Significant revisions to the New York State Not-for-Profit Law: What you need to know as a Board Member of a NYS Organization
The role of a charitable board member is not always as glamorous as it may sound, but if you volunteer your time as a board member for a New York State charity, you should be commended for giving back to our community. Your role not only requires you to attend meetings and volunteer at events […]
Top Ten Misconceptions Regarding Planning for the Payment of Long Term Care-Part 2
Part two of this article discusses the last five of 10 common misconceptions relating to planning for the payment of long term care. Misconception #6. The best way to protect my home in the event of a long term stay in a nursing home is to transfer the house to my children, and retain life […]
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Excluding Gain on the Sale of a Home
As the size of a family increases, families traditionally seek to replace the home they are outgrowing with a larger one. As time goes by and parents become empty nesters it is not uncommon for thoughts to turn to downsizing or perhaps becoming snowbirds and moving to a warmer climate. These, as well as other […]
Top Ten Misconceptions Regarding Planning for the Payment of Long Term Care-Part 1
The following are the first five of 10 common misconceptions relating to planning for the payment of long term care. Misconception #1: Medicare or other health insurance will cover the cost of long term care, either at home or in a nursing home. Traditional health insurance does not cover the cost of care in a […]
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Reduce Your 2014 Real Property Taxes by Taking Action NOW!
If you own property assessed by a town, your next school tax bill won’t arrive until September. However, you should take action now to reduce 2014 property tax liability. Remember: Assessments and Tax Bills are on Different Schedules A tax assessment is the annual estimate of a property’s fair market value. Town assessors fix tentative […]
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How Uninsured/Underinsured Insurance Could Help if Severely Injured in a Car Accident
Let’s say you get into a car accident and either you or someone in your family gets seriously injured as a result of the negligence of a driver operating a car that is insured with minimal limits of motor vehicle liability coverage. One risk of getting into an accident with someone insured with minimal limits […]
Florida Residency and the Often Overlooked New York STAR Exemption
If you are a homeowner in New York State, you are undoubtedly aware of the Basic STAR Exemption Program, which provides you with a real property tax break. Perhaps now you are retired and have moved to Florida (or some other warmer state) or are thinking about moving to Florida while keeping your former New […]
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Save Your Estate Some Taxes: Start Gifting Now
Countless individuals make gifts to charity every year not only to support their favorite philanthropic causes but to also take advantage of tax savings in the form of a deduction on their 1040 income tax return. As you may be well aware from conversations with your accountant or tax preparer, there is no similar income […]
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MATRO 101: What is “Separate” v. “Marital” Property?
In the event of a divorce, property that was acquired during the marriage or with marital funds is typically deemed “marital” and is equitably divided. However, there are certain exceptions for property that is considered “separate” or “non-marital” in nature. Separate (non-marital) property is defined as one of the following:
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How I Solved The Problem With Prenups
Today, parents’ delight at the announcement of their child’s engagement is often followed by concerns about the future success of the marriage. Given that almost 50 percent of all first marriages end in divorce those concerns are well founded. Where there are substantial or just important family assets such as a business, vacation home, retirement […]