Estate Planning for a Vacation Home If you are lucky enough to own a vacation home, then you need to figure out what will happen to it after you are gone. Many parents hope to keep vacation homes in the family, but guaranteeing that can be tricky. While meant to be fun and relaxing places to get away from everyday life, vacation houses can cause problems between siblings after their parents pass away. Some siblings may want to use the house, while others may need cash and want to sell. There [...]

5 Things to Know to Reduce Your Tax on Capital Gains Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize most through planning is the tax on capital gains. Here's what you need to know to do such planning: What is capital gain? Capital gain is the difference between the "basis" in property -- usually real estate or stocks, but also including artwork and collectibles -- and its selling price. The basis is usually the [...]

Levene Gouldin & Thompson, LLP is pleased to announce that Alycia K. Kimmel and Jordan B. Charnetsky have become Associates of the Firm. Alycia graduated from Cornell University in 2014, and in 2018 received her J.D. from the Syracuse University College of Law. She will focus her practice in Elder Law, Trusts & Estates and Real Estate. Jordan graduated from Binghamton University in 2014, and received his J.D. from Syracuse University College of Law in 2018. He will focus his practice [...]

Have Private Insurance and Are Turning 65? You Need Sign Up for Medicare Part B If you are paying for your own insurance, you may think you do not need to sign up for Medicare when you turn 65. However, not signing up for Medicare Part B right away can cost you down the road. You can first sign up for Medicare during your Initial Enrollment Period, which is the seven-month period that includes the three months before the month you become eligible (usually age 65), the month you are eligible [...]

Why Not Just Use an Off-the-Shelf Power of Attorney Form? A durable power of attorney is one of the most important estate planning documents you can have. It allows you to appoint someone to act for you (your "agent" or "attorney-in-fact") if you become incapacitated. Without a power of attorney, your loved ones would not be able to make decisions for you or manage your finances without asking the court to appoint a guardian or conservator, which is an expensive and time-consuming process.  [...]