Tax Lessons from the “Godfather”
“This is business not personal, Sonny!” the Corleone Family’s consigliere once exclaimed to Sonny Corleone, played by actor James Caan, in the critically acclaimed “The Godfather.” Recently, business became very personal to the beneficiaries of the Estate of James Caan. However, it was not the result of any action from the Tattalglia Family or Barzini […]
Cooper Levenson Attorneys Recognized in the Best Lawyers in America® and Best Lawyers in America: Ones to Watch® 2024 Edition
Lloyd D. Levenson, Lynne Levin Kaufman, Joseph C. Mahon and Kimberly Maxson-Rushton were recently selected for inclusion in The Best Lawyers in America®2024, announced Cooper Levenson today. Levenson, Kaufman and were named in Gaming Law. Maxson-Rushton was recognized in Gaming Law and Administrative/Regulatory Law. Mahon was recognized in Trusts and Estates. In addition, Craig Panholzer was […]
‘TIS THE SEASON FOR INCREASED GIFT AND ESTATE TAX EXEMPTIONS
The Internal Revenue Service (“IRS”) recently published Rev. Proc. 2022-38, which announced increases to the estate and gift tax exemption amounts. For 2023, the estate and gift tax exemption will be $12.92 million per individual, up from $12.06 million in 2022. This increase means that a married couple may collectively shield up to $25.84 million […]
Is Florida now a Community Property State?
On June 29, 2021, Governor Ron DeSantis signed into law Senate Bill 1070, known as the Florida Uniform Directed Trust Act (the “Act”), which expands Florida’s directed trust laws. A directed trust is a trust that appoints a third-party (often called a trust director or trust protector) to provide direction to a trustee regarding trust […]
The Crypto Estate
According to Google Trends, the amount of people searching “cryptocurrency” or “crypto” reached an all-time high this year. However, many people do not understand the intricacies or implications of cryptocurrency. Using and investing in cryptocurrency creates considerable estate planning and tax implications. Cryptocurrency is a form of digital currency that is used to purchase goods […]
Conservatorship, Guardianship, and Britney Spears
Recent news has brought the concept of conservatorship and guardianship to the forefront. Britney Spears’ California conservatorship case involving her father’s control of her financial affairs generated public outcry. Similarly, in Florida, the tragic Surfside condominium collapse created concern for families attempting to manage the affairs of their missing loved ones. States have different procedures […]
Alternate Names for Business Entities
March 29, 2021Michael Salad, Esq. | Craig Panholzer, Esq. We frequently receive inquiries from small-business owners about conducting business under a name other than its legal name. A business entity may conduct business in New Jersey under an alternate name (commonly referred to as a “fictitious name”) if statutory guidelines are met. An alternate name […]
Changing Residency from New Jersey to Florida
Now more than ever, people are contemplating changing their state residency. We are frequently approached by clients seeking to relocate to Florida for financial reasons but they do not always understand the financial benefits or the process of establishing Florida residency. To help you decide whether a permanent move from New Jersey to Florida is […]
Part Two: The Mechanics of an ABLE Account
After part one of our article regarding ABLE accounts, we received several inquiries about how funds in ABLE accounts may be invested, how ABLE accounts differ from a 529 college savings plan, what constitutes permissible uses of ABLE account funds and what happens to account funds after the participant passes away. “ABLE” is an acronym […]
Establishing an ABLE Account in Florida
The Achieving a Better Life Experience Act (the “ABLE Act”) provides families with a valuable savings mechanism that has been underutilized since its enactment into federal law on December 19, 2014. The ABLE Act assists individuals and families in establishing tax-free savings accounts to maintain health, independence and quality of life for individuals with disabilities. […]