And Just Like That: No Estate Tax Changes for 2021 (But 2022?)
The much discussed proposed changes to federal gift and estate taxes has not materialized for 2021. Instead as the law now exists there are more planning opportunities available for 2000. For 2022 the annual gift tax exclusion amount (the amount you can gift to a person without having to utilize the unified credit) will rise […]
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Build Back Better ACT Tax Proposals: What You Need To Know
The proposed tax provisions released by the House Ways and Means Committee on September 13, include several substantial changes that would affect personal income tax and business tax planning. In addition to the reduction in the estate and gift tax exemption, and elimination of valuation discounts for interests in passive entities (as discussed in a […]
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Estate Tax Legislation – Where are we now?
In June I wrote that close attention and possibly quick action may be required for estate planning this year. My message is still the same as we continue to watch the legislative negotiations in Washington develop. On September 13 the House Ways & Means Committee released proposals for over $2 trillion dollars in net tax […]
The American Families Plan- President Biden’s Tax Proposals
On April 28, 2021, President Biden announced his American Families Plan, which outlines his agenda for raising taxes on the wealthy. Interestingly, unlike his tax proposals during his campaign, the American Families Plan does not propose reducing the Federal Estate Tax Exclusion amount (the amount before which an estate would owe Federal estate tax), which […]
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Changes to the New York State Power of Attorney Law
On December 15, 2020, Governor Cuomo signed into law changes to the New York power of attorney (“POA”) law, which will take effect on June 13, 2021. These changes will not impact the validity of an existing POA form and statutory gifts rider if it is executed in accordance with the provisions of the current […]
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Congress Passes Trademark Modernization Act
Congress Passes Trademark Modernization Act Here’s What That Means for You, Your Business and Your Business’ Trademarks At the tail-end of 2020, the Trademark Modernization Act (“TMA”) was signed into law. The TMA, which received broad bi-partisan support in Congress, was passed to curb a substantial volume of improperly registered trademark registrations from so-called “bad […]
Biden Immigration Bill
Two Key Features of President Biden’s U.S. Citizenship Act of 2021: President Biden sent a bill to Congress on his first day as President that would modernize our immigration laws. The bill creates an earned roadmap to citizenship for undocumented individuals by permitting them to apply for temporary legal status with the ability to apply […]
Immigration Blog
The Department of Labor (DOL) reissued a rule previously struck down by three federal courts finding that the agency had violated the Administrative Procedures Act by failing to show good cause in not providing the public notice and an opportunity to comment as required before expediting implementation of a final rule changing the way in which […]
Maintain Lower Tax Assessment by Purchasing Membership Interests or Stock vs. Real Estate
When a person or entity purchases real estate in New York State a deed is recorded in the county clerk’s office of the county in which the property is located evidencing the conveyance of the real estate. In order to record the deed the purchaser must also submit a New York State Real Estate Transfer […]
Unique Estate Planning Opportunities in 2020
The federal gift and estate tax exemptions (the amount an individual can give away during lifetime and at death before which there is a federal estate or gift tax) have varied wildly over the last few years. Below is a chart demonstrating the drastic changes in the federal gift and estate tax over the years. […]
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