Articles Tagged with fishkill estate planning

If you are the beneficiary of a trust, there are a number of considerations you should be making when filing your taxes. When filing taxes each year, you should determine how much of your trust distributions made throughout the year will be taxable. In the event that a trust retains income after the calendar year has ended, they will be subject to taxation on that leftover income, thus, it is important to communicate to your trustee, whether that is an individual or a corporate entity, your tax status and what you would like to maintain.

A trust consists of both income and principal. Principal is the corpus of the trust, being any trust property owned by the grantor and now the trust, as well as stocks and investments that have funded the trust. Income is the monetary amount made off of the investments or other products attributed to principal. Based on what distributions were made from principal and what were made from income, the trust must file a K-1 and a 1041.

The 1041 is the tax document important to the trust and trustee because it provides the trust’s deductions from its taxable income distributions made to beneficiaries. The K-1 is given to the beneficiary and gives them a breakdown of the distribution and what their tax liability is to be reported by outlining what distributions were made from income and what came from principal.

Recent Recalls

Open heart surgery has saved the lives of thousands of patients across America, as well as the world. Performing this task takes a highly skilled team of doctors well equipped with the right medical devices to assist them. All of these tools require FDA approval and specific cleaning procedures prior to their implementation during surgery. The Center of Disease Control and Prevention announced that a heater cooler unit that has been used in the majority of these surgeries since 2012, could have been contaminated when it was in the manufacturing process.

Heater Cooler Units for Open Heart Surgery

Making a will can be a time consuming process that involves the interest of a potentially large amount of people. One of these interests is that of the testator’s spouse. A surviving spouse is generally presumed to be the first heir to which asset distribution goes to in the event property or assets are not accounted for in the will. However, not all marriages work out and when this happens, the terms of distribution in your will can be greatly affected, depending on the state you live in.

New York Law For Wills

There are three scenarios for will distribution to a former spouse in the event of divorce: the divorce automatically revokes the entire will, it only revokes the testamentary provisions making gifts to your former spouse, or it does not affect your will at all. In New York, upon the final divorce decree, all provisions or bequests to your former spouse are revoked, if the will is still valid. If you are still legally married but your spouse has abandoned you up until the time of your passing, the court will also view this the same way as divorce, and disinherit the spouse.

Contact Information