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Marcum LLP
Tax & Business

Family Wealth Services - Trusts & Estates

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The estate and gift tax laws are highly complex and specialized. When families and individuals plan for their future, they need to know that their service providers are experienced, highly-skilled and technically superior. In response to this need, Marcum has assembled a team of specialists to deal with the many intricacies of trust and estate work.

Our Trusts & Estates Group provides clients with a comprehensive array of Trust and Estate planning and administration services. We understand that, when it comes to your family's future, the stakes are high and we address all client dealings with the gravity and discretion they deserve.

Contact one of Marcum's regional representatives.


Related Services:     Marcum Family Office   |   Philanthropy Planning & Private Foundations   |   Private Client Tax Services   |   Trusts & Estates
Estate Planning

A well-conceived estate plan is the only way to protect your assets from substantial estate, income and excise taxes. That's why many individuals and family-owned businesses that rely on Marcum for their individual, corporate and partnership income tax work have also turned to us for estate planning and family business succession planning.

Marcum's Trusts and Estates Group offers planning services to help you develop a strategic plan that will preserve your assets for the financial security of your family's future. The accountants and attorneys employed in Marcum's Trusts and Estates Group can help you understand and weigh the options available, so that you can make the best decisions for the future of your family and your business.

  • Development and design of estate plans to reduce estate and/or gift tax and maximize family wealth.
  • Development of family gift giving programs and preparation of applicable federal and state gift tax returns.
  • Creation and implementation of business succession plans.
  • Creation of strategies for utilization of inter-vivos trusts in the estate planning process.
  • Design and implementation of charitable giving strategies to minimize estate, gift and income tax.
  • Planning for Individual Retirement Account (IRA) and qualified plan distributions to maximize family wealth and minimize taxes.
  • Preparation of business valuations to be utilized in effectuating lifetime gifts to minimize estate and gift tax.
  • Assisting clients in identifying long-term care needs and implementing solutions.


Beyond the Numbers

Roundup of business and tax planning ideas

Trust and Estate Administration

The executor of an estate is charged with the often daunting task of administering that estate. Depending on the complexity of the property, how it is owned, the provisions of the decedent's will, and the applicable law, the executor has before him or her various complicated responsibilities that are often best carried out with the guidance and assistance of a knowledgeable advisor.

Marcum's Trusts and Estates Group addresses the needs of surviving family members and provides advice and representation on federal and state estate, gift and income tax issues that affect the estate or trust, its beneficiaries or fiduciaries.

  • Preparation of federal estate tax returns and applicable state inheritance/estate tax returns.
  • Preparation of judicial and non-judicial fiduciary accountings for trusts and estates.
  • Preparation of fiduciary income tax returns for trusts and estates, including tax planning to minimize income taxes.
  • Post-mortem planning, including use of disclaimers, redemption of shares of closely-held businesses, and allocation of generation-skipping transfer tax exemption.
  • Working with attorneys, executors and beneficiaries to minimize estate tax and income tax.
  • Assisting executors in navigating through the estate administration process.
  • Assisting beneficiaries in resolving family disputes regarding inherited or inheritable assets.
  • Valuation of closely-held business interests to minimize estate tax.
  • Preparation of Federal and State gift tax returns.
  • Preparation of Federal estate tax returns (Form 706) and applicable State inheritance/estate tax returns.
  • Preparation of Federal and State fiduciary income tax returns including income tax planning to minimize taxes.
  • Preparation of Federal and State Charitable Trust Information returns.
Related Trusts and Estates News

The Los Angeles Times asked Marcum to partner on a project to see how the 2016 tax returns of selected readers would fare under the House and Senate tax reform bills.


Republican tax plans are working their way through Congress. If the House and Senate can agree on a final bill, will you owe more or ....

Bloomberg BNA quoted national Tax Leader Joseph Perry in a Daily Tax Report story about the taxation of pass-through income under the House and Senate bills.


Pass-through taxation represents one of the biggest rifts between the House and Senate tax reform plans, a difference that will have to be resolved before ....

The New York Times quoted Tax Leader Joseph Perry in an article about strategies to prepare for the loss of deductions for state and local taxes and property taxes.


The Senate and House may spend most of the month ironing out the differences in their tax bills. Or they may be delayed by other ....

The New York Times interviewed Tax Partner Kurt Koegl about the likely impact of tax reform on real estate investment trusts.


After a frenzy of congressional action to rewrite the tax code, salesclerks and chief executives are calculating their gains. Business was treated with the everyone’s-a-winner ....

Fox Business interviewed national Tax Leader Joseph Perry for a story about how tax reform will impact homeowners in high-tax states.


