Join Jonathan I. Shenkman, President & CIO of ParkBridge Wealth Management, as he goes “IN FOCUS” to explore more advanced wealth planning topics.
This week, we go IN FOCUS where we explore more advanced wealth planning topics.
Today, we are joined by K. Eli Akhavan from Grant, Herrmann, Schwartz & Klinger LLP based in New York City. Eli will be discussing “NYC Pied-à-Terre Surcharge – What Advisors Need to Know.”
By way of background, New York City's pied-à-terre surcharge is now in the administration phase. The Department of Finance adopted its implementing rules in July, published a primary-residence addendum to the assessment roll on July 25, and is mailing notices to owners it treats as non-exempt by August 30 - after which the window to respond is short. Eli will discuss will who is actually a covered owner, how the primary residence exemption works when an apartment sits inside an LLC, a trust, or a stacked structure, why the January 5 taxable status date is unforgiving for buyers and renovations, and what to do when a notice lands. The focus is on what advisors and families need to do this fall, including the questions that the rules still leave open.
***UPCOMING LIVE FALL WEBINAR: My next webinar is Thursday, September 24th @ 8:30am on “The Most Important and Overlooked Estate Planning Questions That AI Does Not Properly Address” featuring, Avi Z. Kestenbaum, Esq., Partner, Meltzer, Lippe, Goldstein & Breitstone, LLP based in Long Island, New York. You can register here: https://us02web.zoom.us/webinar/register/WN_4i5n8PCtQX2-qfjWH-XZMw***
M latest book, “D is for Diversification: The ABCs of Personal Finance” is now available on Amazon or at www.JonathanOnMoney.com. It is a great way to support these podcasts.
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