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Get the latest legal news from the attorneys at Kantrowitz, Goldhamer & Graifman in NY and NJ. Topics range from personal injury to divorce law, employment law and more.

KGG Law Announces 2019 Pre-Law Scholarship Winner Joshua Weinfeld

The New York law firm of Kantrowitz, Goldhamer & Graifman is very pleased to announce that Rockland Community College Honors student Joshua Weinfeld is the recipient of the 2019 KGG Law Pre-Law Scholarship. Each year for nearly four decades we have provided a financial scholarship to an outstanding graduating RCC student who is going on to a 4-year college and who has expressed an interest in going to law school when he or she graduates. Josh is headed to Binghamton University and we wish him well!

Josh has successfully maintained an honors-level GPA, received a favorable recommendation from RCC faculty, and wrote a compelling essay explaining why he wants to attend law school.

We look forward to maintaining contact with Josh to hear about his ongoing achievements throughout his academic career.

KGG Law Supports Local Communities

KGG Law has been giving out scholarships for decades, ever since Walter Kantrowitz was the Chairman of the Rockland Community College Foundation in the 1980s. We recruit the best and the brightest law school students to add to our ranks and believe strongly that an investment in future generations always pays dividends.

Contact an Attorney Today

KGG Law serves a wide variety of clients from Rockland County and Bergen County with offices in Spring Valley, NY and Montvale, NJ. We’re big enough to do it all – personal injury, divorce, class actions, wills, real estate, and corporate – and small enough to care. Contact us today to schedule a confidential consultation with a skilled attorney.

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Giving to a Dying Spouse: What Are the Tax Implications?

NY & NJ estate lawyer Paul Goldhamer, Esq. is a founding partner at Kantrowitz, Goldhamer & Graifman. Mr. Goldhamer was selected to the Super Lawyers® list in 2014-15. In addition to practicing matrimonial law, he maintains a busy schedule of lectures, charitable work, and media appearances.

From Paul Goldhamer, Esq.:

Say taxpayer Harry is likely to live only a few years and spouse Jane has $100,000 of stock with a cost basis of $20,000. Jane transfers the shares to Harry and reacquires them under Harry’s will. The $80,000 profit escapes income taxation.

Gimmicky? Yes, but Congress permits this maneuver, so long as Harry holds the shares for at least a year. If there’s less time than that, there still may be a way to make the escape from capital gain taxes. The one-year rule doesn’t apply if the assets do not go right back to the person who started with them.

Here it is explained again:

Up until now we have been primarily concerned with estate taxes. Sometimes it is also wise to consider income tax planning. If a person receives a gift of appreciated property and then dies within one year, that property will not receive a step-up in basis if it passes back to the donor. The step-up in basis, if available, will eliminate the 15% capital gains tax on the amount of appreciation. Gifts to an ill spouse should therefore not be overlooked as the ill spouse may survive more than a year. Other planning may be used to balance the assets to obtain both income and estate tax benefits.

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$500K Capital Gain Exemption on House Sale Explained

New York & New Jersey estate lawyer Paul Goldhamer, Esq. is a founding partner at Kantrowitz, Goldhamer & Graifman. Mr. Goldhamer is a 2014-2015 New Jersey Super Lawyers® honoree. Above and beyond his work in matrimonial law, he keeps up a full schedule of teaching, charity work, and TV and radio appearances.

From Paul Goldhamer, Esq.:

A house is in a wife’s sole name and has never been in the husband’s name. Each party is entitled to a $250,000 capital gain exemption.

I believe the joint $500,000 exemption is available, so long as the parties are married and file taxes jointly, notwithstanding that the house is in one party’s sole name.   

Is this correct?     

TRUE. IT DOES NOT MATTER WHOSE NAME THE HOUSE IS IN, AS LONG AS A JOINT RETURN IS FILED.

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What the Diagnostic and Statistical Manual of Mental Disorders Has to Do with Divorce

Stressed man listening psychologist's analysis. Male patient lying on sofa during psychotherapy session.

NY & NJ divorce lawyer Paul Goldhamer, Esq. is a founding partner at the NY & NJ law firm of Kantrowitz, Goldhamer & Graifman. Mr. Goldhamer was named by the prestigious Superlawyers.com as a “Super Lawyer” in 2014 for his work in matrimonial and estate law. Paul keeps busy with teaching, lecturing, charity work and as a guest on a wide range of media outlets.

