When Jimmy Buffett passed away in 2023, he left a legacy of a beach lifestyle where it’s always time for a margarita. But the same laid-back island vibes are in direct contrast to the battle now underway between his widow and a co-trustee. Jane Buffett and co-trustee Richard Mozenter filed lawsuits against each other. She […]
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New York State’s Estate Tax Cliff: How to Keep Your Estate on Solid Ground
New York State residents shouldn’t overlook a crucial and potentially costly component of their estate planning: New York State’s estate tax cliff. If your estate falls within the $7 million to $14 million range, it is imperative to address this issue now—before it results in an unnecessary and substantial tax burden on your heirs. Understanding […]
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Reading the Small Print in the Big, Not So Beautiful Bill: Why Businesses May Flee New York
Attorneys and business owners across New York are sounding the alarm over a little-discussed provision buried in the latest Republican-backed tax proposal, sometimes dubbed the Big Beautiful Tax Law. While much of the bill serves as a continuation or expansion of the 2017 Tax Cuts and Jobs Act (TCJA), an important provision threatens to reverse […]
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Seniors, What Do You Need to Know About Out of Pocket Health Care Costs?
Medicare doesn’t pay for everything. One of the big financial challenges of Medicare is the out-of-pocket cost, which can be a surprise if you’re not ready for it. How much you’ll pay and when depends on the kind of Medicare you have. Traditional Medicare, operated by the government, provides care on a fee-for-service basis. Medicare […]
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Why Do You Need an Elder Law Attorney?
Elder law attorneys provide various legal services to help seniors and their families navigate the challenges accompanying the aging process. This includes asset protection but extends beyond applications for Medicaid. An Elder Law attorney will also help coordinate legal planning to address such matters as needing guardianship, help with obtaining Social Security and Veteran’s benefits […]
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U.S. Companies and Individuals No Longer Required To Report Beneficial Ownership (BOI)
In a significant development shaking up the corporate compliance landscape, the Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule effective immediately, changing the requirements for reporting Beneficial Ownership Information (BOI). What Changed About BOI? As of March 21, 2025, U.S. companies and individuals will no longer have to report BOI under the […]
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When is the Best Time to Use a Medicaid Asset Protection Trust?
Long-term care planning is a critical aspect of estate and financial planning, especially for individuals who may require Medicaid in the future. A Medicaid Asset Protection Trust (MAPT) is one of the most effective tools for protecting assets while ensuring Medicaid eligibility. If an individual owns substantial assets, setting up a MAPT early can prevent […]
Continue reading…Washington Abandons Beneficial Ownership Reporting for U.S. Nationals and Companies
In a dramatic policy reversal, the U.S. Treasury has permanently suspended the Corporate Transparency Act (CTA) beneficial ownership reporting requirements for all U.S. citizens and domestic businesses. This decision significantly shifts corporate compliance regulations, impacting businesses nationwide. The CTA, enacted to enhance financial transparency and combat illicit finance, required most U.S. entities to report their […]
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New York State Changes the Laws for Transfer on Death Deeds for Real Property
New York State laws about transferring property have changed. Previously, if you wanted to bequeath property to a beneficiary upon your death, you could make the beneficiary a co-owner, make a bequest of the property to the beneficiary in your will, or create a trust, then transfer the title of ownership to the trust and […]
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Elder Lawyer Stephen J. Silverberg Speaks on Income-Only Trusts for Medicaid Eligibility
On Wednesday, December 4, Elder Law attorney Stephen J. Silverberg will speak before an audience of Elder Law and estate planning attorneys for a Continuing Legal Education program on the topic of drafting income-only trusts for Medicaid eligibility. Mr. Silverberg was invited to speak based on his extensive knowledge of Medicaid planning, the use of […]
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