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TAX TIPS/PEARLS OF WISDOM

Areas of Practice...

IRS AND New York STATE TAX PROBLEMS
Are Federal or NY State Tax problems and mounting tax debt impacting your life? Unlike some other problems in life, IRS and NYS Tax problems don't go away, they  just get bigger with penalties and interest. I can help with income taxes, sales tax, estate taxes, gift tax, withholding taxes and most other taxes.

There are options available to address these problems such as Offers in Compromise, installment agreements, tax bankruptcy and innocent spouse relief. Many times penalties can also be reduced or eliminated but "reasonable cause" is necessary before penalties will be abated.

I offer a FREE one half hour case evaluation for qualified tax matters. What do you have to lose? Give me a call.

ASSET PROTECTION AND NURSING HOME PLANNING
If you become ill or infirm our government will take care of you. This is the good news. The bad news is that you will need to spend most of your assets before the government will pay for your care. This unfortunate result can be mitigated or avoided with proper planning EVEN IF you are about to enter the nursing home.

WILLS AND ELDER LAW
So you don't want New York State or your nephew who you haven't seen in 20 years to inherit your estate. A Will can address this problem as well as many more such as appointing a guardian for you minor children, holding funds in a Trust for minor children or a disabled beneficiary or just making sure that a special item such as a piece of jewelry, an artwork, or a family heirloom goes to that special beneficiary who is most deserving rather than having these items sold and distributed according to the other provisions of your Will. Wills are very flexible and can do much more than just split your estate among your relatives if you choose.

Would you want your brother or parent in a nursing home to inherit your estate...only to have it all go to pay the nursing home expenses? It could happen. A Will can prevent it. Would you want to potentially pay thousands of dollars in attorney and court fees to have a person appointed to make financial or medical decisions if you get sick? It could happen. A Power of Attorney, Health Care Proxy, Living Will and Guardian appointment can help avoid this.

ESTATE ADMINISTRATION & PROBATE
It is always sad when a loved one dies. Unfortunately there are usually many things that must also be attended to. The final arrangements of funeral etc. come immediately to mind. If the deceased had a Will (this is good) it must be Probated. Probate is the legal process of appointing the deceased's personal representative, often called an Executor or Executrix if a female, chosen in his or her Will. The personal representative is the person who, under court supervision distributes the deceased person's estate according to his or her Will. Before distribution of the assets can be made to the loved ones named in the Will assets must be transferred to the estate and debts and taxes must be paid. Often the personal representative is a loved family member with little or no experience with estate administration or tax issues. All of these concerns also apply if a person dies without a Will. In that case the Court appoints the personal representative who is called an Administrator and the estate is distributed in accordance with the Laws of New York State.

My firm can assist in this complicated process of estate Probate and Administration as well as the many tax ramifications that are involved in this area of the law.

BUSINESS PURCHASE OR SALE
Whether you are selling or buying a business it is likely one of the most important financial transactions of your lifetime. Should you incorporate, form a limited liability company, be a partnership or a sole proprietorship? Should you buy the seller's corporation or the corporate assets? What is the best way to allocate the purchase proceeds for the smallest tax impact? Should you, the seller, finance the transaction?  Are there surviving risks and liabilities for either party? It can get complicated. Although there is no one answer, generally you do not want to purchase the seller's corporation, just its assets. This along with the other issues are all the subject of negotiation between the seller and the buyer.

My firm can assist with either the entire transaction or a portion of the transaction.

REAL ESTATE PURCHASE AND SALE
My firm has assisted clients in real estate transactions of all kinds such as single family homes, rental property, business property, vacant land, condominiums and cooperatives. Many times there are tax issues as well as the concerns regarding title to the property, liens, and proper documentation not to mention, at times, intense negotiations between the buyer and the seller.

My firm can help and is dedicated to completing the transaction for the benefit of the client.

TAX FREE EXCHANGES
Tax motivated exchanges of property can be tax free at the time of the exchange but the "tax free" label can be misleading. Tax deferred exchange is usually more accurate. Even if you don't pay tax at the time of the exchange, when you "cash out" your investment you may have a tax liability. Do you have a business property or investment property that has appreciated in value? Are you considering a move to a warmer area and hesitate to be an absentee owner? If you sell, chances are you will have taxes to pay. Don't sell, exchange! It's a little complicated but you can sell your investment property in a tax exchange and reinvest all the proceeds (not the proceeds minus taxes paid) in an investment property in a new location. As an attorney and CPA I have assisted clients with both the tax and legal portions of an exchange. I have also performed services as the qualified third party intermediary (money or deed holder) in exchanges.

BANKRUPTCY LAWS
Most people don't want to file bankruptcy but at times, through no fault of your own, mounting debt may make bankruptcy very helpful and perhaps inevitable. Bankruptcy can also eliminate some tax liabilities as well as eliminating most debts. It will stop wage garnishments, harassing creditors calls, collection activities, etc. Most importantly it will give you a financial fresh start.

My firm can help and often considers bankruptcy options when analyzing tax problems.

I offer a FREE half hour bankruptcy consult for qualified cases. What do you have to lose? Give me a call.

OTHER SERVICES
My firm has also become involved in other legal areas such as civil law suits, evictions, and even personal injury (accident) lawsuits to meet the needs of our clients.

The emphasized areas of law and the other services are representation of the legal areas handled by my firm. This list is not meant to be exhaustive so if you have a question that is not covered above, contact us. We may be able to help. Also see our long list of services that may be helpful.