On December 6, 2021, Governor Kathy Hochul expanded the legal definition of “elder abuse and exploitation” to incorporate identity theft in the list of eligible support services and programs for seniors through non-profit agencies and law enforcement (S.1560/A.1994).

Identity theft is the unlawful use of an individual’s personal identification information such as the person’s name,

2020 changed the way family celebrated the holidays. This was especially true for families with loved ones in skilled nursing facilities (SNFs). However, the 2021 holidays look like they will be brighter and visiting loved ones in SNFs will be easier thanks to new federal and state guidance.

On November 12, 2021, the Centers for

Every U.S. citizen may gift, during life or at death, assets to his or her children free of federal estate or gift tax up to an aggregate amount – frequently called the “exemption amount.” The exemption amount in 2021 is $11.7 million.

Prior to 2011, if one spouse died without having gifted or bequeathed all

Charitable giving helps to improve social well-being by supporting a broad range of areas including education, scientific research, alleviation of poverty, and others. To encourage donations, the federal government makes certain charitable contributions eligible for tax benefits. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) increased certain charitable donation deductions, while the CARES

Discussing your estate plan with your adult children can feel like a daunting task. You want your children to be ready for the responsibilities that wealth entails, but you’re not sure you’re ready to disclose your finances and intentions to your kids yet. It can be even more overwhelming when a family business is involved.

Sometimes, the terms of an irrevocable trust (one that cannot be amended or revoked) were fine at the time the trust was created, but subsequent events or circumstances make the terms of the old trust impractical, unwanted, or obsolete. So, what can be done?

Originally published in Lloyd Harbor Life, July 2021. Read the full article here.

President Biden’s proposed changes to the Internal Revenue Code, known as the American Families Plan, was unveiled at the end of April 2021. These changes are intended to accomplish three goals: (1) fund the government’s efforts against the pandemic, (2) support new social programs, (3) enable tax cuts for lower-income families. The measures aim to

NH vs MA

Last week, the U.S. Supreme Court denied New Hampshire’s request that the Court exercise its original jurisdiction under the Constitution[i] to hear and resolve a conflict involving the taxation by Massachusetts of income earned by certain residents of the Granite State.[ii]

The disagreement between the two jurisdictions originated when Massachusetts, in response

Not Good

As Mr. Biden settled into the White House, and as the Democrats began planning how to best utilize their slim Congressional majority to enact and pay for their sweeping legislative agenda, the principal concern among most owners of successful closely held businesses was Mr. Biden’s proposal to almost double the federal income tax

Oftentimes, in the summer, we return to the topic of changing your residence for state tax purposes. There are five factors which the tax authorities will look to in determining whether someone has changed their residency.  This is frequently referred to synonymously as one’s “domicile” for tax purposes:  (1) physical presence, (2) home, (3) family