E. Richard Baum
A certified public accountant and attorney, Richard brings a unique perspective and expertise to his clients at Anchin. For more than 30 years, Richard has provided clients with a full range of planning and reporting services in the fiduciary area, including estate planning, estate administration, preparation of estate and gift tax returns, fiduciary income tax returns, qualified retirement plan distribution planning, and split-interest gift and charitable planning. A member of the Firm’s Tax Department, Richard also serves on the Steering Committee of the Private Client Group.
Richard is a frequent speaker on trust and estate topics and has authored articles on a variety of subjects. He has published work in the New York Law Journal, Taxation for Lawyers, and Taxation for Accountants and has been profiled in the Private Asset Management Newsletter. Richard writes for the Firm’s alerts and newsletters while also providing numerous continuing education programs to members of Anchin’s professional staff. Additionally, he is a frequent presenter on Anchin webinars relating to tax law and its impact on high net worth individuals.
Richard is a member of the Trusts and Estates Section of the New York Bar Association and of the New York City Estate Planning Council. In addition to his public accounting certification and admission to the Bar, Richard is also a licensed life and health insurance provider. He is a member of the American Institute of Certified Public Accountants (AICPA) and the New York State Society of Certified Public Accountants (NYSSCPA).
- Family Office Support and Business Management
- Private Client
- Tax Planning and Compliance
- Trusts and Estates
- Anchin's Year End Trusts & Estates SeriesDecember 17, 2020
This series provides insights on how estate and trust planners may capitalize on the market’s historically low interest rates, and how high net-worth families could take advantage of trust and estate planning strategies before the new administration takes office in January.
- Two Easy Ways to Use Low Interest Rates in Your Estate PlanNovember 24, 2020
Current estate planning has focused on utilizing a taxpayer’s historically large lifetime exemption because this amount is slated to decrease under the current law in a few years (and possibly sooner by government action). When the exemption has already been used, here are two more planning techniques that will also help the taxpayer benefit from the unusually low interest rate environment.
- Preserving Your Family Legacy with Spousal Lifetime Access Trusts (SLATs)November 13, 2020
We are currently experiencing a perfect storm for estate planning – a historically high Federal gift tax exemption coupled with depressed values, largely attributable to the pandemic. A married couple has the ability to transfer up to $23 million out of their estate with no gift tax payable. This exemption is scheduled to be reduced by half in five years, or sooner, through new legislation. While taking advantage of this significant estate planning opportunity is very appealing, many people are reluctant to part with this level of assets. Fortunately, there is a vehicle which allows for assets to be transferred to a trust, removing them from the estate, while still allowing access if needed.
- Added Benefits of Giving with Charitable Gift AnnuitiesAugust 29, 2019
If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, it allows you to support a favorite charity and reduce the size of your future taxable estate.
- Does Your Estate Plan Include a Formula Funding Clause?July 31, 2019
Anyone who is married and executed their estate planning documents years ago, when the gift and estate tax exemption was substantially lower, should review their plan to ensure that the increased exemption doesn’t trigger unintended results. It’s not unusual for older estate planning documents to include a “formula funding clause,” which splits assets between a credit shelter trust, which may benefit non-spousal beneficiaries, and the surviving spouse — either outright or in a marital trust.
- The Original Will: Can It Be Located? April 30, 2019
In a world that is increasingly paperless, many people are becoming accustomed to conducting a variety of transactions digitally. When it comes to one’s Last Will and testament, however, only an original, signed document will do.
- The 2018 Gift Tax Return Deadline Is Almost HereMarch 20, 2019
Large gifts made last year, such as ones made to children, grandchildren or other heirs, require filing a gift tax under certain circumstances. It is important to determine whether filing a 2018 gift tax return is required – or whether filing one would be beneficial even if it isn’t required.
- Estate Planning for Unique Family Situations January 31, 2019
It may be best to think about estate planning as more of a process than a destination. While families may have an idea of how they want their assets distributed at death, changing circumstances can necessitate making changes to even the best laid plans.
- Post-Retirement Planning: A Checklist for Seniors September 27, 2018
As high net worth individuals enter their retirement years, they may think that the bulk of their financial planning needs are over, when in fact a new phase of financial planning is just beginning. Even though some of these wealthy families may not have to worry about outliving their savings, there are still reasons to periodically review their financial plan.
- Tax Cuts and Jobs Act: Key Provisions Affecting Estate PlanningJanuary 8, 2018
The Tax Cuts and Jobs Act of 2017 (TCJA) is a sweeping revision of the tax code that alters federal law affecting individuals, businesses and estates. Focusing specifically on estate tax law, the TCJA doesn’t repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption.
- House Bill Repeal Of GST Would Defuse A Ticking Time Bomb For Trust Fund KidsNovember 13, 2017
Tax Partner E. Richard Baum shares his observations on non-skip beneficiaries.
- The Value of Life Insurance if Trump Repeals the Federal Estate TaxDecember 19, 2016
A few things to consider before making any hasty cancelation decisions
- Structuring Life Insurance Correctly to Fit into a Buy-Sell AgreementAugust 31, 2016
How it can protect the business and the family
- Thinking About “Death” Can Improve Quality of LifeJune 1, 2016
Estate planning is critical to generational wealth transfer and preservation strategies.
- 5 Boomer Tax Traps to AvoidApril 6, 2016
E. Richard Baum, Tax Partner, touches base on various tax traps for baby boomers such as taxes on municipal bonds, the required minimum distribution and the income level for social security taxability.
- Why Your Spouse Should Be at the Center of Your Estate PlanningMay 27, 2015
If you’re wondering who’s going to make sure your wishes are met after you die, your spouse is likely the first person you should consider.
- Estate planning: How to leave IRA to heirsMarch 5, 2015
No one would accuse IRAs of being easy to understand. The retirement accounts seem fairly straightforward on the surface, but they can get complicated, especially after you die.
- Valuation Discounts: Opportunities for Privately Held BusinessesJune 6, 2017
Anchin Tax Partner E. Richard Baum discusses valuation discounts and how older generations may gift interest in a business to the next generation at less than the full value through buy-sell agreements and cross-purchase agreements funded using life insurance.
- Anchin Webinar: A Wake Up Call: Some of the Eye-Opening and Under-Publicized Impacts of the TCJAFebruary 27, 2018
In this recorded webinar, Anchin Private Client assembled a panel of professionals to discuss some of the most impactful changes, share insight on common misconceptions and misunderstandings uncovered in our conversations with clients and contacts, and address questions from attendees.
- Gifting: How to Leverage 529 Education PlansJune 6, 2017
Anchin Partner E. Richard Baum discusses leveraging 529 education accounts, gift tax annual exclusions, gift maximums, the tax benefits of gifting in advance, and other important considerations.
- The Impact of a Potential Repeal of the Federal Estate TaxMay 22, 2017
Anchin Partner E. Richard Baum discusses the role of life insurance in planning for the federal estate tax and explores the potential repercussions, should these
- Understanding Lifetime TrustsFebruary 17, 2016
Anchin, Block & Anchin LLP Partner Richard Baum discusses what advisers and clients need to know about lifetime trusts and why they've become more popular with Veronica
- Saving for Retirement February 17, 2016
Anchin, Block & Anchin LLP Partner Richard Baum talks about saving for retirement.
- Baby Boomers & Retirement February 17, 2016
Anchin, Block & Anchin LLP Partner Richard Baum talks about Baby Boomers and Retirement.
- Examining & Updating Your Plan February 6, 2016
Anchin, Block & Anchin LLP Partner Richard Baum talks about examining and updating your plan.