Russo, Christina
Jesse Frost
Theobalt, May
Tuthill, Bernadette E.
Russell, Terrence P.
Paceleo, Lorraine
Kelley, Christopher D.
Shea, John F.
Latham, Stephen B.
Dubin, David M.
Quartararo, Jay P.
Kombrink, Lisa Clare
Mott, Peter M.
Russell, Patricia J.
Drago, Bryan
Brigham, MaryKate
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Federal Estate and Gift Tax Exemption and Annual Gift Tax Exclusion Will Rise to Highest Recorded Levels in 2025 due to Inflation
Summary: The IRS has announced that in 2025, the Lifetime Estate and Gift Tax Exemption (the “Lifetime Exemption”) will rise to $13,990,000 (from $13,610,000); the Annual Gift Exclusion will rise to $19,000 (from $18,000) and the Annual Gift Exemption for gifts to non-U.S. citizen spouses will rise to $190,000 (from $185,000). Impact: These increases will […]
Annual Alzheimer’s Association’s #Walk2EndAlz
Associate Attorney MaryKate Brigham led the TLSKDQ Team in the annual Alzheimer’s Association’s #Walk2EndAlz on the North Fork on September 28 and the Suffolk County Farm in Yaphank on October 19. Walk to End Alzheimer’s is the world’s largest event to raise awareness and funds for Alzheimer’s care, support, and research. MaryKate reported that TLSKDQ […]
Bernadette Tuthill, Twomey Partner & VP of North Fork Breast Health Coalition Helps Raise Breast Cancer Awareness in Annual 5K Walk
Bernadette E. Tuthill, Partner, is the VP of the North Fork Breast Health Coalition and Co-Chair of the annual 5K Walk for Breast Cancer Awareness to raise funds for the Coalition’s programs. This includes grants, free services and products for breast cancer survivors and thrivers on the North Fork. Twomey, Latham, Shea, Kelley, Dubin & […]
IRS issues Final Regulations for Required Minimum Distributions from Retirement Accounts
At a Glance: On July 18, 2024, the IRS issued final regulations regarding required minimum distributions (RMDs) from retirement accounts and proposed regulations that provide additional guidance under the SECURE 2.0 Act. Final Regulations: Beneficiaries generally must continue to take annual distributions if the plan participant died on or after the required beginning date. A […]
Jesse Frost Joins Twomey Latham as Associate Attorney
The law firm of Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP has announced that Jesse Frost has joined the Firm as Associate Attorney. He concentrates his practice in trusts and estates, counseling individuals and their families throughout the process of estate planning and estate administration. Prior to joining the Firm, Mr. Frost was an […]
Local Police Departments Warn Public About Real Estate Fraud
***PROPERTY SCAM ALERT*** Local Police Departments are warning real estate agencies, realtors, brokers, attorneys, and property owners about a significant increase in reports of attempted real estate fraud. The typical scenario is that someone claiming to be the legal owner of a piece of property reaches out to a real estate agent/broker to sell the property, […]
Should I Put My House In A Trust?
What is a trust? Often time people think that trusts are reserved for the ultra-wealthy only. For many of us the word “trust” makes us think of trust fund kids who have seemingly won the genetic lottery. However, a trust can serve many different purposes and are, therefore, not reserved solely for ne’er-do-well grandsons. A […]
Decanting: Or when an Irrevocable Trust is not Irrevocable
One of the primary questions people have about trusts is, what is the difference between an irrevocable trust and a revocable trust (sometimes called a “living trust”)? The surface level answer, not to be flippant, is one is revocable, and one is not revocable, or in another word, one is irrevocable. To dig a little […]
When Is A Stranger Not A Stranger?
