Seven years after it began, the estate of Michael Jackson has won big in U. S Tax Court. Following a ruling that found the singer’s name and likeness was worth far less at his time of death than what the IRS had claimed, the estate will pay far less than the $700 million initially deemed […]
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Proposed Legislation “For the 99.5% Act” Takes Direct Aim at Estate Taxes
Last week, Senator Bernie Sanders (I, VT) and Senator Shelton Whitehouse (D, RI) introduced the “For the 99.5% Act,” which includes a reduction in the estate tax exemption to $3.5 million per individual and $7 million per couple. Sanders also introduced a bill to raise the corporate tax to 35% and reduce a corporation’s ability […]
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IRS Extends Tax Deadline to May 17 – Note: New York State Deadlines Have Not Changed
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. It is important to note that this deadline change is only for federal taxes. As of this writing, New York […]
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Guardianship Horror Story Now Trending – “I Care A Lot”
The popular Netflix movie, “I Care a Lot” begins with a scenario loosely based on a real life nightmare reported by The New Yorker several years ago. A large number of seniors were disenfranchised and abused by a guardianship system in Clark County, Nevada. Unfortunately, this is far from the only place where this elder […]
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Stephen J. Silverberg Named a Top Business Leader by Prominent Nassau Publisher
I am honored to be named to Blank Slate Media’s first Top Business Leaders of Nassau County Award and invite you to join me on Thursday, February 18, at 7 PM for a virtual awards event with Michael Dowling, CEO of Northwell Health as a fellow honoree and keynote speaker. As if being honored along […]
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Estate Planning Tells Them You Really Care
Another box of chocolates, another dozen roses, but after Valentine’s Day has been and done, and these are fleeting moments. What is not fleeting is an estate plan, which may not sound romantic until considering how much an estate plan shows your love. We’re not kidding. An estate plan includes a will. That gives your […]
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Happy Groundhog Day – Is Your Estate Plan in a Time Loop?
If you wake up every morning thinking that you need to get your estate plan updated, or worse, created, you might feel like Bill Murray in the classic movie “Groundhog Day.” Actually, a lot of days in 2020 felt like Groundhog Day: a never-ending time loop of working from home, dining at home, working out […]
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ELDER LAW UPDATE: Medicaid Community Based Care Look Back Period Extended to April 2021
As a result of the continued pandemic, the Secretary of Health and Human Services has continued to renew the declaration that a public health emergency exists. The most recent renewal extends the PHE through until late April, 2021. Due to the requirement for states to maintain Medicaid benefits through the Public Health Emergency, no changes to […]
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In honor of Dr. Martin Luther King, Jr.
If you would like to hear what a true American leader sounds like, listen to any of the speeches by Rev. Dr. Martin Luther King, Jr. Whether he is speaking to an auditorium of junior high school students in Philadelphia or standing on the steps of the Lincoln Memorial before 250,000 people, he delivers a […]
Continue reading…IRS STOPS ISSUING EINs – AT THE WORST POSSIBLE TIME
I’m outraged – and you should be too. In the busiest time of year for estate planning attorneys, bankers, business owners and financial services, the IRS began a planned outage from December 23, 2020 – January 4, 2021. If you need to have an EIN issued for a client or business that establishes a legal […]
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