From Paul Goldhamer, Esq.:

The Diagnostic and Statistical Manual of Mental Disorders, known as DSM-5,  is a published book describing mental disorders. It has been used as the “bible” for recognizing mental disorders. But it has been subject to severe criticism in the last 25 years, sometimes for excluding disorders and sometimes for including what may be in the normal range of human conduct. “Normal” cuts a wide swath.

Published first in 1953, it has gone through 8 reiterations, starting from a small pamphlet and growing to a 1000 page tome. Some diseases do not make it into the book and some work their way in over the years.

Big pharmaceutical  companies sell drugs that are cures to diagnosed illnesses. Insurance reimbursement is often contingent on conditions having a recognized diagnosis. Many psychological professionals disagree on the value of some of the diagnoses. The DSM always rears its head in custody cases. Let’s face it…no 2 adults parent the same way and often one parent objects to the other’s parenting style. Sometimes the objector is too rigid and imagines issues. Sometimes, a parent’s conduct is actually unsafe.

We at KGG help parents work out custody arrangements. Sometimes we must fight in court for our clients with skills acquired over 4½ decades.

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2019 Estate Tax Exemptions: See the Numbers

New York and New Jersey estate lawyer Paul Goldhamer, Esq. is a founding partner of Kantrowitz, Goldhamer & Graifman in Rockland County and Bergen County. Mr. Goldhamer is proud to have been honored as a “Super Lawyer” by the legal site Superlawyers.com. When not practicing family and matrimonial law, Paul keeps busy with charitable efforts, lectures, public talks and appearances on radio and television programs. 

From Paul Goldhamer, Esq.:

2019 Estate Tax Exemptions:

Federal:

Single:   $ 11.4 M

Married:  $22.8 M

The Federal Tax Estate rate ranges from 11% to 40%.

New York:

Single-     $  5.49M

Married-  $10.98M

The estate tax rate in New York ranges from 3.06% to 16%.

New Jersey:

Estate tax $0, but,

New Jersey Inheritance Tax:

$0 for spouse, children, grandchildren & charities.

Some close relatives taxed only after $25,00;
Most others – no exemption.

Tax rate – 11 to 16%

All of the above are subject to change. At KGG, we plan estates of all sizes, prepare Wills, Trusts, Powers of Attorneys, Healthcare proxies & help with Eldercare planning.

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Brandon Rothstein, Esq. Named a 2018 Hudson Valley Parent Favorite Lawyer

Brandon Rothstein, Esq. from Kantrowitz, Goldhamer and Graifman has been recognized for exceptional legal care.

All year, lawyers at Kantrowitz, Goldhamer and Graifman go above and beyond to provide clients with exceptional legal care. This service has been recognized and appreciated by their clients this year with the coveted title of 2018 Hudson Valley Parent Favorite Lawyer.

The lawyers at Kantrowitz, Goldhamer and Graifman, PC strive each day to provide expert advice, representation and care.

Their clients nominated and reviewed their services to Hudson Valley Parent to help create a guide of the best of the best in the Hudson Valley’s only Family Law Guide.

All year, those who visit LawGuide.HVParent.com can read reviews about superior legal professionals that other parents love.

2019 Favorite Lawyer nominations are coming this spring!

 

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What You Need To Know About Towing Reimbursement from Insurance

Rockland County & Bergen County divorce lawyer Paul Goldhamer, Esq. is a co-founding partner at Kantrowitz, Goldhamer & Graifman. When not practicing family law in NY & NJ, Mr. Goldhamer maintains a busy schedule with supporting charities, giving lectures, and appearing on radio & TV. Paul was named a “Super Lawyer” by Superlawyers.com in 2014.

From Paul Goldhamer, Esq.:

If you have a towing benefit from your credit card company, it usually is limited to a 10 mile tow. If you are off road by more than 10 feet (not from skidding) most credit card companies will not cover any portion of the tow.

If you call for a tow truck, most tows are covered by your automobile insurance policy. If a tow company uses their winch to pull you out, the charge will be higher.

The reimbursement from your insurance company will also be higher as a result of the fact that the tow truck needed to use a winch. But you must tell them; make sure it is written on the tow bill.

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Marriott, Starwood Data Breach Class Action Lawsuit Investigation

hotel signDid you stay at one of the following Starwood Hotels between 2014 and Nov. 30, 2018 and receive an email from Marriott or Starwood informing you that you have been affected by the data breach?

  • W Hotels
  • Sheraton Hotels & Resorts
  • Regis
  • Element Hotels
  • Westin Hotels & Resorts
  • Tribute Portfolio
  • Design Hotels
  • Aloft Hotels
  • Le Méridien Hotels & Resorts
  • The Luxury Collection
  • Starwood branded timeshare properties
  • Four Points by Sheraton

On Friday November 30, 2018 Marriott International admitted in a statement that its system for guest reservations at Starwood Hotels had been hacked, possibly exposing the personal information of up to 500 million hotel guests at its Starwood hotels and properties. The breach is massive—starting in 2014 and ending only in September of 2018.

