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February 2024 Newsletter

February Newsletter

Welcome to our February 2024 Newsletter!

Happy Belated Valentines Day!

This month we are sharing with you the “Family Love Letter”. Additionally, this month we have some important information to share regarding the 2024 tax numbers that may assist you with your tax, estate planning and charitable giving. On Valentines Day,
Jim and Lisa appeared on LI News Radio to talk about how they became partners in Law and Love and to discuss creating a Family Love Letter. Listen to the show in the link below.

Why Write A Family Love Letter?

What is a family love letter? A family love letter is a letter that you address to your family for the purpose of sharing important information. Basically, a family love letter gives your family important details about your life, in case you pass away suddenly. Family love letters should include the following information:
  • Bank Account information
  • A List of passwords and logins
  • Location of valuable items like jewelry
  • Social Security Number
  • Location of your passport
  • Lawyer, Accountant and Financial Planner information
  • Information about owned assets
  • Location of important documents such as your Will, Trust, and other legal documents
  • Information about your pension, other plans
  • Information about any debts or liabilities
  • Any Business information
  • Funeral Arrangements
  • Insurance information
  • Firearms locations and information
Writing a letter to your family with all the details about your personal life may feel intimidating, but it is a good idea. Preparing a simple family love letter can ease the burden for your family members if the unexpected happens. It costs nothing, other than some of your spare time! Please consider setting aside time to do this as soon as possible.

2024 Tax Info

*Federal Income Tax
The medical expenses threshold for 2024 is still 7.5% of your AGI (Adjusted Gross Income) and includes:
  • Home care expenses
  • Assisted Living expenses (partial, speak with your Assisted Living representative)
  • Qualified Long Term Care insurance plans
  • New York State credit for 20% of premium with a maximum credit of $1500 if AGI is less than $250,000
  • Federal Deduction (varies based upon age)
*Qualified Charitable Distribution
Taxpayers, age 70 1/2 and older can transfer up to $100,000 annually from their IRA directly to a qualified charity without having to recognize the income as taxable.
*Donating Crypto Currency
A donation of Crypto Currency greater than $5,000 requires a qualified appraisal.
WHY? Aren’t Crypto Currencies traded like stocks? Yes, however neither the IRS nor the SEC have taken official positions on trading Crypto Currencies as securities. The IRS has actually designated Crypto Currency as property and not currency.
*2024 Estate and Gift Tax Exemption
The Federal exemption for 2024 is $13,610,000 per person. Unless Congress acts before 12/31/25 this exemption reverts back to $5,000,000, adjusted for inflation.

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