Firm Newsletter | December 2024

Dear Clients and Friends:

We write to update you on recent activities at FRB.

First, we are excited to be returning to the Heckerling Institute on Estate Planning, taking place January 13 - 17 in Orlando, Florida. FRB Founding Partners Matthew Rappaport, Jeffrey Berkman, and Michele Schlereth will be attending along with several of our Taxation and Private Client professionals. Interested in connecting at the conference? Contact FRB's Marketing Director, Abby Winckler (awinckler@frblaw.com), for details on our exclusive networking dinner co-hosted by The Fortez Group. Due to limited seating, please RSVP at your earliest convenience.

Next, FRB's Digital Asset Partners Jeffrey Verdon, Moish Peltz, and Kyle Lawrence have authored an OpEd article featured in CoinDesk titled "Crypto’s Estate Planning Problem: A Wake-Up Call," exploring the urgent need for proactive estate planning strategies for cryptocurrency holders ahead of 2025 tax law changes. Read the full article here.

Also, join FRB's Taxation Co-Chair Matthew Foreman for the Strafford CPE webinar "Deducting Digital Asset Losses: Worthless Assets, Rev Proc 2024-28 Basis Safe Harbor, Theft, and Casualty Losses" on Wednesday, January 15 from 1:00 PM to 2:50 PM ET.  Learn more and register below.

Lastly, we were pleased to celebrate FRB's Managing Partner Kenneth Falcon being honored at the Long Island Business News 2024 40 Under Forty Awards! Ken’s recognition is a testament to his visionary leadership, innovative management practices, and unwavering dedication to his clients, his firm, and the Long Island community. Congratulations Ken on this well-deserved honor! Check out photos from the event here.

From all of us at FRB, our warmest thoughts and best wishes for a wonderful holiday season and a very Happy New Year!

Register for Our Upcoming Webinars

Deducting Digital Asset Losses: Worthless Assets, Rev Prec 2024-28 Basis Safe Harbor, Theft, and Casualty Loses (2.0 CPE Credits)

• Join FRB Partner Matthew E. Foreman, Esq., LL.M. on Wednesday, January 15 from 1:00 PM - 2:50 PM ET for a comprehensive overview of deducting digital asset losses, including guidance on lost keys, theft, and new reporting requirements under Rev Proc 2024-28. Limited complimentary passes for this session are available. Please contact Abby Winckler (awinckler@frblaw.com) while supplies last!
• Learn more and register here.

Drafting and Administering Wills (CLE Credit Available)

• Join FRB's Vice Managing Partner Matthew E. Rappaport, Esq., LL.M. alongside other legal professionals on Thursday, January 23 from 10:00 AM - 5:00 PM ET and explore cutting-edge strategies for creating comprehensive wills, covering essential provisions, tax considerations, will validity, and more. CLE credits vary by state.
• Learn more and register here.

Navigating Digital Asset Legal, Accounting, and Tax Issues: Entity Structures, Tax Planning, Valuation, and More (1.5 CPE/CLE Credits)

• Join FRB Partner Kyle M. Lawrence, Esq. on Tuesday, January 28 from 1:00 PM - 2:30 PM ET and explore the evolving legal and tax landscape for digital assets, including recent IRS regulations, reporting requirements, and key tax planning strategies. Earn 1.5 CPE/CLE credits by attending.

Learn more and register here.

Check Out Our Latest Podcasts

How Tax Works - Ep. 15 
Tax Issues with Divorce 

• In this episode of How Tax Works, FRB Partner Matthew E. Foreman, Esq., LL.M. discusses tax issues with divorce, from transfer between spouses, to splitting up businesses and the need for detailed documents to avoid problems. This episode is for anyone who knows anyone who has ever gotten divorced, which should be everyone in the known world at this point.
• Listen to the episode here.

Block & Order #24
Creators Take Control: Professor Ed Lee on the Evolving Digital Asset Market

• In this episode of Block and Order, hosts Kyle M. Lawrence, Esq. and Moish E. Peltz, Esq. are joined by Professor Ed Lee from Santa Clara Law to discuss the intersection of legal issues with NFTs and intellectual property (IP) in the web3 world. They explore how existing laws can regulate fraud within the NFT sector, the implications of NFTs on creators' rights, and the challenges AI-generated works face regarding copyright protection. The conversation also considers the future regulatory landscape and practical solutions for protecting creators in the evolving digital asset market.
• Watch the episode here.

Check Out the Latest News from Our Blog

Equitable Fairness: Court Denies Lender’s Routine Motion for Summary Judgment In Commercial Foreclosure Action Finding Issues of Fact In Favor of Borrower

• A recent Queens County Supreme Court decision serves as a key reminder of the importance of equitable relief in foreclosure proceedings. FRB Senior Counsel Michele K. Jaspan, Esq. unpacks this case, exploring how the court addressed triable issues of fact and upheld borrower protections. Read more.

LENDER ALERT: Maintaining Clear Communication with Borrower is Key to Enforcing Contractual Rights

• FRB Senior Counsel Michele K. Jaspan, Esq. examines a recent court decision affirming a lender’s enforcement of contractual rights in a cooperative loan dispute, highlighting the importance of protecting collateral, adhering to loan terms, and addressing borrower defaults. Read more.

Creditor Alert: A Confession of Judgment Is Not Removable to Federal Court Based on a Related Bankruptcy Filing

• FRB Partner Michael L. Moskowitz, Esq. explores a recent Southern District of New York decision in Honeedew Investing LLC v. Adabi, highlighting limitations on removing state court judgements to federal court. Read more.