This information may include:

  • Names
  • Email Addresses
  • Phone Numbers
  • Passport Numbers
  • Date of Birth
  • Arrival Information
  • Payment Card numbers

If you booked a reservation at one of the Starwood Hotels listed above between 2014 and 2018, and received an email from Marriott or Starwood that you have been affected by the breach, you may qualify to join this Starwood data breach class action lawsuit investigation.

If you have been affected or want more information on this matter, contact: GARY S. GRAIFMAN, ESQ. at KANTROWITZ, GOLDHAMER & GRAIFMAN, TOLL FREE AT (888) 752-5018 or via Email at GGRAIFMAN@KGGLAW.COM

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Child Support and the 2018 Tax Law: What Changes?

Rockland County divorce attorney Paul Goldhamer, Esq. is a co-founder of the New York & New Jersey law firm of Kantrowitz, Goldhamer & Graifman. Mr. Goldhamer was chosen as a “Super Lawyer” in 2014 by Superlawyers.com for his work in estate law and matrimonial law. He also maintains a packed schedule of charity work, teaching and guest appearances on radio and TV.

From Paul Goldhamer, Esq.:

Child support has always been nondeductible and remains so. But, clients must look closely at the tax benefits of different assets & how they affect the deal. Couples should weigh receiving the marital home as verse taking a portion of a spouse’s retirement plan. Often, the parent who has custody of the children wants the house. But, the tax changes adversely affect New York & New Jersey divorcing couples, because the deduction for high state and local taxes has been capped. This may make the family home less valuable in the long run. Spouses who get the retirement account will not be able to draw down on it until age 59½. But, they will have created a stronger retirement future. By not taking the house, you can avoid property taxes. This must be studied on a case by case basis.

Paying for a child’s education is also important. Given the changes in the tax laws, 529 college savings plans can be used for private school. They were limited to postsecondary and college education.

But, will there be enough money to pay for college? 529 plans require special thoughts. Who gets credit for the 529 as a college contribution? Does it cause a credit against Child Support? The new tax law is complex and the negotiation on the college contribution are challenging.

At KGG, we have been helping families plan their futures for 4 ½ decades.

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Bergen County Heroes of the Month: CBHCare

The law office of Kantrowitz, Goldhamer & Graifman is proud to support Community Heroes of the Month, Comprehensive Behavioral Healthcare, Inc.

CBHCare’s mission is to provide behavioral health care to the Bergen community.

This much needed community service treats individuals and families in the Bergen community for such issues as:

  • Parent-child conflicts
  • Substance abuse
  • Interpersonal relationships
  • Depression
  • Anxiety and phobia
  • Post-traumatic stress
  • Marital conflict and divorce
  • School phobias
  • Attention-deficit disorders
  • Unresolved grief
  • Work-related conflict and stress
  • Sexual trauma and dysfunction
  • Eating disorders
  • Sexual orientation issues
  • Stress of single-parenting and step-parenting
  • Childhood behavioral and interpersonal problems

They are committed to accessible health care services that are delivered in a cost-effective manner, with respect and dignity regardless of race, gender, sexual orientation, disability, illness or age.

Comprehensive Behavioral Healthcare, Inc., is the leader in behavioral health care services for New Jersey and Bergen County. They provide compassionate and professional services to nearly 4,000 children, adults and seniors every year.

Peter Scerbo, CBHCare’s Executive Director, and his team were kind enough to take time out of their busy schedule to meet with us at their headquarters in Hackensack, New Jersey.

Founded in 1969 in response to the critical need for counseling services in the community, CBHCare is a private, not-for-profit organization dedicated to providing the highest quality behavioral healthcare services to the people of New Jersey.

How can you help?

CBHCare is always looking for great people to join their cause!

Click here to find out more about volunteer opportunities. You can also help their cause by donating here.

KGG Law Firm Proudly Supports Local Charities

KGG Law Firm has been helping Bergen County residents with legal matters since 1975. Our wide-ranging expertise includes personal injury law, family law and divorce, class action litigation, employment law, estate planning, and real estate. While there are plenty of New Jersey law firms you can choose to represent your best interests, we are one that puts our money where our mouth is. We proudly support local causes like Habitat for Humanity and Ramapo-Bergen Animal Shelter to make our community a better place to live. Contact us for a free case review.

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