Republicans are moving a tax reform bill through Congress that could have both short-and long-term impacts on housing prices and trends. Real estate lobbies are ....

Barron’s quoted Family Wealth Services Leader Carolyn Mazzenga in an article about how high net worth taxpayers residing in New York City may be impacted by tax reform.


As Senate Republicans moved closer to an overhaul of the nation’s tax code, the prospect of sharp cuts to corporate taxes loomed larger.

The Wall Street Journal quoted Philadelphia Tax Leader Ed Reitmeyer in an article about how the House and Senate tax bills would likely affect President Trump.


Opponents of the Republican tax proposal moving through Congress are focusing in part on one particular billionaire as they seek to rally Americans against it: ....

Bloomberg News interviewed Family Wealth Services Leader Carolyn Mazzenga about whether the loss of the state and local tax deduction in New York will drive wealthy taxpayers to move.


By eliminating the deduction for most state and local taxes, an individual making a yearly salary of $1,000,000 - a figure not uncommon in the ....

CNBC asked Tax Partner Janis Cowhey about how to approach estate planning.


If you think an estate plan is just for the rich and famous, think again. Anyone with assets, including a home, 401(k) plan, or savings ....

The Hartford Business Journal published an article by State & Local Tax Leader Paul Graney, on the tax changes contained in the bipartisan budget agreement enacted in Connecticut.


On Oct. 31, Gov. Dannel P. Malloy signed a trick-or-treat bipartisan budget agreement that provided for a number of new tax changes. He also vetoed ....

Long Island Business News quoted Trusts & Estates Co-Leader Ron Finkelstein an article about the estate tax.


Although the federal estate tax has been out of reach and out of mind for many, it has been rising, touching fewer and fewer people.

Forbes tapped the expertise of Tax Partner Janis Cowhey for an article about smart ways to tap your retirement money early.


Ideally, you’ll leave the money in your retirement accounts growing untouched until you retire. Uncle Sam imposes a 10% penalty on some early withdrawals to ....

NBC Nightly News interviewed New York Tax Leader Maury Cartine for a story about how much President Trump stands to potentially save under the GOP tax plan.


NBC Nightly News interviewed New York Tax Leader Maury Cartine for a story about how much President Trump stands to potentially save under the GOP ....

The New York Times spoke with Philadelphia Tax Partner-in-Charge Ed Reitmeyer about the treatment of pass-through income under the House Tax Cuts & Jobs bill.


The rewrite of the tax code, which the House passed on Thursday, proposed a 25 percent tax rate for small businesses for owners who report ....

NBC News asked Marcum to analyze the impact of the House Tax Cuts & Jobs Act on the 2005 federal tax return of Donald Trump, and reported the Firm’s findings.


President Donald Trump has insisted, for months, that the Republican tax plan he supports won’t benefit him. In fact, Trump and his heirs potentially could ....

Senate Committee on Finance Issues Version of Tax Cuts and Jobs Act


Last week, the Senate Finance Committee issued its version of the recently released House Tax Cuts and Jobs Act.

2017 Marcum Year-End Tax Guide Now Available


Marcum LLP has issued its 2017 Year-End Tax Guide in the midst of Congressional efforts to reform the national tax code. This year’s tax guide ....

Bloomberg Markets spoke with Tax Partner Shaun Blogg, Marcum’s office managing partner in West Palm Beach, FL, about the impact of tax reform for businesses and individual taxpayers.


Shaun Blogg, Marcum’s office managing partner in West Palm Beach, FL, discussed the impact of tax reform for businesses and individual taxpayers with Bloomberg Markets.

Bloomberg Markets asked Tax Principal Michael D’Addio onto the program to discuss the prospects for the House and Senate tax bills.


Bloomberg Markets asked Tax Principal Michael D’Addio onto the program to discuss the prospects for the House and Senate tax bills.

Tribune News Service interviewed Tax Partner Janis Cowhey for an article about the importance of couples in 2nd or 3rd marriages discussing finances and inheritance.


Heading into a new committed relationship means both partners need to take stock of their retirement plans and legal documents, having detailed conversations not only ....

U.S. News & World Report featured Brandon Blitzer, a tax manager in the Firm’s Alternative Investment Group, in an article about how the wash-sale rule can trip up investors.


Year-end investing moves can pay off nicely at tax time the next spring, but can also trip you up. Take the wash-sale rule. Running afoul ....

Reuters quoted Tax Partner Janis Cowhey in an article about splitting retirement accounts in a divorce.


While many couples dissolve their marriages without significant legal involvement, divvying up retirement accounts, particularly pensions, is thorny. Doing it without a proper legal agreement ....

CNBC quoted national Tax Leader Joseph Perry in an article about the hidden tax hike for high net worth taxpayers in the House’s Tax Cuts and Jobs Act.


