Joseph T La Ferlita

January 26, 2024 | New York Law Journal

On Dec. 29, 2023, the Office of the Chief Counsel of the IRS released Chief Counsel Advice Memorandum 202352018 (the CCAM). Although some have commented on the CCAM's impact on trust modifications, a further question is what impact, if any, will the CCAM have on trust decantings in New York?

By Joseph T. La Ferlita and Nicholas G. Moneta

8 minute read

September 10, 2023 | New York Law Journal

New York's decanting statute is a tool frequently used by practitioners. In this article, Joseph T. La Ferlita and Nicholas G. Moneta suggest that a targeted technical amendment to EPTL 10-6.6 should be considered to address the potential issues the decanting statute presents.

By Joseph T. La Ferlita and Nicholas G. Moneta

7 minute read

June 14, 2023 | New York Law Journal

While the scope of the Gallo exemption is narrow, some of those trusts to which it applies are still in existence. The practitioner should realize that certain modifications of a Gallo exempt trust, including, for example, modifications via a decanting or court proceeding, could inadvertently trigger a GST tax.

By Joseph T. La Ferlita and Nicholas G. Moneta

8 minute read

January 28, 2013 | New York Law Journal

Joseph T. La Ferlita, counsel at Farrell Fritz, writes: Practitioners think that New York trust law, which traditionally has been among the most developed and respected in the nation, now all too often frustrates a settlor's intent, often forcing the trustee and beneficiaries to deal with problems, or incur expenses, that otherwise could have been avoided. Fortunately, New York now finds itself in the midst of a once-in-a-generation opportunity to systematically review, modernize, and consolidate its trust law.

By Joseph T. La Ferlita

17 minute read