Jesse Frost
Tuthill, Bernadette E.
Paceleo, Lorraine
Drago, Bryan
Russell, Patricia J.
Quartararo, Jay P.
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 […]
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 […]
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 […]
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 […]
Kathryn Dalli Asked by Best Company Whether People Should Borrow Money to Pay Taxes
Kathryn Dalli, a partner with the Firm, was interviewed by Best Company for an article on whether people should take out a loan to pay off their taxes. Ms. Dalli said, if someone owes less than $50,000, they may work out an agreement with the IRS to come up with an installment payment plan. That, […]
Twomey Latham Attorney Lorraine Paceleo Comments on Three-Month Delay of Tax Filing Deadline
In response to the coronavirus outbreak and in an effort to ease people’s financial worries, U.S. Treasury Steve Mnuchin announced that the deadline to file income tax returns has been pushed back three months. Lorraine Paceleo, Attorney, Twomey, Latham, Shea, Kelley, Dubin & Quartararo, LLP, says this will provide individuals and business owners the help […]
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 […]
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 […]
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, […]
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.
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 […]
New Legislation for the Town and Village of Southampton
As of December 31, 2022 the Town of Southampton will discontinue its partial real property tax exemption program which is now available to eligible first-time home buyers of newly constructed or substantially altered and renovated homes.
What You Need To Know About The New Tax Law
HIGHLIGHTS OF THE TAX CUTS AND JOBS ACT The Tax Cuts and Jobs Act (the “Act”), signed into law on December 22, 2017, provides substantial (but mostly temporary) changes to the tax code. This article is a summarized review and discussion of the key provisions of the new law. This article is designed to provide […]
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 […]
The First-Time Homebuyer Exemption to the Peconic Bay Real Estate Transfer Tax
Since 1998, New York’s Tax Law § 1449-aa et seq. has allowed the five East End towns to impose upon buyers of certain real estate in those towns a 2% real estate transfer tax (the “Peconic Bay real estate transfer tax”) in order to fund the Peconic Bay region community preservation fund established pursuant to […]
2015 Cost-of-Living Adjustments for Retirement Plans
The Internal Revenue Service announced the cost of living adjustments affecting dollar limitations for pension and retirement plans for tax year 2015.
New Law: NYS Homeowners Must Re-register to Qualify for Basic STAR Exemption
The NYS School Tax Relief (STAR) Program provides an exemption from school taxes for owner-occupied, primary residences where the combined income of the owners and spouses who reside on the property does not exceed $500,000. This is known as the Basic STAR exemption.
What the Fiscal Cliff Compromise Means for All of Us
As we all know by now, the feared “fiscal cliff” was averted at the eleventh hour. After tense and exhaustive negotiations that kept the country on edge, the Senate approved a bill to avert the fiscal cliff two hours after the midnight deadline on January 1, 2013, and the House of Representatives voted to approve […]
Does the Affordable Care Act a/k/a Obamacare Impose a 3.8 Percent Sales Tax on Your Home?
Barring repeal after the upcoming election, a 3.8% Medicare contribution tax will come into effect in 2013 to help pay for the Patient Protection and Affordable Care Act a/k/a Obamacare (the “Act”). There is a lot of false or misleading information on the Internet about this tax and its impact upon the sale of one’s […]
