Estate Planning Considerations for the year 2020
The start of a new year is always a good time to step back and consider estate planning. A carefully thought out plan is a wonderful legacy for your family. With the turmoil that now exists in our nation’s capital and the national elections which will take place next year, we should carefully consider what […]
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New York Law Unmasks Anonymous LLC Ownership of Residential Real Property
Anonymous members of LLC’s that own residential real property in New York State may not be able to maintain anonymity much longer. Surprising law makers and real estate professionals alike, a new law is being interpreted to have a far greater reach and impact than previously thought. Senate Bill S1730, signed by Governor Cuomo on […]
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Successful Family Business Succession Planning or How to Become a Member of the Henokiens Association
A common goal of owners of family-held businesses is for the business to survive for generations to come while still being owned or managed by the family. The odds do not favor the survival of family businesses to the third generation. Yet, there are businesses which do survive and survive very well for many generations. […]
What is Mediation, and Why Does it Work?
In recent years, I have developed a busy practice as a mediator, while also continuing to pursue my very active litigation practice. What is mediation? It is a voluntary settlement conference, in which the parties to a dispute try to negotiate an agreement resolving their differences, with the assistance of a neutral third-party facilitator, called […]
Important Changes to New York’s School Tax Relief (STAR) Program
New York State has a school tax relief (STAR) program available to New Yorkers who own their home as their primary residence and earn less than $500,000 per year. Previously, this relief was in the form of a partial exemption on the school tax bill. New York started issuing STAR checks instead of partial tax […]
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Collaborative Law: An alternative to consider when facing Divorce
Separation and divorce can be an overwhelming and terrifying process. In an instant, everything you hold nearest and dearest – your children, your home, your business, your money – is being examined, considered, and divided. This process is overseen by a judge, a person you have never met, who does not know you, and who […]
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New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes
New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes As an update to Ryan’s 2014 blog that in part discussed New York’s treatment of gifts, New York had let a provision in the law lapse that required the value of certain gifts to be included back into a New York […]
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Opportunity for Businesses and Investors in Central New York: Opportunity Zones, Opportunity Funds, and Qualified Opportunity Zone Businesses
The 2017 Federal legislation “Tax Credit and Jobs Act” created a new opportunity for both businesses and residents of economically distressed communities. The benefits offered by the new Opportunity Zone Program created by the Tax Credit and Jobs Act has the potential to attract significant investment to qualified Opportunity Zone businesses across the country and […]
2019 Changes to New York Estate Tax Exclusion Amount
As of January 1, 2019, the New York State estate tax exclusion amount is increased to $5,740,000 per person. This is an increase from the prior exclusion amount of $5,250,000. The Federal equivalent amount is now $11,400,000 per person. The annual gift tax exclusion amount remains at $15,000 per gift recipient. As stated in my […]
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Helping Out Our Furry Friends
Helping Out Our Furry Friends As the cold weather approaches our area, pet owners in Syracuse should be aware of the new legislation passed in June of this year which stipulates that an animal shall not be left outside for more than two hours below 30 degrees or above 90 degrees. The legislation, known as […]