Autism & Special Needs Planning

July 15, 2013 by Michael J. O’Brien, Estate Planning Attorney

Autism is a developmental disability that is present in about 1% of the children in the United States, and it is growing according to researchers. We are posting about autism in an effort to join in with those who are shining a spotlight on this disorder during April, which is Autism Awareness Month. Suppose you wanted to leave behind assets to a family member with special needs when you are planning your estate. If you were to be in this situation you should tread lightly. Many people are … [Read more...] about Autism & Special Needs Planning

Michael and his team work very closely with you to help build a strategy for you regarding estate planning. They do not overdo it. They work hard to be certain their suggestions/recommendations fit your needs. Michael asks great questions, listens well and delivers on his commitments. I was very appreciative and hugely satisfied.

Anonymous Client Review September 8, 2020

Personal, professional service and follow up. Did what he said he would do at the agreed price.

Paul Client Review September 8, 2020

After Ed Koch served three terms as mayor of New York City he went on to be a successful author, radio host, and television personality. Though he barely had assets into the six figures when he left the mayor's office, he passed away in February in possession of resources that exceeded $10 million according to reports. Because of the size of the estate the estate tax is a factor. It is a factor not just on the federal level, but on the state level as well. The federal estate tax is applicable in all of the states, and the exclusion is $5.25 million. So the portion of the estate that exceeds this amount is subject to the federal death levy that carries a 40% top rate in 2013. New York has a $1 million state estate tax exemption and a 16% maximum rate. An expert who is quoted in a Forbes article about the matter says that the overall estate tax responsibility when you combine both the federal tax and the New York estate tax will be around $2.55 million if the estate is valued at $10.5 million. This represents an effective 24% tax rate on the entirety of the estate. Those who do not have assets into the seven figures may feel as though the remainder should be sufficient for Koch's heirs. However, $2.55 million is a lot of money any way you slice it. Having to part with this much has to be a little difficult to swallow, especially considering the fact that Koch obviously paid considerable taxes throughout his lifetime.

Tom Client Revew September 8, 2020

Michael has a comprehensive knowledge of estate palnning needs and trust issues. I trust his guidance and counsel completely.

Jim Client Review September 8, 2020

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