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E. Richard Baum

CPA, J.D.
Tax Partner

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).

  • Art
  • Family Office Support and Business Management
  • Private Client
  • Tax Planning and Compliance
  • Trusts and Estates

News

  • 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.

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