On June 12, 2021, New York’s new Power of Attorney law (A.5630-A/S.3923-A) went into effect. As a reminder, the law simplifies New York’s Power of Attorney form and implements penalties for improper rejection of a New York Power of Attorney
Tax, Trusts & Estates Law
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Starting an Active Business in an Opportunity Zone
This short article outlines the requirements for starting an active business in a qualified opportunity zone (“QOZ”).
The US tax legislation that created QOZs was enacted in early 2018, and is intended to encourage long-term investment in economically distressed communities. …
Contested Estates – When is the Right Time to Go to Court?
In a contested estate situation, family members are mad, often fighting mad. A common client question is, “When are we going to court?” Perhaps surprisingly, our usual answer to this is, “Only when everything else has failed and you do…
New York Modifies Power of Attorney Law to Simplify Form
Marta J. Paczkowska, Law Clerk at Cole Schotz, co-authored this blog.
On December 15, 2020, Governor Andrew Cuomo signed a bill into law that simplifies New York’s Power of Attorney form and implements penalties for improper rejection of a New…
Business Succession Planning – Should I Own My Business In A Trust?
Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and tax planning professional…
Carried Interests: Final Capital Gain Recharacterization Rules Released
In the 2017 Tax Act, Congress adopted Code §1061, a provision which affects non-corporate holders of certain carried interests, which the new law refers to as applicable partnership interests (“APIs”). Under the new law, certain long-term capital gains (“LTCGs”) relating…
Gift Planning in 2021
Trust and estate planners are still catching their breath from the 2020 year-end and dealing with the wave of gifting transactions that many clients completed. It seems the ink is not dry on those December transactions and we have to…
New Jersey Landmark Economic Recovery Legislation Adopted
To revitalize a state suffering from the economic and personal hardships wrought by the COVID pandemic, New Jersey Governor Murphy signed into law on Jan. 7, 2021, the New Jersey Economic Recovery Act of 2020. The Act adopts a series…
SALT CAP Workaround – An IRS Holiday Gift
The 2017 Tax Act made life harder on individuals living in high tax states (such as New York, New Jersey, and California) by limiting the deduction for state and local taxes (“SALT”) to $10,000. In an attempt to circumvent this…
New Jersey is Planning to Raise $390 Million in Fiscal Year 2021 through Tax Hikes on Millionaires
New Jersey Governor Phil Murphy and State Democratic leaders announced yesterday a revised fiscal year 2021 budget that raises the State’s gross income tax rate on income for families now earning between $1 million and $5 million.
Currently, the State’s…