Tax Law

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The tax system makes the government a partner to every financial transaction, whether business or personal. Whenever you earn money or transfer property, the government is there to get its share. In addition, the tax system dictates financial decisions, by encouraging or discouraging certain types of behavior through deductions, credits, penalties, excise taxes, timing of income, and excluding certain income from taxation altogether.

The pervasiveness of tax law means that our clients rely on our tax expertise in many different representations. A business client will want to know the tax impact of different methods of structuring, financing and winding down a business. A matrimonial client will be concerned about the tax burden of liquidating property, alimony payments and the division of retirement plans. A personal injury client may be concerned about structuring a settlement so that damages received are excluded from income. We are proud to act as co-counsel to many attorneys throughout the state in discussing the tax ramifications of different courses of action.

Our tax attorneys are ready and able to guide our clients through the intricacies of the tax code so that they net the highest possible after tax return on their business and personal decisions. Two of our attorneys are former staff attorneys with the IRS and three have received their Masters of Law in Taxation. Our expertise extends to all areas of the tax code, with an emphasis on corporate and partnership tax, gift, estate and generation skipping tax, and taxation of employee benefits and retirement plans.

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PROTECTING YOUR ESTATE – BEFORE AND AFTER DIVORCE

By Steven A, Loeb, Esq. and Leah Del Percio, Esq. A common misconception about having an estate plan is that one should update their plan after a major life event, such as divorcing one’s spouse. The error is not that …

Transfers Made Years Before Needing Care Were Not Made in Order to Qualify for Medicaid

A New York appeals court holds that a Medicaid applicant who transferred funds several years before needing long-term care and kept enough resources to care for herself rebutted the presumption that the transfers were made in order to qualify for …