The GOP's tax plan contains a little-noticed tax hike on big earners that could add another $12,000 to their annual tax bill.

Financial Advisor magazine spoke with Tax Partner John Mezzanotte about why so many taxpayers request extensions to file their tax returns in October.


Taxpayers who want up to a six-month extension to file their tax return file IRS Form 4868 have until mid-October to file. In recent filing ....

TheStreet interviewed Partner Janis Cowhey about the importance of financial independence for women.


Alpha Rising took a moment to recap what we've learned from the amazing women we have spent time with over the last few months and ....

The Philadelphia Inquirer interviewed Jeffrey Winkleman, partner-in-charge of corporate taxation, and Steve Brett, president of Marcum Financial Services, for an article about the proposed cap on 401(k) contributions.


Wall Street can't be happy about Congress' proposal to cap our yearly 401k contributions at $2,400 — that’s the tax-deferred amount we would be able ....

CNN Money interviewed Partner Janis Cowhey about discussing retirement finances with your parents.


Discussing finances with your parents can be as uncomfortable as the talk they gave you about the birds and the bees. But it still needs to ....

Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.


It’s official. For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual ....

Announcing Sponsors for the 2017 Marcum Women’s Forum featuring Chelsea Clinton


Nine top companies have signed on to date to sponsor the 2017 Marcum Women’s Forum in New York City, featuring Chelsea Clinton, Lisa Garcia, and ....

IRS and Treasury to Withdraw Proposed Regulations that Would Affect Discounts Applied to Transfers of Family-Owned Businesses


On October 2, 2017, The Trump Administration issued Executive Order 13789. Included in this Executive Order, the IRS and the Treasury establish that they will ....

Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.


Once your client reaches age 70 1/2, he or she must take required minimum distributions (RMDs) annually from taxable IRA and 401(k) accounts.

The Long-Awaited Tax Proposal: The Unified Framework for Fixing our Broken Tax Code


On September 27, 2017, the Trump Administration and Republican leaders released a unified framework for tax reform that would make changes to both individual and ....

IRS Tax Relief for Hurricane Irma Victims


The IRS is providing help to the victims of Hurricane Irma. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. ....

CNBC spoke with Rorrie Gregorio, partner-in-charge of the Marcum Family Office practice, for an article about the financial challenges faced by “suddenly single” women recently divorced or widowed.


Becoming suddenly single can set your world in a tailspin, and a lack of financial planning is setting women in particular even further back.

South Florida Business Journal published an article by Partner David Appel about the importance of estate planning for Millennials.


Estate planning is not just for Boomers. It is an essential part of financial adulthood and is especially imperative for Millennials who have already amassed ....

CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.


Here's a way for boomers to share the wealth with their children and grandkids: Cover the cost of preschool and shake off gift taxes to ....

Applicability of Charitable Deductions for Estates and Trusts


Fiduciary entities, other than specific charitable entities such as charitable remainder trusts, charitable lead trusts, or private foundations, are allowed many of the same deductions ....

Tax Partner Robert Spielman wrote about state laws governing the ownership of engagement rings, for his Valentine’s Day column in City News.


February is often considered a month of love because Valentine's Day falls on the 14th.

IRS Issues Guidance for Tax Treatment of Estates of Same-Sex Married Couples


On January 18, 2017, the Internal Revenue Service ("IRS") published administrative guidance in Notice 2017-15, providing specific policy and procedures for retroactively changing the tax ....

New Jersey Business magazine interviewed Tax Supervisor Crystal Levy about wills and estates planning, for its annual Money Issue.


The aging population and changing inheritance laws are influencing the way Americans look at will and estate planning.

Private Wealth magazine interviewed Partner Carolyn Mazzenga for an article about how President-elect Donald Trump’s proposed tax plan will effect high income earners.


Whether or not you approve of Donald J. Trump as the next president of the United States, if you're a highincome earner who would like ....

CNBC quoted Trusts & Estates co-leader David First in a story about the proposed repeal of the estate tax.


Donald Trump rallied the working class during his campaign, but he also championed one benefit favoring mostly the super-rich: eliminating the federal estate tax.

State of New Jersey Passes Law that Completely Repeals the State Estate Tax by 2018


New Jersey Governor, Chris Christie, signed Assembly Bill No. 12 ("AB12") into law on October 14, 2016, repealing New Jersey's state estate tax effective January ....

Trusts & Estates Brochure



Select the region to view contacts.

Ronald  Finkelstein

Tax & Business
Melville, NY
David  First

Tax & Business
New York, NY

The Marcum 2017 Year-End Tax Guide continues our tradition of providing timely tax guidance for the upcoming year.




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