NYS Real Estate Transfer Tax on Conveyances of Real Property
In New York State, sellers who convey an interest in real property are required to pay New York State real estate transfer tax. In the usual sale of real property, the real estate transfer tax is computed at a rate of $2 for each $500 of consideration or fractional part thereof. For example, in a […]
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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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Governor Cuomo Signs $15 Minimum Wage Plan and 12 Week Paid Family Leave Policy into Law
On April 4, 2016, Governor Cuomo signed legislation enacting a statewide $15 minimum wage plan and a 12-week paid family leave policy. The sweeping legislation was passed as part of the 2016-17 state budget.
A Living Will is Not a Will (But No Less Important)
Lawyers are occasionally guilty of speaking legal jargon that a non-lawyer has no idea what the lawyer is talking about. For example, an estate planning lawyer (or perhaps an estate planning website you found) may suggest that you execute a living will in addition to a will, health care proxy and power of attorney. You […]
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How Safe is Your Employees’ Personal Information? Employers Must Take Immediate Action.
The IRS issued an alert on March 1, 2016 to payroll and HR professionals about a new phishing scheme involving W-2 information. Employers need to take immediate steps to confirm the security of their employees’ personal information. The alert describes a scheme which has already claimed several victims. Payroll and human resources officers have mistakenly […]
What it Means to be a Trustee – Part 1
Flattered to be named a trustee? Curious as to what it all means? Great, we will do a number of blog posts on the duties and powers of a trustee. This is the first such blog post. Trusts are used for a multitude of purposes. Estate planning, charitable gifts, disability planning, tax reduction and avoidance […]
Review Of Partnership And LLC Operating Agreements Needed Prior To January 1, 2018
In the past partnerships and limited liability companies that have elected to be taxed as partnerships[1] have rarely faced an Internal Revenue Service (“IRS”) audit. In part, this is because of the administrative burden faced by the IRS in attempting to collect tax resulting from partnership audit adjustments. The current partnership audit scheme requires partnership […]
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Social Security, Medicaid Income And Resource Levels And The Regional Rates For Calculating A Penalty Period For 2016
The Social Security and Supplemental Security Income (SSI) benefits did not increase for 2016, and remain the same as in 2015. There is also no increase in the spousal impoverishment standards for 2016. The community spouse Minimum Monthly Maintenance Needs Allowance (MMMNA) remains at $2,980.50. This is the amount of monthly income a spouse who […]
There is No Will; Now What Do I Do?
If your loved one has passed away without leaving a Will, you will now find yourself in the murky area of Voluntary Estate Administration. If someone passes with a Will, there is a “probate” of that Will. If there is no Will, then a qualified person must petition the Surrogate’s Court to be appointed the […]
Start the New Year Right: Keep in Mind Savings Opportunities in your HSA
Do your New Year’s resolutions include increasing your savings? Congratulations, this decision will benefit you and your family greatly. If your employer offers a retirement plan such as a 401(k); this is an opportunity to save for the future using tax deductible dollars and have the protection of a qualified retirement plan. In addition your […]
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