Estate and Gift Law Changes under the 2017 Tax Cuts and Jobs Act
The new legislation signed into law on December 22, 2017 has significant estate planning changes. The federal estate, gift and generation skipping tax exemption amount is now doubled to $11.2 million per person. This exemption is portable between spouses. The new legislation also increased the annual gift exclusion amount from $14,000 to $15,000 as of […]
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How to Break Up with Your Service Provider
Have you ever tried to end a service contract only to be told your request is too late, as the contract you signed contained an automatic renewal provision?
Purchasing Property with a Lease
Often when purchasing a company, certain assets pose issues not easy to discern. For example, a Purchaser can buy real estate through a purchase contract and perhaps even personal property such as furniture and furnishings, fairly easily. When purchasing real estate, title insurance can be ordered, surveys re-dated, and abstracts renewed. Information on mortgages can […]
The Federal and New York State Tax Advantages of Long Term Care Insurance
If you have looked into purchasing long term care insurance, you know that it is an expensive proposition. However, there are some tax advantages related to the premium payments for long term care insurance. If you are an employee and itemize your deductions, you can deduct a portion of your long term care insurance premium […]
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Nine legal concepts that affect your investment if you make a non-controlling (minority) investment in a business.
Investors who make a non-controlling (minority) investment in a business must contend with a variety of legal issues as they negotiate the structure and terms of their investment. Below is a brief overview of nine legal concepts with which every minority investor should be familiar. Priority Returns. Companies are often structured to provide preferred or […]
I received an unexpected offer to purchase my business. What do I do now?
Many business owners have been caught off guard by the receipt of an unexpected offer from a third party to purchase their business. Here are six immediate steps that you should consider taking if this happens to you. 1) Request a letter of intent. If you haven’t received a signed letter of intent (LOI) from […]
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The Best Gift To Your Family (and it doesn’t cost a thing)
There is one gift you can easily assemble in under ten minutes, at no cost, that will someday be greatly appreciated by your loved ones. A letter of instruction can provide great comfort and relief to your family when you are not available to provide guidance in person.
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It’s a Trap! Four Strategies for Turning Around a Struggling Company (That Almost Never Work)
As a bankruptcy practitioner, I have seen a fair share of business failures. Unless a company’s management is particularly nearsighted (or the failure is sudden and due to external forces), towards the end management teams do usually recognize that there are problems and try to correct them.
Industrial Development Agencies Located In The Central New York Regional Transportation District No Longer Exempt From The Additional Mortgage Recording Tax
In 1969, New York State enacted the New York State Industrial Development Agency Act which created industrial development agencies (“IDAs”). New York State created IDAs to promote the economic welfare, recreation opportunities and prosperity of the inhabitants of New York State. IDAs have traditionally provided financial assistance by offering exemptions from sales and use taxes, […]
To Shovel, or Not to Shovel
Winter is upon us in Central New York, complicating our morning commutes and creating more work for us each morning as we clean off our cars and shovel our driveways. Recently, in the City of Syracuse, clearing snow from sidewalks has become a hot button issue as the Common Council contemplated whether to impose fines […]