Michael Rudegeair, CPA, CFP®, is a director and member of Anchin’s Private Client and Trusts and Estates Services groups. He has over 17 years of experience as a tax and wealth adviser for high-net-worth individuals, trusts, estates and private foundations. Michael provides guidance in income tax consulting (including personal and fiduciary income tax); transfer tax consulting (including gift, estate and generation-skipping transfers); federal, state and local tax compliance services; representation before federal and state tax authorities; and trust administration services. His clients include individuals, multi-generational families, family trusts, family limited partnerships and private foundations. Previously in his career, Michael worked for a multi-family office.
Michael received his Bachelor of Science in Agricultural Economics (Business Management) from Cornell University, a Certificate in Accounting from Hofstra University, and a CFP® Certificate from New York University’s School of Continuing and Professional Studies. He is a Certified Public Accountant in New York, and a Certified Financial PlannerTM certificate holder.
Michael is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants (NYSSCPA). He is Vice Chair of the AICPA Trust, Estate and Gift Technical Resource Panel. He frequently shares his expertise through both internal trainings and external presentations in the marketplace, he has spoken at events such as the AICPA National Tax Conference.
He is current member and past chair of the NYSSCPA Trust & Estate Administration committee, and a member of the Estate Planning, Personal Financial Planning and Professional Ethics committees.
- 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.
- IRS Finalizes Rules Confirming No Estate Tax ClawbackNovember 26, 2019
In today’s estate planning climate, many find it beneficial to take advantage of the increase in the estate tax exemption, yet are cautious that a future lower exemption could result in unintended estate tax exposure. Regulations and clarifications issued may provide reassurance that this strategy is viable.
- Anchin, Block & Anchin LLP Admits three to the Partnership and Promotes four to DirectorNovember 21, 2019
Anchin is pleased to announce the promotions of Tara Burek, CPA, Alek Dziedzic, CPA, and Megan Klingbeil, CPA, to the partnership as of October 1, 2019.
In addition to the new partners, Audelene Gutierrez, CPA, Brent Lessey, CPA, Adam Pizzo, CPA, and Michael Rudegeair, CPA, CFP, have been promoted to Director.
- Pros and Cons of Joint Ownership of Property with ChildrenJuly 31, 2019
Joint ownership is a common shortcut for estate planning, and individuals should be aware of the pros and cons in order to make an educated decision regarding their estate. Joint ownership is common for real estate, but may be used to hold other kinds of assets.
- Proper Funding of Revocable Trust is the Key to Unlocking its BenefitJune 28, 2019
If an estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event that the owner becomes incapacitated), probate avoidance and privacy. But these benefits aren’t available if the trust isn’t funded.
- Crossing State Lines to Gain Tax Savings and Other BenefitsMay 31, 2019
People who live in states with high income taxes sometimes relocate to a state with a more favorable tax climate. A similar strategy can be available for trusts. If a trust is subject to high state income taxes, it may be possible to make changes to reduce tax exposure.
- A Total Return Unitrust Can Help Maintain Family Harmony March 20, 2019
A traditional trust can sometimes create a conflict between the lifetime and remainder beneficiaries. For example, investment strategies that provide growth that benefits remainder beneficiaries can leave lifetime beneficiaries with little or no annual payouts. This makes it more difficult for a person’s estate plan to achieve his or her objectives and places the trustee in a difficult position. A total return unitrust (TRU) may offer a solution.
- A SLAT Offers Estate Planning Benefits and Acts as a Financial Backup PlanFebruary 28, 2019
Some of the most effective estate planning strategies involve the use of irrevocable trusts, but it can be uncomfortable for someone to place assets outside of his or her control. What happens if a grantor’s financial fortunes take a turn for the worse after a large portion of wealth has been irrevocably transferred?
- Estate Planning Under the New Tax LawMay 31, 2018
It is especially important to keep estate plans up to date during times of change—such as when a family grows or laws are modified. Staying informed about tax law provisions helps individuals make smart decisions for the distribution of their assets.
- Turning Over the Keys to the Family BusinessDecember 29, 2017
Owning a business is one part of the American Dream, and seeing it successfully transferred to the next generation ensures that dream continues. Yet with competing interests among family members in addition to financial considerations, transferring a business to the next generation is often a daunting task. Having frank conversations with family members early on and employing the right experts can make the transfer easier.
- Does Taking Care of My Parents Mean That I've Made a Taxable Gift?October 31, 2017
As baby boomers age, younger generations must contemplate the question of what needs to be done when it comes to taking care of their parents. The answer depends upon where you reside and how payments are made.
- How to Protect Your Digital Life After You’re GoneJune 30, 2017
With so much personal information stored online, it is crucial that families organize a coordinated and consistent strategy to ensure that their legacy and assets are preserved and handled as intended.
- When is it time to update your estate plan?March 31, 2017
Because it is implied that the documents are supposed to outlive the deceased, many people wrongly assume that they just need to create a set of documents one time and not review them again.