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Isabella is a manager in the tax department, providing tax compliance and planning services to a variety of commercial businesses and individuals. While a student at Daemen University, she served as chief editor to the school’s literary magazine. Prior to joining Lumsden McCormick, Isabella had experience working at a local accounting firm.
Daemen University, Master of Science, Professional Accountancy
Daemen University, Bachelor of Science, Professional Accountancy
American Institute of Certified Public Accountants
New York State Society of Certified Public Accountants
Grassroots Gardens of WNY, Treasurer
Isabella enjoys reading and supporting Buffalo’s local theater and art community.
Married couples deciding between a joint trust and separate trusts should weigh factors like simplicity, asset protection, and tax implications. Joint trusts offer ease of management and shared control, while separate trusts provide greater creditor protection and estate tax planning opportunities. The best choice depends on each couple's financial situation, family needs, and state laws.
Spousal property rights, including the "elective share," are governed by state law and can significantly impact estate plans. Strategies such as transferring assets to a revocable trust may help mitigate the effect of these rights, but laws vary by state, making professional guidance essential for effective planning.
A Charitable Remainder Trust (CRT) allows individuals to achieve two estate planning goals: providing income to beneficiaries and leaving assets to charity, all while receiving potential tax benefits. With options like CRATs and CRUTs, a CRT offers flexibility in payouts and contributions. However, it’s an irrevocable decision, so careful planning is essential.
