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Twomey Latham’s practice ranges from routine wills to sophisticated estate and tax planning. A significant portion of our practice is devoted to the preparation of wills, trusts, durable powers of attorney, and other estate-planning documents.
The firm’s estate planning attorneys have extensive experience in the administration of probate and trust estates, the preparation of required income, estate, gift, and inheritance tax returns, and the administration of guardianships.
An individual’s estate plan often calls for more than a traditional will or trust. Our attorneys seek to address the client’s long-term objectives and circumstances in structuring a tax-efficient estate plan. We routinely advise clients on the selection and implementation of planning tools such as revocable living trusts, life insurance trusts, irrevocable trusts, gifting programs, family limited partnerships, deferred compensation arrangements, gift and estate tax planning for retirement benefits, and charitable planning. We also advise and implement succession plans for the transition of families and closely held businesses.
Our Long Island estate planning lawyers focus on providing clients in-depth knowledge of our diverse range of practice areas.
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 […]
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 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 & […]
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 […]
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 […]
***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, […]
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 […]
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 […]
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 […]
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