With baby boomers entering retirement age, more adult children are undertaking the role of caregiver to meet their loved ones’ needs. According to the National Alliance for Caregiving and AARP, as many as 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months. Caregivers are often called upon to assist with a loved one’s estate plan to ensure that his or her wishes for assets and health are met. An important aspect of estate planning is power of attorney, a document that authorizes someone to make and implement financial and other important decisions.
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Divorce Mediation
Many people going through a divorce choose the sensible and amicable path of Divorce Mediation rather than expensive and acrimonious litigation. Mediation can save the parties many thousands of dollars, as opposed to litigation, and can achieve superior results, because the parties are in control.
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Estate Planning Considerations for Military Personnel
As members of the armed forces, military servicemen and servicewomen put their lives on the line every day to protect the lives and freedom of the American people. A person’s estate encompasses everything from a home, cars, jewelry and other tangible possessions to savings and checking accounts, retirement funds, insurance policies, small business and survivor benefits. It is important for our fighting men and women to establish a plan to protect their loved ones from financial hardships, reduce taxes, assign children’s guardianships and allow assets to be passed to beneficiaries quickly and without emotional stress or conflict.
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How Updates to the Overtime Exemption Rule Affect New York Businesses
Recently, the United States Department of Labor released the final updates to the Fair Labor Standards Act (FLSA), doubling the annual salary threshold from less than $23,660 to $47,476, under which most salaried employees fall. The update will extend overtime availability to 4.2 million workers to receive time-and-a-half wages for every hour they work beyond 40 hours a week. Continue reading “How Updates to the Overtime Exemption Rule Affect New York Businesses”
For Better or For Worse: Divorce and Social Media
Social media networks and digital communication have altered 21st-century relationships. Designed as a means of bringing people together, more couples today are contributing to their breakups or divorces by posting nasty comments about each other on social media. Many couples are unaware of the consequences these posts have on divorce settlement negotiations as well. Continue reading “For Better or For Worse: Divorce and Social Media”
Developers Pay above Market Rate for Air Rights over Pier 40
Two developers — Westbrook Partners and Atlas Capital Group — recently announced an agreement to pay $100 million to acquire 200,000 square feet of air rights over Pier 40 for a proposed mixed-use development. The amount is 33% above the valuation of the air rights. The air rights were valued at $75 million, based on an appraisal commissioned by the owner, Hudson River Park Trust.
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Setting Up an IRA LLC
If you’re thinking of using your retirement funds to help fund your real estate investing, it won’t be long before you come across the concept of a self-directed IRA LLC. Continue reading “Setting Up an IRA LLC”
New York’s Proposed Paid Family Leave Act Benefits Businesses
Currently, under the federal Family and Medical Leave Act (FMLA), an employee can take time off for family events, such as to care for an ill family member or when a child is born. Employees are only eligible when they work at companies with 50 or more employees, unless they work at designated governmental organizations or schools. Under FMLA, an employee can take up to 12 weeks of work off that are uncompensated. Although the employee is not paid for the time they do not work, their job is secure for that period of time.
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Things to Consider When Choosing an LLC or LLP
When starting a business, there are many legal forms the venture can take. Two of the more well-known types are limited liability companies (LLC) and limited liability partnerships (LLP). Although both LLCs and LLPs have similar characteristics to corporations and partnerships, the way these structures are managed and taxed, as well as potential liability can differ.
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2016 Brings New Challenges to Business Owners
With 2016 well underway, Business News Daily reported on challenges likely to be faced by business owners this year, including finding and keeping employees, and the availability of capital.
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