Take a look at our February newsletter!
REALESTATEPLANNINGLAW.COM 718-698-2200 February 2025
WE KEEP YOU ON THE RIGHT PATH
IN A MANOR OF SPEAKING
WHY RELATIONSHIPS MATTER IN REAL ESTATE AND ESTATE PLANNING MORE THAN TRANSACTIONS
At Merlino & Gonzalez, we know relationships, whether personal or professional, are the heartbeat of everything we do. With Valentine’s Day on the horizon, it feels fitting to reflect on the parallels between forming meaningful personal bonds and building the strong, lasting partnerships we strive to create with our clients. Growing up, I was taught that trust is not given freely but earned through consistency and integrity. That lesson has shaped my approach as an attorney. For us, trust is more than a principle — it is the foundation of every case we take on. We do not just focus on delivering results; we commit to being transparent, dependable, and fully invested in our clients’ well-being. Every real estate transaction we close, and every estate plan we draft, is an opportunity to reinforce that trust and prove to our clients they are in the best possible hands. Communication, the cornerstone of any great relationship, is something we take to heart at Merlino & Gonzalez. We believe in clarity every step of the way and in every conversation we have. Legal processes can be intimidating, but we pride ourselves on ensuring our clients feel informed and empowered throughout their legal journey. We listen attentively to their concerns, explain complex matters in straightforward terms, and encourage an open conversation where any question is more than welcome. For us, excellent communication is about anticipating a client’s needs, whether legally or emotionally. At the heart of it all is empathy. Real estate and estate planning are not just transactional — they are deeply personal. Behind every contract is a story: a family buying their dream home, a loved one safeguarding their legacy, or a business owner laying the foundation for future growth. We see those stories, and we honor them. We walk alongside our clients through life’s most meaningful milestones, celebrating their victories and standing by their side during challenges.
Respect is another critical piece of the puzzle, and it is woven into the very fabric of our practice. We respect our clients’ time, goals, and resources. We approach every case with the same diligence and care we would for our own families. This respect is reflected in the relationships we build with our clients and everyone involved. It is about creating an experience that leaves clients feeling valued and supported, both during the process and long after. Shared goals are what bring it all together. Just as couples work toward a shared future, we work hand-in-hand with our clients to turn their dreams into reality. Their goals become our goals, and their successes fuel our passion for what we do. Whether closing on a new property or securing a family’s financial future, we take pride in helping clients achieve outcomes that resonate far beyond the immediate. At Merlino & Gonzalez, our commitment to our clients goes deeper than any transaction or case. We are here to be their trusted advisors, their advocates, and their partners in navigating life’s complexities. Relationships, whether personal or professional, require care and dedication to thrive, and we bring that same energy to every client interaction. This Valentine’s Day, as we celebrate the connections that make life meaningful, we are reminded that serving our clients is a privilege. Our dedication to building strong, enduring partnerships is at the heart of everything we do because, at Merlino & Gonzalez, our clients are more than just clients — they are family.
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PAW-SOME ADVENTURES
A little TLC for your refrigerator can go a long way in keeping it running smoothly, saving you on energy bills and, ultimately, from buying a new one sooner than you have to. With just a few easy maintenance steps, your fridge will stay cool, efficient, and fit to do its job! Clean those coils. Did you know your fridge’s coils, usually behind a lower panel on the back, play a key role in cooling? These coils release heat as refrigerant passes through, but dust, pet hair, and debris can build up over time, making your fridge work harder. Slide your fridge out twice a year, open the lower panel, and use your vacuum cleaner’s hose attachment to clear out dust. Want to give it a final wipe? Use a dry towel, as moisture could damage the coils. Just be careful not to bend anything — blocked airflow could prevent your fridge from cooling properly. Don’t ignore the gasket. That rubber seal, or gasket, around your fridge door may look minor, but it’s essential for keeping cold air in and warm air out. If the gasket doesn’t seal tightly, your fridge has
to work harder to maintain its cool, costing you extra energy. Inspect it for cracks or wear occasionally, and wipe it with warm, soapy water to remove any crumbs or spills. If it’s looking cracked or brittle, head to your local hardware store for a replacement — it’s an easy fix that makes a big difference. Remember your filters. If your fridge has a water or ice dispenser, its filters need regular changing, too. Over time, old filters can clog and require repair, so a good rule of thumb is to swap out these filters every three months, around the same time you’d replace other filters in your home. Keep it fully stocked. An empty fridge isn’t as efficient as a full one! Refrigerators need thermal mass (i.e., cool items) to stabilize temperatures. When you open the door, cool items help absorb warm air, so your fridge doesn’t have to work as hard. These simple steps help your refrigerator stay energy-efficient and fully functioning to keep your food at the perfect temperature!
