Sales Tax: Keep ‘Em Separated
On May 29, 2019, the New York State Department of Taxation and Finance released Technical Memorandum TSB-M-19(1)S highlighting some of the Sales and Use Tax changes enacted in the 2019-2020 ...
Passing the Torch: What you Need to Know About Business Succession Planning
Oftentimes, an individual’s largest asset is an operating business. Although the business is frequently passed down from generation to generation, at some point, the business may have to be sold.
What happens if you cannot pay your tax bill on April 15th?
As the April 15th deadline for filing 2018 income tax returns draws near (April 17th for Maine, Massachusetts and the District of Columbia), many taxpayers may face a situation in ...
Lifetime Spousal Trusts: To Have and To Hold Your Marital Assets
Frequently, married couples have the desire to bequeath all of their assets to each other upon their passing. However, there may be reasons for spouses to instead transfer assets to ...
Disqualifying an Estranged Spouse
First comes love, then comes marriage, then comes a legal inability to disinherit your spouse? It’s true – New York state law prohibits an individual from completely disinheriting their spouse ...
Recent Private Letter Ruling Increases Benefits of IRA Trusts
In one of our previous blog posts, we discussed the growth of trusts that are utilized specifically to be named as beneficiaries of retirement accounts, and the various benefits associated with ...
Don’t get caught holding the (sales tax) bag
Sales tax….no one likes collecting it and no one likes paying it. How many times have you heard a business owner say “but if you pay me cash…” How many ...
De-Can’t I Change That Trust?
Decanting is a term that is used most commonly by wine sommeliers, but in the world of trusts and estates, it is also an important estate planning tool. Wine lovers ...
Your Estate Plan Deserves Some R-E-S-P-E-C-T
What do Aretha Franklin and Prince have in common? Not only are they both high ranking members of the royal family of music, they both passed away without a Will. ...
The Use of IRA Trusts to Plan for your Family’s Retirement
For many people, their retirement account is their largest asset. As a result, these accounts are being used less as a fund for one’s retirement, and more as a way ...