As a follow up to our notice of last week, it would appear that no deal has been reached for the extension of the current Federal Estate Tax. Instead, the Federal Estate Tax expired 12/31/09 and we will move into 2010 with the Federal Estate Tax repeal in place.
While the House recently passed a bill to reinstate the estate tax in 2010, last week the Senate rejected a measure to temporarily extend it.
As we previously announced, the House of Representatives voted to permanently extend the present 45% estate tax rate, and the $3.5 million (per person) exclusion from estate taxes.
HoganWillig is pleased to welcome Thomas R. Cassano as Executive Counsel to our firm’s Matrimonial and Family Law Department. Mr. Cassano has limited his practice almost exclusively in the area of matrimonial and family law for more than thirty years. He was recently appointed to the New York State Matrimonial Law Advisory Committee and serves on the Executive Committee of the Family Law Section of the New York State Bar Association. Since 1981, Mr. Cassano has been a Certified Fellow of the American Academy of Matrimonial Lawyers and a former Vice President of the organization’s New York Chapter. He has also been named as one of the “Best Lawyers in America” in the area of family law every year since 1993.
Homeowner’s insurance provides coverage in event of damage to your property. Your homeowner’s insurance may cover damage from fire, smoke, windstorm, hail and/or snow. Everyone’s homeowner’s insurance covers different damage to their property and you should review your homeowner’s policy to see what type of damage is covered. The date the damage occurs on is usually referred to by your insurance carrier as the “date of loss.” The time in which you have to file a lawsuit is known as the statute of limitations and is measured from the date of loss.
Last week, the House voted 225 to 220 to permanently extend the estate and gift tax in its current form. This means that the first $3.5 million of an individual’s gross estate – and the first $1 million of gifts made during an individual’s lifetime – would be exempt from tax. The highest rate applied to the taxable portion of an estate would remain at 45%.
The Million Dollar Advocates Forum is pleased to announce that attorney Corey J. Hogan of the law firm of HoganWillig has been certified as a member of the Multi-Million Dollar Advocates Forum.
Though “going green” was once seen as a niche concept reserved for a small segment of the business population, area law firms are seeing the value in adopting green policies.
August 1st – HoganWillig is pleased to announce its merger with the law firm of Lorenzo and Cohen. This merger marks the most significant growth in the firm’s history as we crest the 30-attorney marker. HoganWillig is suburban Western New York’s largest full service law firm with 31 attorneys and a total staff of 90 employees.
A Power of Attorney is an important document that allows you (“the principal”) to appoint an agent to make decisions concerning your legal and financial matters in the event you are unable to do so for yourself. If you have not executed a Power of Attorney document and you become incapacitated, a guardianship court proceeding will be required to authorize someone to make legal decisions on your behalf. A guardianship proceeding can take several months and cost several thousand dollars to complete. The good news is that creation of a valid Power of Attorney can avoid the necessity of a guardianship proceeding. As such, the execution of a Power of Attorney document is a very important estate planning tool.
Make sure you know the rules.
The old adage “get it in writing” is critical when it comes to commissioned sales employees. In fact, the New York Labor Law provides that you must have a detailed written agreement that is signed by both the employer and the commissioned sales employee.