Newsletter
COVID-19 and Estate Planning
By Jordan S. Linn, Esq. LL.M.
The COVID-19 pandemic has disrupted many plans including how people manage their estates. We've created a list of the top issues that have popped up as a result of the pandemic.
Power of Attorney
At the start of the pandemic, there was understandably a lot of confusion in hospitals. People who had severe symptoms were put on ventilators and isolation policies prevented loved ones from visiting or advocating for them. Although other options are now being used to treat the symptoms, there is still much that is unknown about the virus and there is always the possibility of a surge when flu season kicks in. With these risks looming in the distance, now would be the opportune time to assign a power of attorney to a trusted person. Giving someone a power of attorney would allow them to act as the agent and make decisions on the principal's behalf. The principal can control the scope of the agent's power and what they would be able to do with it. In a situation where the virus limits their capability to make decisions, having someone with a power of attorney would be very helpful for making sure that your affairs are in order.
COVID-19’s Impact on Residential Lease Terms
By David Goldfischer, Esq.
Nearly four months after a State of Emergency was declared in New York due to the COVID-19 pandemic, the NYC real estate market is beginning to come back to life. The rental market in particular was faced with many challenges, the likes of which we have never seen before. Owners of such rentals were left grappling with how to deal with situations involving tenants breaching leases, not paying rent, illegally subletting/assigning their leases, as well as a host of other issues. Many tenants of course also faced their own set of difficulties resulting from the pandemic which at time made it nearly impossible to abide by their lease terms. Based on the feedback I have been receiving from both landlords and tenants alike over the past few weeks, it is apparent that there will many changes to the terms we are accustomed to seeing within residential leases.
Forecasting the Future of NYC’s Real Estate Market
By David Goldfischer, Esq.
Amidst the calls for rent strikes, mortgage forbearances, and tax reductions, New York City’s real estate market has begun to show signs of life. After a very promising start to 2020, the COVID-19 epidemic thrust the market into an unprecedented tailspin. Over the past few weeks, however, the initial market freeze has begun to thaw. And while we are certainly not in the fortune-telling business, we can look towards past data and events to forecast what the future of the NYC real estate landscape may look like.
Understanding the Role of Life Insurance in Estate Planning
By Jordan S. Linn, Esq. LL.M.
If you are like most people, you have precise wishes as to who should inherit from your estate once you pass away. Unfortunately, it is sometimes true that hard-earned wealth accumulated during one’s lifetime could be confiscated and disbursed in unintended ways. Following death, your estate has the responsibility of paying off any outstanding debts owed. This can include liability for taxes, creditors, and pending court proceedings. Equipping yourself with proper life insurance coverage can help protect your wealth and ensure that the maximum amount possible is passed on to your intended recipients.
Housing Stability and Tenant Protection Act of 2019: Memorandum for Landlords and their Agents
By David Goldfischer, Esq. Landlord/Tenant Rent Regulation Group Practice Lead
In the nearly eight months since New York State passed sweeping rent reform laws, the Department of State (DOS) has issued three “Guidance Memoranda.” These memoranda were aimed at providing clarity of the “can and can’t do’s” for landlords and their agents operating under the new laws. What resulted however is greater confusion than ever before.
Ripple Effects of the 2019 Rent Laws Continue to be Felt
By David Goldfischer, Esq. Landlord/Tenant Rent Regulation Group Practice Lead
In June of 2019, when the State Senate introduced the Housing Stability and Tenant Protection Act (the “Act”), the majority of the public focused on the impact it would have on landlords of multifamily buildings containing regulated units. And rightfully so. However, some of the lesser-known administrative changes which were enacted have caused professionals in the industry to revamp their everyday business.
Future Changes to the Federal Gift and Estate Tax Laws Loom Large in Anticipation of 2020 Elections
By Jordan S. Linn, Esq., LL.M. & Ashley Zenobio, J.D.
Many taxpayers are waiting to learn the outcome of the 2020 election and are eager to see how those results will impact federal gift and estate tax laws going forward. However, experts are now saying that failure to take immediate action on estate planning could prove to be detrimental in these uncertain times.