Farrell Fritz, P.C.

Mark Ustin will be moderating panel “Re-envisioning the Palliative and End-of-Life Care Continuum, and Medical Aid in Dying” at the New York State Bar Association Health Law Section Fall Meeting 2024 on October 21, 2024. This panel will examine New York’s Medical Aid in Dying Bill in the broader contexts of the existing palliative and end-of-life care continuum in New York and evidence of persistent inequities in access to care. For more information and to register, please visit the NYSBA website here: https://lnkd.in/eGTU-c5g

The national average increase in construction costs for the third quarter was 1.07 percent, marking the lowest rise in the past three years. Farrell Fritz partner David Curry was featured in Commercial Property Executive article "Construction Cost Increases Hit 3-Year Low", where he shared insights on the current state of construction in the commercial real estate market. Read the article here: https://lnkd.in/eD6MC76Z

Adam P. Margulies, Esq. spoke at a recent panel at the Maurice A. Deane School of Law at Hofstra University on careers in tax. Great to see our lawyers out in the community speaking about their passions and careers, inspiring our next generation of professionals.

Commercial Division judges place a strong emphasis on efficiency, particularly in resolving discovery disputes. In this week’s New York Commercial Division Practice blog, Matthew Donovan shares his insight into how the Commercial Division manages these disputes, enforces deposition rules, and upholds high standards of professionalism among attorneys. Read the blog here: https://lnkd.in/dSRe6HTs #commercialdivision

The relationship between shareholder oppression claims under BCL 1104-a and money damages is unique. A minority shareholder seeking dissolution often combines it with claims for damages, such as breach of fiduciary duty, as both can arise from the same conduct. For more on this topic, check out Peter J. Sluka's post on the New York Business Divorce blog: "Corporate Dissolution Petition Hits Back Burner in Favor of Earlier Filed Claims for Money Damages." https://lnkd.in/guDPb6Fg #dissolution #businessdivorce #disputes

Wishing our colleagues, clients and friends who celebrate a peaceful and meaningful Yom Kippur.

Recent changes implemented by Secure Act 2.0 provide a powerful retirement opportunity. Starting in 2024, Congress changed the way that 529 accounts work. A 529 account is made with a beneficiary (future student) in mind and is used for educational expenses such as tuition, books, room and board, and other qualified expenses. These 529 accounts are tax-advantaged investment accounts and withdrawals used for the designated qualified educational expenses are exempt from federal and state income taxes. Traditionally, after a beneficiary completed their education, the money remaining in these 529 accounts could not be used for non-education purposes without paying a tax penalty of 10%. However, a person was permitted to transfer the 529 account to another eligible beneficiary with educational expenses as a way to maintain the tax advantaged status of the account. With the enactment of the new legislation, 529 funds can now be rolled over into to a Roth IRA for the beneficiary, allowing more flexible options to put money towards retirement without being restricted by traditional 529 tax penalties. For a 529 account to rollover funds to a Roth IRA there are several important criteria that must be met: 1. The 529 account must exist for at least 15 years for a designated beneficiary; 2. The amount to be rolled over from the 529 to the Roth IRA must be in the 529 for at last five years; 3. The funds are directly moved from the 529 to a Roth IRA, which will be maintained for the designated beneficiary; 4. The amount rolled over from the 529 does not exceed the annual contribution limitations of a Roth IRA; 5. The total aggregate amount distributed from the 529 to a Roth IRA cannot exceed $35,000. It is important to remember that contributions are subject to a total limit of $35,000, and that once that amount is rolled over, no further funds can be moved to the Roth IRA from the 529. Clients should consult with their advisors to determine if converting a 529 plan would be appropriate. While rolling over funds from a 529 account has some limitations, it offers an alternative to the traditional options of 529 funds, and allows a person to jumpstart a beneficiary’s retirement account after a beneficiary completes their education. See the IRS link below for some additional information: https://lnkd.in/dWZEnf4 Thank you Azi Baer for this week's Tax Tracker! #taxtracker

Farrell Fritz was a proud sponsor at the Westchester County Bar Association's Meet the Judges event earlier this week! Farrell Fritz Partner and WCBA Board member, Matthew Donovan, attended the event with Westchester County Commercial Division Justice Gretchen Walsh, fellow board member Brian Belowich, WCBA President James K. Landau, and Marc Sheridan. #wcba

Daniel Rubin will be presenting at The American College of Trust and Estate Counsel (ACTEC) 2024 Mid-Atlantic Regional Meeting on the panel “Dos and Don’ts of Administering Asset Protection Trusts.” This presentation will focus on the use of self-settled asset protection trusts (“SSAPTs”) in the United States. The presenters will discuss their experiences with SSAPTs both from the point of view of planning and drafting, as well as administration. The goal of this presentation is not to produce an all-encompassing summary of the topic, but rather to focus on what the presenters consider to be “best practices,” based upon their experience with SSAPTs, and certain case law, since the introduction of these trusts in the United States more than a quarter-century ago in 1997. For more information and to register, please visit the ACTEC website here: https://lnkd.in/e_xBmUHW

In this week's New York Commercial Division Practice blog, Viktoriya Liberchuk discusses a recent decision by newly-appointed Manhattan Commercial Division Justice Nancy M. Bannon. The decision focuses on a motion to preclude expert reports due to non-compliance with Commercial Division Rule 13(c), a topic that has been previously explored on the blog. Read the blog here: https://lnkd.in/dT-nHc5P #commerciallitigation #commercialdivisionrules