Conference Call: Tax and Estate Planning Considerations for Same-Sex Couples

Nearly a year ago, on June 26, 2015, the U.S. Supreme Court ruled in Obergefell v. Hodges, delivering a historic decision in favor of State recognition for same-sex marriage. Exactly two years prior to this decision, in United States v. Windsor, the U.S. Supreme Court struck down the constitutionality of Section 3 of the Defense of Marriage Act (DOMA), which defined marriage for federal purposes as existing only between one man and one woman.

“In its most basic terms, recognition of same-sex marriage equates to the simple fact that a spouse is now a spouse, irrespective of gender, in the eyes of the law,” commented McManus. “Today, there are opportunities and protections within reach for same-sex couples that were unavailable during most of American history.”

Recently, during a conference call with clients, McManus & Associates Founding Principal John O. McManus shed light on the far-reaching effects of these Supreme Court decisions.

LISTEN HERE for details: “Top 10 Tax and Estate Planning Considerations for Same-Sex Couples”

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Top 10 “Non-Run-of-the-Mill” Ideas as You Prepare to See Your Child Off to College

“YIKES! My child is leaving for college in two months.”

The summer before a child enters his or her freshman year of college is filled with excitement and consternation, happiness and remorse, confidence and concern. McGraw Hill Education notes that 25 percent of college students drop out of their first year due to not being academically, emotionally, or financially prepared for college life and adulthood. Now is your chance to help your child in his or her final preparation.

Because Family Mission Planning is a cornerstone of McManus & Associates’ approach to estate planning, the firm has compiled a list of ideas and research that can help families stay on track with their individual mission statements as college-bound children leave the nest. Here are 10 pieces of advice that you may not have gathered from your high school guidance office, selected universities or friends with adult children, but that we think might hold an equal amount of wisdom:

LISTEN HERE: “Top 10 ‘Non-Run-of-the-Mill’ Ideas as You Prepare to See Your Child Off to College”

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Top 10 Ways to Protect Children Under 18 and Over 18, Stateside and Abroad

Even for children who have newly become legal adults, parents need to be empowered to make decisions to help protect them in times of need. Laying out important considerations for families to discuss before and after children turn 18, McManus & Associates – top-rated, Tri-State-Area-based trusts and estates law firm – today released the newest edition of its educational focus series. The discussion, “Top 10 Ways to Protect Children Under 18 and Over 18, Stateside and Abroad,” identifies questions parents should evaluate, from who should be named as local representatives on a health care proxy for minors to whether a prenuptial agreement is appropriate if an adult child is soon getting married.

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Top 9 Considerations in Light of Administration’s Proposals to Change Estate and Gift Tax to Generate Revenue

Top 9 Considerations in Light of Administration’s Proposals to Change Estate and Gift Tax to Generate Revenue

 Award-winning law firm McManus & Associates flags potential modifications to the law that should factor into one’s estate planning

 NEW YORK, NY – President Obama and the Treasury Department recently released the Fiscal Year 2015 Budget Proposal and the associated “Green Book,” which details the Administration’s revenue proposals. With future policies that will be pushed now clear, McManus & Associates, a top-rated tax and estate planning law firm based in the Tri-State Area, today released the “Top 9 Considerations in Light of President Obama’s Proposed 2015 Budget.”

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Conference Call: “Top 10 Signposts to Guide Planning for Estates under $10MM”

The American Taxpayer Relief Act of 2012 (ATRA) delivered transfer tax certainty, large indexed transfer tax exemptions, and portability. Taking into account new norms, McManus & Associates, an estate planning law firm based in the Tri-State Area, today released a new installment in its free Educational Focus Series, “Top 10 Signposts to Guide Planning for Estates under $10MM.” During a conference call for clients, the firm’s Founding Principal and top AV-rated Attorney John O. McManus shed light on estate planning strategies that should be considered today following recent changes to federal and state laws.

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International “Boutique Firm of the Year” Finalist and “Advisor You Need To Know”

McManus & Associates Honored as “Boutique Firm of the Year” Finalist for STEP Private Client Awards

John O. McManus also named “Advisor You Need To Know” in The New York Enterprise Report (NYER) Accountant & Attorney Awards

NEW YORK, NY – July 24, 2013 – McManus & Associates is the only American law firm that has been named a finalist for the Society of Trust and Estate Practitioners (STEP) Private Client Awards 2013/2014 in the “Boutique Firm of the Year” category, the firm announced today. STEP is an invitation-only professional association for worldwide leading practitioners dealing with family inheritance and succession planning. It has 18,500 members across 80 jurisdictions from a broad range of professional backgrounds.

