to Texas. Based on this, the court found that he (and his Dog) were Texas residents and therefore was not responsible for New York state taxes. (In re Gregory Blatt 2017)

April 28, 2018

Tax Saving

There’s something for everyone in the new tax legislation

The Tax Cuts and Jobs Act (TCJA) impacts virtually all taxpayers – individuals, corporations, partnerships and other “pass-through” business entities, estates, and even tax-exempt organizations. Our goal is to cut through the hype and explain how our clients can benefit from these changes.

Business owners will benefit from a permanent 14% reduction in the corporate tax rate, from 35% down to 21%.

Self-employed taxpayers will benefit from the new 20% pass-through deduction for qualified business income from a partnership, S corporation or sole proprietorship.

The gift/estate/generation-skipping transfer (GST) tax exemptions have been doubled to $11.2 million per individual. Now, a married couple will not pay any federal estate tax unless their estate exceeds $22.4M. An individual can transfer up to $11.2 million before paying the 40% GST tax and a pair of grandparents can gift over $22.4 million to their grandchildren tax-free.

Individual tax brackets and tax rates will change for most taxpayers. In comparison to previous tax brackets and tax rates, the new rates are slightly lower and the brackets are slightly broader.

Our firm takes pride in our personalized approach to client service. Please contact us so we can understand your unique circumstances & family dynamics to tailor our advice to best meet your current and long-term needs.

Pre-TCJA rates

10%, 15%, 25%, 28%, 33%, 35%, 39.6%

New rates under the TCJA

10%, 12%, 22%, 24%, 32%, 35%, 37%

The standard personal deductions have nearly doubled:

  • $12,000 (single)
  • $18,000 (head of household)
  • $24,000 (married filing jointly)

Prior to this reform, about 30% of taxpayers itemized deductions on Schedule A, instead of taking the standard deduction associated with their filing status. Many of these taxpayers will now claim the higher standard deduction and therefore will not need to file Schedule A.

As always, gifting to charitable organizations can be a great way to lower one’s taxable estate, with the added benefit helping the community and preserving your legacy. The deduction for charitable contributions has been expanded so that taxpayers may contribute up to 60% of their Adjusted Gross Income.

April 28, 2018

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