Sotheby’s Valuation of Two Paintings Not Good Enough

Jeffrey Hyland was the executor and residuary beneficiary of Eva Kollsman’s estate.  At her death in August 2005, Eva owned two 17th century Old Masters paintings: Village Kermesse, Dance Around the Maypole by Pieter Brueghel the Younger and Orpheus Charming by Jan Brueghel the Elder.  Soon after Eva’s death, Hyland was approached by George Wachter […]

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Time to Begin Tax Planning

It is time again to start thinking about tax planning for the current tax year. Many financial decisions made during the year have already included a consideration of the impact on tax liability. Late summer is the best time to step back from the trees of the many on-the-fly calculations made throughout the year and […]

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Social Security Planning 101

It’s trickier than many realize Although Social Security benefits aren’t likely to make up a sizable part of your retirement income, your planning wouldn’t be complete without getting a good grasp on how much you’ll be receiving and, if you plan to work part-time after retirement, the impact of your earnings on your benefits. What […]

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Uncharted Interest Rate Markets

The cost of capital has been declining around the world. Interest rates are at or below zero in many countries. Nominal interest rates in the U.S. remain positive but our real interest rates (yield minus the rate of inflation) are at or below zero. The 10-Year Treasury, after a run up to over 3.20% last […]

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Spotlight on Trust Taxes

Nearly 30 years ago, Joseph Rice created a trust in New York for his three children.  A New York trustee was appointed, and the trust was to be governed by New York law.  The trustee was given complete discretion over distributions to the trust beneficiaries.  At the time that the trust was created, no beneficiary […]

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Short-Term Anxiety

Stocks dropped, taking the S&P 500 down over three percent for the week, as doubts about a near term continuation of what had already been a 20% rally this calendar year mounted. Continued weakness in stock prices is likely to be with us through the remainder of the summer with the correction totaling 5% to […]

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Ask a Trust Officer: Elderly Parents

Dear Trust Officer: My parents are retired, living in another state. They have a sizable investment portfolio and are financially comfortable. However, as they are getting older, they are having trouble keeping up with their paperwork. Last year they were late in making tax payments, very unlike them. I would help them, but I just […]

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