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 […]
Continue reading…IRS and Treasury Announce Intent to Issue Regulations: State and Local Income Taxes Will be Deductible for Businesses Structured as Passthrough Entities
Anyone who owns rental property and has not yet re-structured ownership into a passthrough entity now has another reason to make this change. We encourage you to call our office to get this done before year’s end to make the most out of this opportunity from the Treasury and the IRS. The $10,000 limit on […]
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Top Tax Moves Before December 31, 2020 – But Don’t Wait Until the Last Minute
There are a number of smart money moves to make before this historic year is over. Some of them were enacted as part of the economic relief package passed earlier in this year and others are traditional techniques, like charitable donations from an IRA. There’s still time to make these changes, but I’d encourage you […]
Continue reading…IRS Issues Changes in Revenue Procedure 2020-45
On October 26, 2020, the IRS issued IRS Rev. Proc-20-45 outlining the changes in the various tax rates, brackets and exemptions, and other income and estate and gift tax exclusions. Highlights of Changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file […]
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Stephen J. Silverberg Named to Executive Committee, Estate Planning Council of Nassau County
I am pleased to share that I have been named as a member of the Executive Committee of the Estate Planning Council of Nassau County. I encourage others in the estate planning world – attorneys, accountants, financial advisors, and trust officers – to get involved with the Estate Planning Council. We elevate the work we […]
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Scott B. Silverberg Accepted into Stetson University School of Law L.L.M. in Elder Law Program
We are pleased to report that Scott Silverberg has been accepted into the L.L.M. in Elder Law program at the prestigious Stetson University School of Law. This rigorous online program is offered only to Elder Law practitioners who have provide legal services in elder law matters in highly specific areas of the law. Stetson’s L.L.M. […]
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New York and Florida Snowbirds – Estate Plans Are Not One-State-Fits-All
My snowbird friends and neighbors are no doubt enjoying their southern Florida break even more this week, as Long Island remains in a deep freeze. But there’s more that separates the two states than temperature. I represent clients who live in New York, others who live in Florida and snowbirds who travel back and forth […]
Continue reading…A Work In Process – Stay Tuned For Update On The Kiddie Tax And The New Tax Law
The article on QDiSTs published on this blog on January 31 is a complex topic, even for those of us who routinely scale the heights of tax law. I have realized it was too complicated and I am completing a scaled-down version. Meanwhile, here is an update. The core concept: I am making the case to consider […]
Continue reading…Where’s Your Teddy Bear, and Other Residency Requirements for New Yorkers
Losing the local and state tax deduction has more than a few New Yorkers thinking about making a lower tax cost state their primary residence. For many, that means Florida, especially if they already own a second residence in the Sunshine State. A move to Florida can save a New York resident up to 9% […]
Continue reading…Estate Tax Uncertainty– and Then it Changes Again in 2026
Thank you to Brian J. O’Connor of The New York Times for his on-point article about the new estate tax law and heirs, “Heirs Inherit Uncertainty With New Estate Tax.” The most significant takeaway –the sunset provision of the new law will wreak havoc. At the end of 2025, the rules will change again – if they […]
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