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Power of Attorney / Aug 25, 2021

On December 15th of last year, the State of New York introduced a new law that made significant changes to the New York power of attorney (“POA”). These changes took effect on June 13, 2021. Note that the new law won’t have any effect on the validity of existing, duly executed POAs, and the Statutory Gifts Riders, as they will all be grandfathered in....

FBAR / FATCA, Tax Penalty Abatement / Aug 13, 2021

The FBAR (Report of Foreign Bank and Financial Accounts) is a Form FinCEN 114. The Bank Secrecy Act details the FBAR filing requirements. This form must be filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department....

Probate NY / Aug 07, 2021

Probate court is a proceeding in which a deceased person's assets and property are transferred to those named to inherit them. The probate process can be time-consuming, expensive, and frustrating. It’s wise to take action now to spare your family and friends the headaches if possible. ...

Power of Attorney / Jul 06, 2021

In New York, an agent designated in a durable POA can only act on the principal’s behalf after he or she signs the power of attorney in front of two adult witnesses, and a notary public.  The language included in the document must also meet certain statutory requirements....

FBAR / FATCA, Tax Penalty Abatement / Apr 16, 2021

The FBAR (Report of Foreign Bank and Financial Accounts) is a form that the Internal Revenue Service (IRS) requires U.S. taxpayers with certain foreign bank accounts to file, wherever they may live—at home or abroad (“expatriates” or “Expats”)....

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