The STEP Private Client Awards “highlight excellence among private client solicitors/attorneys, accountants, barristers, bankers, trust managers and financial advisors.” The successful criteria for finalists includes:

  • Demonstrate excellence over the past year, taking into account significant obstacles that have been overcome.
  • Demonstrate consistent quality of work over the past year.
  • Demonstrate excellent client service building on-going relationships aligned with the interests of clients in a transparent and cost effective manner, and where appropriate, bespoke.
  • Demonstrate excellence in leadership, including a clear vision for the future.
  • Demonstrate excellence in technical skills and a qualified team with support for on-going continual professional development and education.
  • Where applicable, demonstrate innovation and involvement in interesting, challenging or new areas of practice.
  • Demonstrate conflict management by differentiating itself from its competitors and exploiting opportunities.
  • Demonstrate a broader contribution to the profession – contribution to wider social responsibility, including support for good causes and maintaining high standards of staff treatment.
  • Demonstrate staff retention and explanation for its achievement and maintenance.

The Awards judges have assessed entries and shortlisted up to five finalists worldwide. The Awards ceremony will take place on September 18, 2013 in London.

John O. McManus, founding principal of McManus & Associates, was also recently chosen for The New York Enterprise Report’s (NYER) “Accountant & Attorney Awards: The Advisors You Need To Know,” presented by Citibank. This is the fourth year that the newly revamped program has recognized top business advisors in the New York Tri-State Area. According to the NYER, “accountants and attorneys are consistently considered among the most impactful advisors for business owners. This program celebrates the accountants and attorneys who have made an outstanding impact in helping their clients succeed.”

The advisors are highlighted in a special editorial section within the July/August 2013 issue of The New York Enterprise Report magazine, as well as on nyreport.com. The top accountants and attorneys were announced at a networking reception on June 19, 2013 at the Citi Executive Conference Center.

To see additional awards that McManus & Associates has been grateful to receive, visit the firm’s Honors & Recognitions page: http://mcmanuslegal.com/about-us/honors-and-recognitions/.

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About McManus & Associates

McManus & Associates, a trusts and estates law firm, was formed in 1991 by John O. McManus to provide the highest quality experience of the largest firms coupled with the intimacy and efficiency of a specialized boutique firm. Over 20 years later, McManus & Associates continues to earn its reputation for integrity, intellectual ability, efficiency, and enduring relationships through its signature 10-Step Wealth and Family Values Protection Process™.

For more information contact:

Lauren DuBois

(917) 573-2485

communications@mcmanuslegal.com

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Gift Tax Exemption Will Not Likely Be Extended with President Obama’s Re-election and Divided Congress

In response to the results of the 2012 election, John O. McManus – top AV-rated tax and estate planning attorney and founding principal of Tri-State-Area-based McManus & Associates – released the following guide to changes in tax rates and exemptions, as well as a statement below:

From John O. McManus:

What does President Obama winning re-election mean for estate planning? Answer: Certain estate planning strategies are set to expire with no expectation that they will be extended. We must get to work now while we still have the opportunity. The gift tax exemption, currently allowing individuals to transfer up to $5,120,000 in assets free of tax retreats to $1,000,000 at the end of this year, and the gift tax rate jumps from 35% to 55%.

As we hurl toward the fiscal cliff of 2013, Speaker Boehner and President Obama now draw lines in the sand assuring an end to this unique tax opportunity. Furthermore, if and when a compromise is achieved – possibly sometime next year – the death tax and gift tax rates will likely increase significantly, and the tax benefits will fall to less than 20% of what is available through year-end.

More than ever, it is now critical to hop on this last tax-planning train before this period dissolves to the disadvantage of loved ones.

Rather than giving gifts directly to loved ones, transfers should be made into trust to provide flexibility, control and access to the donor. Assets such as business interests, private equity ownership, stock portfolios, cash and real estate are all suitable for transfer. Employing qualified professionals can assure that this work can be completed in less than 30 days – just enough time to make the deadline. Missing this twilight period could prove to be taxing on your mind and your balance sheet.

Please contact us immediately to learn how to take advantage of this fast-closing window of time as the end of 2012 approaches — we have at least another month to help.

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