GRATs are GRReat
A Grantor Retained Annuity Trust (“GRAT”) should be considered by wealthy individuals as part of a tax efficient gifting pro¬gram designed to minimize gift and estate taxes. With a GRAT, a Grantor transfers property to an irrevocable trust. That trust makes annual payments of a specified amount back to the Grantor (hence the “Grantor Retained […]
Advice for New Drivers
Two weeks ago my 16 year old son passed his road test and now enjoys what he calls “true freedom.” Here is a summary of the conversation I had with him before his first “solo flight.” DO NOT SPEED! New drivers in New York State are on probation for six months. If you are convicted […]
Vacation Home Owners – The Tale of Two Estates
While over 19 million Americans call New York State home, countless other non-residents own second homes in the state. Similarly, over 19 million Americans call Florida home but many non-resident retirees and snowbirds own vacation homes in the state to enjoy the warmer climate in the winter months. The Problem Whether you own a second […]
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The ABCs of QDROs
When a couple is going through a divorce, one important consideration is the division of assets, which frequently includes retirement assets such as 401(k)s, pensions, and other plans. To effectuate the division of these plans, typically a specific document called a Qualified Domestic Relations Order (QDRO) is required. The individual requirements of a QDRO are […]
Top Ten Reasons to have a Will
While none of us like to contemplate our mortality, it is vital to plan for what happens to your assets when you pass away. Not only does a will allow you to distribute your assets according to your wishes, it can legally protect your family and save your family time and money. Here are the […]
Keeping the family Cottage in the Family
We are frequently asked by our clients how to keep the family cottage in the family and structure the ownership and governance of the same to meet their goals. These questions are frequently asked by older owners who are at an age where their assets will begin to pass down to children, grandchildren or other […]
Hotel Syracuse Litigation Illustrates the Requirement that Lenders Must File Building Loan Contracts
The historic Hotel Syracuse in downtown Syracuse was recently the subject of a mortgage foreclosure action which led to litigation involving the priority of the liens against the property. The New York State Court of Appeals case of Altshuler Shaham Provident Funds, Ltd. v. GML Tower LLC (21 N.Y.3d 352), decided in June 2013, illustrates […]
It’s Time To Reconsider IRA Beneficiaries
Have you named your children as beneficiaries of your IRA? Perhaps it is time to re-think that decision. A recent United States Supreme Court ruling raises concerns about asset protection and the designation of IRA beneficiaries. In June the high court unanimously ruled that, under federal law, an IRA that is owned by a beneficiary […]
Being a Residential Landlord – Is it for you?
Being a residential landlord is not always what it’s made out to be on HGTV. Investing in and managing rental real estate can be either a nightmare or a prudent investment. Ensuring the latter takes homework, hard work and the proper due diligence before investing, as well as continued commitment of time and effort. Knowing […]
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Protecting Your Business from Construction Injury Claims
The owners of small businesses that provide general contracting or construction trade services know that workers’ compensation and commercial general liability insurance is expensive. Unless your company has also taken the steps discussed below, all the money spent for those policies may not fully protect your company in the event of a worksite personal injury […]
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