In a landmark decision from the Appellate Division Second Department, Partner, Christopher Kelley achieved a winning result for our client establishing in a case of first impression who really is a “stranger” when considering the “Stranger To The Deed rule.” The “stranger to the deed rule” holds that when a grantor executes a deed that […]
Bernadette Tuthill, Co-Chair of the North Fork Breast Health Coalition’s 23rd Annual Walk for Breast Cancer Awareness
Bernadette Tuthill, Partner, is the VP of the North Fork Breast Health Coalition and a Co-Chair of the annual 5K Walk For Breast Cancer Awareness to raise funds for the Coalition’s programs, including grants, and free services and products for breast cancer survivors and thrivers on the North Fork. This year’s walk, which took place […]
Bernadette E. Tuthill, Vice President & Co-Chair of the North Fork Breast Health Coalition’s 23rd Anniversary 5K Walk for Breast Cancer Awareness
Partner Bernadette E. Tuthill is Vice President of the North Fork Breast Health Coalition (NFBHC) and Co-Chair of the organization’s 23rd Anniversary 5K Walk for Breast Cancer Awareness to raise money to support the services provided by the NFBHC to residents of the North Fork diagnosed with Breast Cancer. The North Fork Breast Health Coalition […]
U.S. News & World Report on the “10 Steps to Writing a Will”
Most people should have a will, but it’s rarely the most significant estate planning document an individual holds. Many of a typical household’s assets, such as retirement accounts, can be transferred outside of a will by naming beneficiaries, and documents such as the financial and medical powers of attorney can be more powerful in determining […]
Senior Partner John Shea Designated “2021 Top Rated Real Estate Lawyer” by Martindale-Hubbell
John Shea is a Senior Partner with the firm practicing in the areas of commercial litigation, corporate counseling, real estate transactions and development, environmental law, construction contracts and litigation, and estate planning for high net worth individuals. He has Martindale-Hubbell’s highest rating for attorneys (AV Preeminent), and has been recognized by Martindale as one of […]
Bryan Drago Elevated to Partner
Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP has announced that Bryan Drago has been elevated to Partner. Mr. Drago’s legal practice focuses on estate planning, taxation, charitable giving and tax-exempt organizations, business succession planning, as well as elder law and long-term care planning. His taxation practice has also included handling multiple disclosures of unreported […]
Estate Planning with Qualified Opportunity Zones
Fans of the Showtime series “Billions” may recall seeing in episode four of season five, aptly entitled “Opportunity Zone”, the show’s protagonist, Bobby “Axe” Axelrod, do battle with season five’s new nemesis, Michael Prince, over the chance to invest in an Opportunity Zone in Axe’s hometown of Yonkers. Why would two fictional billionaires compete for […]
Probate: What is it? Why to Avoid it and How
Often times when I meet with clients one of their primary goals of implementing an estate plan is to avoid the “death tax.” I will share with you the same two pieces of good news I share with those clients. First, we do not have a “death tax” in the United States. It is true […]
What is QPRT?
It is not uncommon for someone to transfer their personal residence into a trust. Many people may be familiar with the concept of transferring their personal residence to an irrevocable Medicaid type trust, in order to begin the clock ticking on the five year look back period for transfers for Medicaid eligibility purposes. In other […]
Dying Without A Will: Where Will My Things Go?
The week of October 21-28, 2019 is National Estate Planning Awareness Week. The purpose of National Estate Planning Awareness Week is to educate the public about the importance of estate planning. So, in that regard, this article will address what happens when someone dies without a Will. Even if you have never sat down […]
Planned Giving Panel Discussion At LongHouse Reserve
On Saturday, October 19th, John Shea, Senior Partner, and Bernadette Tuthill, an Associate with the Firm’s Trust and Estate Department, were joined by accountant Ron Farnworth, President of Kandell Farnworth & Pubins CPAs, for a panel presentation to members and donors of LongHouse Reserve in East Hampton. The presentation covered strategies for charitable giving as […]
Prenuptial Agreements and Estate Planning
A prenuptial agreement can conjure in people the thought of a wealthy person marrying a not so wealthy person, or celebrities marrying each other, or an older spouse marrying a younger spouse. Some people have a pessimistic outlook on prenuptial agreements, and see them as planning the divorce before the marriage happens. However, the purpose […]
Senior Partner Steve Latham Hosts The Retreat’s Annual LPGA Pro-Am to Eradicate Domestic Violence
“The Retreat’s LPGA Pro-Am held each fall is the only tournament on Long Island that includes LPGA Pros, NFL Players, and amateurs on one field,” explains Golf Chair & Retreat Board Member Steve Latham. “The generosity of these sports figures and willingness to take a stand against violence is admirable. Over the past few years […]
The New Tax Math for People Living in High-Tax States
Daniel Bernard was quoted in a Wall Street Journal article in regard to people leaving states with high state and local taxes for states with low to no state and local tax states. Daniel was quoted as saying, “‘New York is very aggressive with residency audits. They can collect about $200 million a year this […]
North Carolina v. Kaestner: The Recent US Supreme Court Case on State Fiduciary Income Tax
The end of June is an exciting time in the United States Supreme Court, because the Court issues many of its opinions on the cases heard during that term, before recessing until the first Monday in October. This past term was especially rare, as the Court heard a trusts and estate case. On June 21, […]
Landlords Suffer Major Blow From New State Law Affecting Seasonal Rentals
Possible Solution To State Restrictions On Seasonal Rentals
Associate Bernadette Tuthill Joins North Fork Breast Health Coalition Board of Directors
The North Fork Breast Health Coalition welcomes Bernadette to the non-profit, all-volunteer organization’s board, which now totals eleven dedicated women and men. As a committee member for the 2019 Pink Pearl Gala, Bernadette has already had the opportunity to work with members of the NFBHC board. Bernadette is a graduate of Riverhead High School, received her […]
Does My College Student Need a Health Care Proxy and Power of Attorney?
