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Personal Financial Planning

You have worked hard to achieve your level of wealth. You have accumulated assets and invested wisely. Now is the time to focus on preserving your principal, generating income and protecting your assets against taxes and other forces that threaten to reduce their value. This is where proper personal financial planning can help.

Clients with wealth come to the The Law Offices of Lawrence Israeloff, PLLC and engage us to provide our full services of comprehensive personal financial and asset management planning. Our tax planning strategies help high net worth individuals reduce the impact of federal, state and local income taxes, protect against unnecessary estate and gift taxes, and maximize growth opportunities during life and after death. To ensure more wealth is preserved and enhanced, we develop strategies tailored specifically to each client’s financial situation, helping them identify and accomplish their personal asset-protection goals.

We help our clients make educated decisions for their tax planning and compliance.  We keep them informed of the latest tax laws and updates, including the new 3.8% Medicare surtax (the “Net Investment Income Tax”).

As of January 1, 2013, there is a new 3.8% net investment income tax on some categories of passive investment income for individuals, trusts and estates that exceed certain income thresholds.  As a result, it is in your best interest to identify these income sources and adopt strategies to lower your modified adjusted gross income or your net investment income to avoid the surtax.  If you think the new tax may apply to you, we can explain your choices and help you pick the best strategy to minimize the tax impact.

If you’re not sure what the new health care law means to you, you’re not alone. A poll by the Kaiser Family Foundation revealed that just over a third of the public had tried to find out more information about the law—the Affordable Care Act—in recent months. About half of the respondents to the survey said they remain confused about the law and its provisions.

If you have questions we can provide the answers you need.

Among other things, our individual clients should be aware of the Shared Responsibility Provision that becomes effective on January 1, 2014. Under the provision, people of all ages, including children, must either have minimum essential health coverage, qualify for an exemption or make a payment when they file their tax return. We can help you understand whether your coverage meets the law’s requirements, how gaps in coverage will be treated and what circumstances qualify for an exemption.

Contact us today to find out how the new tax laws will affect you.

Additional legal services include:

  • Quarterly estimated tax payment calculations
  • Future tax projections
  • Trust and estate administration
  • Business entity formation
  • Partnership agreements
  • Limited Liability Company operating agreements
  • Stockholder agreements
  • Buy-sell agreements
  • Purchase and sale agreements
What Is The Estate Tax?
The estate tax is one component of the federal transfer tax system, which also includes the gift tax and the generation-skipping transfer tax.
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The Trust As Part Of An Estate Plan
To the layperson, trusts can appear complicated. People often think trusts are only for the very wealthy. In reality, trusts can be useful for people of all income levels.
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What Is Probate?
Probate is the legal process that takes place after someone dies of proving the validity of a will or establishing who is entitled to receive the decedent’s property under state intestate succession laws if there is no will.
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Who Are The Parties Involved In A Trust?
The person who creates a trust is called the creator, the settlor, or the grantor. The trustee is the person or persons who hold title to the trust property in their name.
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AICPA Tax Attorney CPA, CFP®, Melville NY

OFFICE LOCATION

445 Broad Hollow Road, Suite 205
Melville, NY 11747
516.537.4440
Email: larry@israelofflawcpa.com

MAP

Lawrence Israeloff, Esq., CPA, CFP®

DISCLAIMER

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.
©2017 Tax Attorney CPA, CFP®, Melville NY
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