Simple Maintenance Tips for a Cooler, More Efficient Refrigerator KEEP IT COOL!
Your Guide to a Family-Friendly Valentine’s Day
Make some sweet treats. Valentine’s Day often includes desserts and candies; your event should be no different. Instead of taking the kids to the store to pick out their favorite chocolate bars or Valentine’s treats, consider baking something special. Make heart-shaped pancakes for breakfast, or bake sugar cookies and allow everyone to decorate their treats with sprinkles and frosting. You can even bake a red velvet cake or another Valentine’s favorite if you feel adventurous. Give gifts to each other.
Valentine’s Day can be a difficult holiday for many parents. While they’d love to go out for a romantic dinner and enjoy a date night with their spouse, they have to think about the kids, too! Finding a babysitter for Valentine’s Day can be incredibly challenging, so shift gears and spend the day as a family instead of a couple. You can find plenty to do to ensure your Valentine’s Day is fun and exciting for every family member. Here are three activities to try that will help make Valentine’s Day memorable. Write love letters. Valentine’s Day is a holiday all about love and romance, making it the perfect time for your family to share what they love about each other. Give
While Christmas and birthdays are often associated with gift- giving, you can also give your kids and spouse special gifts on Valentine’s Day to brighten their mood and ensure they feel loved. Flowers, stuffed animals, and
your kids and yourself time to write love letters to each family member, writing down what they love about that person and some of their favorite memories. It’s a great way to spread joy and show everyone how loved they are.
chocolates are the go-to Valentine’s gifts, but you don’t necessarily have to stick to the script. Your family will be thrilled by any gifts they receive!
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A buy-sell agreement is essential for business owners planning for unexpected changes. Whether due to retirement, disability, or the passing of a partner, these agreements lay out the process for transferring ownership. However, understanding the tax implications involved is just as important as drafting the agreement itself. Redemption vs. Cross-Purchase Buy-sell agreements generally take two forms: redemption agreements and cross-purchase agreements . In redemption agreements, the business buys back the exiting owner’s shares. Cross-purchase agreements allow remaining shareholders to purchase those shares directly. Life insurance policies often fund these agreements, ensuring the necessary resources are available. However, you must be aware of the tax implications of these transactions. Navigating the ‘Transfer-for-Value’ Rule Life insurance proceeds are typically excluded AVOID MISTAKES IN YOUR BUY-SELL AGREEMENT
from taxable income, making them a reliable funding source for buy-sell agreements. However, the “transfer-for-value” rule can complicate matters. This rule applies if a life insurance policy is transferred to an unqualified party, rendering the proceeds taxable. Working with a skilled attorney can help ensure the agreement is structured to avoid this costly mistake. The Importance of Proper Valuation Fair market value is a cornerstone of any buy- sell agreement. The Internal Revenue Code (IRC) Section 2703 establishes guidelines for valuing the exiting owner’s shares, ensuring the terms are fair and align with market standards. The appraiser must disregard the agreement’s terms when determining value unless specific exceptions apply. Agreements that meet the following criteria may qualify for these exceptions:
Meeting these requirements protects the agreement’s integrity and avoids regulatory issues. Why Expert Guidance Matters
Just one mistake in a buy-sell agreement can lead to significant tax liabilities, disputes among stakeholders, or invalid agreements. When you work with an experienced attorney, you can create agreements that are legally sound, tax-efficient, and tailored to your unique circumstances. Contact Us to Secure Your Business’s Future At Merlino & Gonzalez, we understand the importance of planning for the unexpected. Our experienced team can help you draft a buy-sell agreement that protects your business, honors the intentions of all parties, and complies with tax regulations. Call 718-698-2200 to schedule a consultation today to discuss your business succession planning needs. Together, we can ensure your business is positioned for long‑term success.