In New York State when a person reaches age 18, typically high school graduation age, that person is now considered an adult. This means that parents are no longer given access to their children’s financial, health and school records, without the consent of their now adult child. For this reason it is essential for parents to advise their children to sign a health care proxy and a power of attorney, before dropping them off on campus.
Why It’s Important To Protect Your Young Children Through Estate Planning
In New York there are two types of guardians, a Guardian of the Person and a Guardian of the Property. The Guardian of the Person makes all decisions about the child’s health, education, and general welfare. The Guardian of the Person will make all school decisions, decide where the child lives and generally be in […]
Can’t I Just Download These Documents Online? The Pitfalls of Internet Wills
In the age of the internet, with a vast amount of knowledge a few keystrokes away at all times, we are in an unprecedented era of Do It Yourself. We are fortunate enough to live in a world where you can watch a YouTube video to learn how to play guitar or fix your sink, […]
Estate Planning Opportunities with the Tax Cuts and Jobs Act
In my last article I wrote about the numerous reasons estate planning is important outside of estate tax planning, in light of the recent doubling of the federal estate tax exemption as part of the Tax Cuts and Jobs Act. This article is devoted to the other end of the spectrum, the new opportunities for […]
Estate Planning Outside of the Federal Estate Tax
For a large majority of Americans, the recent doubling of the federal estate tax exemption from $5 million to $10 million, adjusted for inflation annually, in the Tax Cuts and Jobs Act, will have no effect on their estate. It is important, however, to remember there are numerous reasons for estate planning outside of estate […]
What Are Your Rights as a Trust Beneficiary?
Trust Beneficiaries are Entitled to Yearly Trust Reports and Other Information Trust reports should be mailed out annually to the beneficiaries and should indicate the Trust’s income and expenses, including commissions paid. If, upon request, the trustee fails to send out at least one annual report and refuses to do so, the beneficiaries have the right […]
Associate Attorney Terrence P. Russell Joins Twomey Latham
Mr. Russell focuses his practice in the areas of estate planning, trust and estate administration, and elder law. Mr. Russell is graduate of St. John’s University School of Law, where he was a member of the Moot Court Honor Society and the Journal of Civil Rights and Economic Development. After his graduation and admission to […]
Associate Bernadette Tuthill Participates In Estate Planning Discussion
On November 10th, Associate Bernadette Tuthill took part in an Estate Planning panel discussion for The New York State Society of CPAs, Suffolk East End Committee.
Senior Associate Craig Handler Assists U.S. Marines
Floyd Bennet Field, Brooklyn, New York Senior Litigation Associate Craig H. Handler recently participated in a Legal Support Operation for deploying Marines assigned to the 6th Communications Battalion, Force Headquarters Group, Fleet Marine Force, U.S. Marine Corps Reserve. Mr. Handler, a Judge Advocate assigned to the 7th Legal Support Detachment, 88th Brigade of the New […]
Lorraine Paceleo Joins The Firm
Twomey, Latham, Shea, Kelley, Dubin & Quartararo is pleased to announce the addition of Lorraine Paceleo as an associate. Ms. Paceleo has been practicing law in New York since 1999, after graduating from St. John’s University School of Law. Lorraine is also a Certified Public Accountant and concentrates her practice in estate administration, fiduciary accountings, tax preparation […]
Don’t Forget To Address Your Legal Affairs Before You Deploy
Preparing for a military deployment is extremely stressful. Your mind will be focused on dozens of things, including your training, your equipment, the mission and the safety of your fellow brothers and sisters in arms. You will most likely want to dedicate your remaining time at home with loved ones and friends. As such, there […]
Popular Estate Planning Tool May Now Be Subject to Tax
For years estate planning practitioners used a sale to an intentionally defective grantor trust (“IDGT”) to freeze the value of property from the taxable estate of a client. Although not codified in the Internal Revenue Code or regulations as an acceptable estate planning tool, sales to IDGTs have withstood IRS scrutiny.
