Just a couple of months ago, the country was shocked when the world’s richest man, Jeff Bezos, found himself in the middle of a divorce. While the divorce appeared to most to be amicable, his wife of 25 years, MacKenzie, finds herself a likely recipient of half of his $137 billion net worth. Understanding the situations in which this may happen is the key to understanding whether a prenuptial agreement may be right for you. Continue reading “Should I Get a Prenup?”
With the Return of the L Train, Where Does the Brooklyn Real Estate Market Stand?
In July 2016, it was announced that L train service from Brooklyn to Manhattan would be shut down for 15 months in order to make necessary repairs and updates. To the delight of Brooklyn natives, on January 3, 2019, New York Governor Andrew Cuomo announced that the closure of the L train service planned for April was canceled. On January 17, the Metropolitan Transportation Authority (MTA) made an official announcement to confirm that the shutdown of both tunnels and all service was not necessary. Instead, updates would continue to be made during nights and on weekends but service both ways would still be available 24/7. Continue reading “With the Return of the L Train, Where Does the Brooklyn Real Estate Market Stand?”
Manhattan Home Sales Prices Fall to Lowest Level in Three Years
A report from StreetEasy showed that its Manhattan Price Index during the month of November 2018 fell to $1,133,988. That is the lowest level since October 2015, when the Price Index was $1,132,855. Further, the Price Index fell slightly by 0.6% from the previous month at $1,141,397 and was a 3.3% year-over-year decrease from November 2017’s price of $1,172,189. Continue reading “Manhattan Home Sales Prices Fall to Lowest Level in Three Years”
What Happens if Property That Is In My Will Is Disposed Of?
While the thought of preparing a Will may be off-putting, ensuring that your assets are protected and passed on to loved ones should be a concern of every individual. But what happens if you dispose of property in the Will after it is drafted? The key to solving such an issue is recognizing that not only should an individual draft a Will, they should also develop an entire estate plan for taking care of their loved ones. Continue reading “What Happens if Property That Is In My Will Is Disposed Of?”
Deterring Family Conflict May Go Beyond Basic Estate Planning
Oftentimes, parents will utilize an estate plan to protect finances and preserve their legacy for future generations. A Last Will and Testament is a legal document that a person can establish to express his or her wishes as to how their property and finances can be distributed after they pass away. While establishing a Last Will and Testament is an important aspect of estate planning, many parents overlook the need to address what will happen should a conflict over the estate arise. Continue reading “Deterring Family Conflict May Go Beyond Basic Estate Planning”
Building in a NYC Opportunity Zone
New York State is taking part in the federal Opportunity Zone community development program, which was formed as part of the Tax Cuts and Jobs Act of 2017. The program incentivizes developers to bring their projects to economically distressed areas. Continue reading “Building in a NYC Opportunity Zone”
Churches Selling Air Rights
With New York City running out of real estate, developers have nowhere to go but up. This means they are looking to purchase development rights (or “air rights”) from other institutions in order to demolish and build new structures or build on top of existing ones. Most recently, churches have gotten involved and it has resulted in a win-win: the developer gets the air rights they need for their project, and the church can use the proceeds to pay for much-needed renovations. Continue reading “Churches Selling Air Rights”
Legislators Believe One Word Shouldn’t Cost Businesses $1,000
Two New York State legislators recently introduced bills that would ease regulations for small business owners by allowing them a certain amount of time to fix any violations they may have committed before being automatically fined. The Albany Business Review reported that corresponding bills sponsored by New York State Assemblyman John McDonough and State Senator Fred Akshar have passed in both chambers of the Legislature. The legislation is now awaiting Governor Cuomo’s signature. Continue reading “Legislators Believe One Word Shouldn’t Cost Businesses $1,000”
A Merger and an Acquisition: Which Is Which?
Entrepreneurs and corporate officers, alike, frequently use the terms “merger” and “acquisition.” To the general public, these words are simply those that are seen on headlines of national business newspapers and articles. Many may wonder about the true definitions of these words and which businesses are undergoing a merger and which businesses are undergoing an acquisition. Continue reading “A Merger and an Acquisition: Which Is Which?”
Applying for Sales Tax Exemption as a Not-for-profit Organization in New York
Many religious and charitable organizations across the state of New York are able to apply for a special, sales tax exempt status. Sales tax exempt status allow purchasers within the organizations to make tax-free purchases that would otherwise be subject to New York State sales tax. In order to utilize this unique feature, one must obtain a sales tax exemption certificate issued by the New York State Tax Department and present the said certificate at the time of purchase. Continue reading “Applying for Sales Tax Exemption as a Not-for-profit Organization in New York”
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