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The agreement is a bona fide business agreement.
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It is not used to transfer assets between family members for less than fair value. The terms resemble an “arm’s-length transaction.”
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Ginger-Glazed Mahi Mahi Michele’s Recipe Corner
INSPIRED BY ALLRECIPES.COM
INGREDIENTS
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3 tbsp honey
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3 cloves garlic, minced 4 (6-oz) mahi mahi fillets Salt and pepper to taste
3 tbsp soy sauce
3 tbsp balsamic vinegar
2 tbsp olive oil
2 tbsp vegetable oil
2 tsp grated fresh ginger root
Cooked brown rice, for serving
DIRECTIONS
1. In a shallow bowl, mix honey, soy sauce, balsamic vinegar, olive oil, ginger, and garlic. 2. Season fish fillets with salt and pepper, then place them skin-side down in the marinade. Cover and refrigerate for 25 minutes. 3. Add vegetable oil to a large skillet over medium-high heat. Remove fish fillets and add to skillet, reserving marinade. Fry fish for 4–5 minutes on each side, turning only once, until fish flakes easily with a fork. Remove fillets to a serving platter and keep warm. 4. Pour the reserved marinade into the skillet. Simmer over medium heat until reduced to a glaze. Spoon glaze over fish and serve over brown rice.
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718-698-2200 | realestateplanninglaw.com WE KEEP YOU ON THE RIGHT PATH Why Client Relationships Are the Heartbeat of Merlino & Gonzalez Page 1 Fridge Maintenance 101 Family Activities That Will Make Valentine’s Day Special Page 2 The Hidden Tax Traps in Buy-Sell Agreements Ginger-Glazed Mahi Mahi Page 3 Family-Friendly Festivals and Unforgettable Performances This Month! Page 4 INSIDE THIS ISSUE
FEBRUARY FUN YOU CANNOT MISS! EXCITING EVENTS TO BRIGHTEN YOUR WINTER THIS FEBRUARY!
February may be the shortest month of the year, but it is packed with exciting events and activities in Staten Island and New Jersey! Whether you’re a fan of live music, thrilling obstacle courses, or dazzling performances, there’s no shortage of fun to keep you entertained. Embrace the season and explore the vibrant happenings right in your backyard — there’s something for everyone to enjoy! 70’s Soul Jam Friday, Feb. 14 StGeorgeTheatre.com/70s-soul-jam/ Celebrate Valentine’s Day with the ultimate throwback to the golden age of soul at the St. George Theatre’s 70’s Soul Jam! Enjoy iconic hits performed live by The Stylistics (“You Make Me Feel Brand New”), Sonny Bivins’ Manhattans (“Kiss and Say Goodbye”), Peaches & Herb (“Reunited”), and William Hart’s
Delfonics (“La-La (Means I Love You)”). Sway to timeless classics in a romantic evening filled with soul and nostalgia. Perfect for music lovers and soul enthusiasts alike — make this Valentine’s Day one to remember! Winter Warrior Festival Saturday, Feb. 15 OCNJ.us/OCNJWinterWarrior Get ready to show your grit and determination this Presidents’ Day Weekend at the Winter Warrior Festival! Tackle a thrilling 2.5-mile course with 10 obstacles like sand mounds, tire runs, and cargo nets. Kids (13 and under) can conquer their own rock wall and monkey bars starting at 10 a.m. Adults (14+) can take on the Winter Warrior Race or join team challenges like the fire truck pull. The indoor festival runs from 9 a.m. to 2 p.m., featuring vendors, music, hot chocolate, and fire heaters. Warm up
and get ready for an unforgettable day of fun, fitness, and community! Grand Shanghai Circus Friday, Feb. 21 StGeorgeTheatre.com/grand-shanghai-circus Experience the wonder of the Shanghai Circus as it unveils a dazzling new production that honors historic Shanghai culture with breathtaking acrobatics, vibrant dance, and mystifying magic. This show combines exceptional artistry with cutting-edge LED stage technology, creating a visual spectacle like no other. With its mix of comedy, strength, and elegance, the Shanghai Circus offers an extraordinary journey through tradition and innovation. Prepare to be amazed by this captivating fusion of history and modern performance art — perfect for audiences of all ages.
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