Where Are Your Estate Planning Documents?

Creating an estate plan is important. Making sure the documents can be found is just as important. You may have spent considerable time working with your attorney to create a Will, Trust, Power of Attorney, Health Care Proxy, and other important estate planning documents. But what happens if, when the documents are needed, no one...

Understanding New York’s New “Pied-a-Terre” Tax

New York State has enacted a new surcharge on certain high-value residential properties in New York City that are not used as a qualifying primary residence. Commonly referred to as the "pied-à-terre" tax, the surcharge is administered by the New York City Department of Finance and is designed to generate additional revenue from luxury homes...

Tax Considerations and Potential Pitfalls in M&A Transactions

When business owners think about mergers and acquisitions, the focus is usually on valuation, growth opportunities, and getting the deal across the finish line. Buyers are often focused on strategic expansion, market share, or operational synergies, while sellers are thinking about liquidity, retirement, or the next stage of their business journey. What frequently receives less...

A New Choice at Life’s End: New York’s Medical Aid in Dying Law

New York has introduced legislation that establishes a regulated framework for medical aid in dying (“MAID”) through Senate Bill S138. The bill reflects a growing national conversation around end-of-life autonomy and defines when and how a terminally ill individual may choose to end their life under medical supervision. Under the bill, an adult diagnosed with...

Can’t Pay Your Tax Bill? Why Filing On Time Still Matters

It’s that time of year when you may be thinking…my tax return (or extension) has been filed, but I cannot pay the balance due. What should I do? If you haven’t filed a return or extension, a return or extension should be filed as soon as possible. Many taxpayers assume that they should wait to...

The Importance of Funding Trusts

When clients complete their estate planning documents, there is often a shared sense of accomplishment. The revocable or irrevocable trust has been signed, along with the Last Will and Testament and accompanying documents. From the client’s perspective, the plan is finished, but in reality, it may only be half done. One of the most common...

Why We Request Information & Documents During the Estate Planning Process

Creating a strong, effective estate plan starts with one essential ingredient: your information. Whether you're just getting started or updating an existing plan, the details and documents we request play a critical role in shaping an estate plan that reflects your unique goals, values, and circumstances. The estate planning process is highly personalized. To build...

Thinking About Selling Your Business? It’s More than a One-Man Job!

For many business owners, the idea of cashing in on many, many years of hard work in starting, growing and maintaining a successful business is quite an exciting proposition. When the time comes for you to consider selling your business, one of the last things on your mind may be your business’s preparedness for that...

SECURE 2.0: Changes for Retirement Plans and IRAs

The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the “SECURE” Act, was enacted in 2019 and made significant changes to retirement plans and IRAs. As an extension of this Act, on December 29, 2022, “SECURE 2.0” was passed, again making substantial changes to retirement plans and IRAs. These changes...

Estate Tax Updates for 2023

Happy New Year! With each new year comes adjustments to the existing estate tax exemptions that all practitioners and clients alike should be aware of. As inflation skyrocketed during 2022, the adjustments to the estate tax exemptions for the year 2023 have increased accordingly. For Federal estate tax purposes, the estate tax exemption has been...

I can’t take it anymore…I want to get out of NY!!

Weather motivates some; politics motivates others; the ability now to work remotely and spend less on housing costs is also often cited as a reason for wanting to leave… and… yes… taxes are a significant factor in people’s desire to head elsewhere. Whatever the reason, the migration out of NY is significant and likely will...

Overcoming Tech Challenges During a Pandemic |And How It Has Improved Our Efficiency

A letter to our clients and friends: It is hard to believe it has been over a year since we were all speculating whether the lockdown could last a full month. Although no one anticipated just how long the shutdown would last, businesses were forced to adapt in order to remain sustainable. Law firms especially...