IMPORTANT NEWS
UPDATE December 2022
We are in the process of winding down the affairs of Parsoff & Rahner. Margaret will be joining another firm here on Long Island as Of Counsel where she will continue her practice of law. She will remain available at her Parsoff & Rahner, P.C. contact information and through this website for the next several months. Past, current, and future clients are welcome to reach out to her through this website or at 631-777-3201.
ANNOUNCEMENT August 2022
With the deepest of regrets, we share the sad news concerning the sudden passing of Neil M. Parsoff. Most recently the Managing Partner at Parsoff & Rahner P.C.; previously Partner at Neil M. Parsoff & Associates, P.C. since 2007; and as Partner at Spanton & Parsoff, LLP, and Spanton, Parsoff & Siegel, LLP before that.
Neil’s long successful career, doing what he loved in the practice of law, is topped only by his gregarious nature, interested in all. His sudden death was felt not only by his family, but colleagues, friends, and clients alike. He will be sorely missed.
Trusts & Estates, Elder Law
Our trusts and estates attorneys have vast experience representing clients in all aspects of estate planning matters. From simple Wills, Health Care Proxies, and Powers of Attorney to sophisticated techniques using family limited partnerships, limited liability companies, intentionally defective grantor trusts, grantor retained annuity trusts and other planning tools, all designed to reduce your tax liabilities and protect your assets. We have been helping families for over thirty years to solve their estate planning issues. Our mission is to listen to the client and devise and appropriate plan to meet his goals. Our clients also benefit from our extensive network of associate professionals we have chosen to work with in the insurance, financial and accounting industries.
Our estate planning practice is marked by sensitivity to the personal significance and importance estate planning holds for an individual or family. Our approach is one of teamwork – a solid relationship with a client’s insurance and accounting professionals – in order to design a most comprehensive estate program. We are recognized leaders in estate and gift planning, the preparation of wills and trusts, and estate probate and administration for all clients from young families to high net worth individuals. Special care and attention is given to seniors with elder law issues. In addition, our partners are qualified experts in preparation of estate and gift tax returns and in representing our clients in the examination of these returns.
Trust and Estate issues that our firm handles include:
- Living Wills
- Wills, Health Care Proxies and Power of Attorney
- Revocable Grantor Trusts and Pour-Over Wills
- Irrevocable Life Insurance Trusts
- Special Needs Trusts for children and grandchildren
- Intentionally Defective Grantor Trusts
- Qualified Personal Residence Trusts and Grantor Retained Annuity Trusts
- Charitable Remainder Annuity and Uni-Trusts
- Qualified S Corporation and Electing Small Business Trusts
- Limited Liability Companies and Family Limited Partnerships
- Planning for families with special needs
- Revocable Trusts
- Elder Law Planning and Irrevocable Medicaid Trusts
Corporate Business
Our corporate practice is distinguished by diversity in size and scope of the clientele we represent: medical, automotive, computer, construction and contracting, electronic, jewelry, transportation, energy, lending, food distribution, restaurant and travel, among others. These companies are both public corporations and privately held firms, domestic and multinational.
We also represent many clients on a continual basis and manage for them such day-to-day matters as purchase and sales agreements, all forms of shareholder agreements, insurance filings, licensing agreements, dispute negotiation and resolution, employment contracts, financing arrangements, and tax and general counseling on various aspects of domestic and international business affairs.
Our experience in the area of mergers and acquisitions includes transactions of up to $500 million, complex financial structuring in the public and private sector, as well as the handling of small family-owned businesses.
Specific business matters that our firm handles include:
- Sales and Purchases of Business and/or Business Assets
- Mergers and Acquisitions, Leveraged Buy-outs and Financing
- Formation of Partnerships and Limited Liability Entities
- Not-For-Profit Corporations and Professional Corporations
- Employment, Shareholder, Partnership or Member Agreements
- Structuring Transactions from a Tax Perspective
- Dissolutions
- Business Succession Planning
- Resolution of Issues and Disputes in Family Owned Businesses
- Joint Ventures and Syndication
- Distribution, License and Sales Agreements
- Subcontractor and Independent Contractor Agreements
- Stock Option Plans - both Qualified and Non-Qualified
Taxation
We have, over our professional careers, represented businesses and individuals in various tax matters ranging from structuring transactions to representation on appeals to the Appellate Division and Tax Court. Our senior partner has a Masters Degree in Taxation from New York University School of Law in addition to his law degree and regularly works with many accounting firms on tax law matters. We will work with your Accountant to resolve any legal tax issue which may arise as the result of an audit or in order to structure a transaction.
Our expertise in the tax field encompasses both corporate and individual tax planning and litigation, including representation s before the Internal Revenue Service and other tax authorities. We specialize in handling a broad range of tax issues in addition to structuring mergers and reorganizations for clientele ranging from closely held family businesses to multinational public companies.
Specific tax matters that our firm handles include:
- Tax Effect of Dissolution and Like Kind Exchanges
- Structuring the Sale or Purchase of a Business
- Tax implications of Mergers and Acquisitions, Leveraged Buy-outs and Financing
- Appeals to the Appellate Division and Tax Court
- Formal Tax Opinions and Memorandums of Law
- Structuring Transactions from a Tax Perspective
- Assisting Accountants on Legal Tax Issues
- Private Letter Rulings
- Structuring Sales of Real Estate
Real Estate
This aspect of our practice includes all phases of commercial and residential real estate acquisition, sale, leasing, financing and construction. Among our clients are major real estate developers in the metropolitan area as well as numerous general contractors representing many different trades and lenders. Our diverse experience in this area enables us to handle transactions of all levels of sophistication.
Our real estate attorneys have vast experience representing clients in a myriad of real estate transactions whether they be single family dwellings, multi-tenant apartment complexes, or commercial buildings. We have represented sellers, buyers, landlords and tenants. We have provided representation to our clients with respect to real estate transactions of all kinds from small matters to multi-million dollar commercial transactions. We handle real estate transactions the old fashioned way, you deal with an attorney at all times, not a secretary or paralegal. Our clients also benefit from our extensive experience and network of real estate professionals in such disciplines as abstract and title work, engineering and construction, banking and real estate brokerage.
Real Estate matters that our firm handles include:
- Estate Sales
- Commercial Acquisitions and Sales
- Residential Acquisitions and Sales
- Sales of Land and Development Rights to Municipalities
- Commercial Leases
- Residential Leases
- Financed Leases
- Like Kind Section 1031 Exchanges
- Financing
- Condominiums and Cooperatives
- Property Management
- Environmental Issues