It’s no fun to think about making your will. Nevertheless, says estate-planning attorney Martin Shenkman, “A will is a critical document that probably everyone 18...
Martin M. Shenkman, CPA, JD
Articles by this author
Inheritance Tax: What Is it and How Is It Calculated?
A New Jersey woman wanted to leave $75,000 to each of her four siblings in her estate plan. She didn’t realize that the gift would...
Estate Planning for Second Marriages
Second marriages inevitably create estate-planning complications, warns attorney Martin Shenkman, CPA. The need to update beneficiary designations, powers of attorney and other documents to name...
Gift Tax Rules: How to Gift Money to Family
A married couple helps their adult child make a downpayment on his first home. A woman pays her aging mother’s hospital bills. An older couple...
Do You Need a Postnuptial Agreement?
Once you’re wed, it’s too late to sign a prenuptial agreement…but there is another contract that could serve a similar function. A postnuptial agreement, or...
Are Funeral Expenses Tax-Deductible?
Paying for an aging loved one’s care sometimes results in a medical expense deduction. Paying for a deceased loved one’s funeral, on the other hand,...
Common Estate-Planning Mistakes and How to Avoid Them
Having your will done doesn’t mean you’re done with estate planning. While the last will and testament is easily the best-known estate-planning document, it’s not...
How Long Should You Keep Tax Returns?
How long do you keep tax returns and related paperwork? If you look for guidance about recordkeeping from the IRS website, the answer seems straightforward—retain...
Don’t Overlook This Important Estate-Planning Document
Even people who pay attorneys to draft their estate-plan documents often forget to include letters of instruction. These informal documents provide guidance to the executor...
New Reporting Requirement for Small Businesses
Effective this year, the Corporate Transparency Act (CTA) requires small businesses and entities to file ownership information with the Financial Crimes Enforcement Network (FinCEN), a...
SLATs: Not Just for the Wealthy
People often assume that Spousal Lifetime Access Trusts (SLATs) aren’t for them. After all, with the federal estate-tax exemption at nearly $13 million in 2023,...
