
James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Author: James F. McDonough
Date: March 7, 2014
Of Counsel
732-568-8360 jmcdonough@sh-law.comNew York Gov. Andrew Cuomo and lawmakers are currently considering changes to the Empire State’s estate tax law. If passed, one of the biggest benefits would be an increase to the estate tax exemption from $1 million to $5.25 million by 2019, which means New Yorkers could pass on assets to children worth $5.25 million without paying taxes.
However, there is expected to be some downsides to the new law as well. For example, it could be more difficult for people to gift houses. According to Newsday, all taxable gifts, including houses, would be counted as part of a person’s estate for tax purposes after they die. Additionally, if the property s sold for more than what the owner originally paid, there would be a capital gains tax of around 30 percent on top of the estate tax.
With this in mind, it is recommended that New Yorkers gift homes before the law is implemented if passed, which would be as early as April 1. Experts say that wealthy homeowners should do their research before making any moves though.
Despite the fact that homeowner’s may have additional hurdles when gifting a property, the estate tax law changes are supported by many. Wall Street millionaires, middle class families and small business owners all support the law. The current estate tax doesn’t only impact the super rich, which is why the exemption increase from $1 million to $5.25 million would be a major achievement for all New Yorkers.
The state will benefit from this move as well, with Cuomo stating that the goal is to keep New York retirees at home instead of flocking to states such as Florida.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Earlier this month, the U.S. Supreme Court issued a decision in Ames v. Ohio Department of Youth Services vitiating the so-called “background circumstances” test required by half of federal circuit courts.1 The background circumstances test required majority group plaintiffs pleading discrimination under Title VII of the Civil Rights Act to meet a heightened pleading standard […]
Author: Matthew F. Mimnaugh
Special purpose acquisition companies (better known as SPACs) appear to be making a comeback. SPAC offerings for 2025 have already nearly surpassed last year’s totals, with additional transactions in the pipeline. SPACs last experienced a boom between 2020–2021, with approximately 600 U.S. companies raising a record $163 billion in 2021. Notable companies that went public […]
Author: Dan Brecher
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process that involves important corporate governance considerations. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, […]
Author: Dan Brecher
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!