Federal tax law has a longstanding history of providing tax deductions for alimony, or spousal maintenance – a trend that was recently broken by the Trump administration. For court decrees and alimony agreements entered into after December 31, 2018, alimony payments are no longer deductible. Divorce agreements entered into on or before December 31, 2018 remain unaffected. However, the new tax legislation does not specifically refer to prenuptial agreements, so how the law affects such agreements remains unclear; there has been some growing concern that the new tax code will confound existing prenuptial agreements.
The costs associated with bringing a lawsuit can add up very quickly, and are not always justified. Every client believes they have the winning hand at the beginning of litigation. However, after commencing an action and enduring paper discovery, depositions, and motion practice – a process that can take years – a client may begin to have doubts about the strength of their case. Such doubts can arise even on the eve of trial, after a considerable amount of time and money has been spent preparing for court. Rather than wait for such a feeling to occur, a client would do well to consider the advantages of bifurcating their case.
Considerations Regarding Tax Burden Allocations Among Members & Owners
In forming your business, considerations regarding control or transferability of interest and the like may be at the forefront of your mind, and tax considerations may be relegated to the backseat. However, choosing between different non-tax options can result in different tax outcomes for your business. You can meet your non-tax options and goals with creative solutions, while at the same time being cognizant of the tax implications of those choices so as to keep the tax burden as low as possible.
In the realm of family law, grandparents have certain legal rights in regard to custody and visitation of their grandchildren. The overarching term to describe the process of becoming a legal caregiver for a child that is not biologically your own is called kinship care. Grandparents can seek temporary and permanent custody of children who are their blood relatives if the parents are unable to nurture in the best interests of the child. The broad purpose of placing a child with a suitable family member is to avoid placement of that child in the non-relative foster care system.
Rental agreements in New York State are likely to require a security deposit in order to be eligible to lease a property. The purpose of the deposit is to ensure that the landlord is protected in cases where the tenant does damage to the property or does not make their monthly payments. Many can speak to an experience where they have not gotten part or all of their security deposit back and were not given an explanation as to why. By knowing and understanding your rights as a tenant with regard to your security deposit, you can take the necessary steps and precautions to make sure that your deposit is returned in full.
Starting a new business is a complex venture. The process may seem almost overwhelming, but an experienced attorney can guide you through it, offering invaluable support. An attorney can be helpful in just about every area of starting a business. Their expertise can be vital in matters of zoning, municipal compliance, copyright/trademark issues, articles of incorporation, licensing agreements, employee termination, investment banking, and future lawsuits and corporate liability. An attorney can help you answer some of the tough questions associated with starting a business.
Filing for Chapter 11 bankruptcy protection offers an enterprise the opportunity to restructure its debts and business operations, with a plan to repay claims or any outstanding accrued interest. The goal of filing for Chapter 11 is to get a business back on track with a feasible plan and a capital structure that is sustainable, while also accounting for prior claims and shareholder interests.
Life is unpredictable and bad things happen. If you were to suddenly become incapacitated or hospitalized today, would your loved ones know where to find your important information or know how to handle your affairs? The solution for preparing for these unpredictable moments is the creation of a Just-In-Case list, also known as a letter of instruction. This list is created by you to help your loved ones navigate your personal records and financial information. This checklist will get you thinking about organizing your information to save your family an enormous amount of time and effort and take out any guessing about your wishes.
In mid-December, the Federal Communications Commission made a decision to repeal the net neutrality rules set in place in 2015 by the Obama administration. The laws were originally set in place to regulate internet service providers (ISPs) by categorizing internet access as a “utility.” By this definition, the internet was viewed as a fundamental need, where websites big and small were treated the same regardless of content or relationship with any particular ISP. After the 2017 decision, that is no longer the case. The FCC has now taken on a “light-touch framework” that will deregulate oversight of ISPs, allowing them to create slow and fast lanes for different websites and services based on price point.