Over the last few years, home prices have seen an incredible surge. Values skyrocketed. Many people found that their homes were worth two or three times what they had paid for them. And, despite these high prices, the market seemed to move quickly, and there were a...
Polizzotto & Polizzotto Blog
Income Tax Filing Options for Married Couples with an Immigrant Spouse
If you are a United States citizen (or a resident alien) and are married to a non-citizen, who cannot otherwise qualify as a resident alien under either the Substantial Presence Test or the Green Card Test (as explained at the IRS link directly below), then you have...
3 ways to handle the family home in a divorce
The family home is often one of the most valuable and emotionally significant assets a couple can have – and it’s also the source of a lot of conflicts in a divorce. When it comes to the family home, there are several paths you can take. Here are three common options...
4 options for the marital home
Going through a divorce means you have to divide the property you gained during the marriage. One of the biggest assets that some couples will have to handle is the marital home. There are several options to consider when you’re trying to determine what you should do...
How to divide up family heirlooms (fairly)
Insurance policies, bank accounts, houses and motor vehicles may be on a lot of people’s minds when they hear the term “estate dispute,” but it’s often the little things that create the most problem. Those “little things,” like Dad’s watches or Mon’s diamonds, often...
Update your estate plan after these 4 life events
Making an estate plan is a good idea, and it’s often wise to make it while you’re still young. After all, you never know what life holds or exactly when your family will need that plan. However, if you make it long before you actually have to use the plan, this means...
New York proposes shorter look-back period for Medicaid
The State of New York has proposed a 30-month transfer of assets look-back period for coverage of community-based long-term care (CBLTC) services. The Medicaid Redesign Team II recommended the statutory change adopted by the New York State Legislature to ensure that...
The pros and cons of life insurance trusts
Some grantors create stand-alone trusts or put them into a will. Others, however, put their life insurance into a trust — aka a life insurance trust. (It’s sometimes called an irrevocable life insurance trust.) Putting your life insurance policy into a trust has many...
What should you do with your rental property as you divorce?
If you and your spouse own rental property in Brooklyn, it’s likely a nice source of income. Now that you’re divorcing, you’ll need to decide what to do with it. While determining what to do with a rental property is typically a less emotionally fraught decision than...
What happens if you lose your job on a work visa?
For many people, the initial path that they choose to enter the United States is a visa. For instance, students who want to study abroad can get a student visa to attend a university in the U.S. Even those who simply want to stay for a short time can get tourist...