Trusts & Estates
In this Special Report: "New York's Latest Legislative Session: What Passed, What Didn't, What's Next," "Mental Health Directives in Estate Planning Engagements," "Practical Considerations When Attempting To Remove an Ineffective Fiduciary," "Maximizing QSBS Income Tax Savings With Trusts," "Being a New York Income Tax Resident: Did 'Matter of Obus' Change the Game?" and "Late Portability Election: New Relief Available."
September 12, 2022 at 10:39 AM
2 minute read
The second year of the 2021-2022 legislative session, which began on Jan. 5, 2022, ended on June 2, 2022. Here are some of the most significant developments.
What if a client has a history of mental illness? Are advance directives sufficient to honor a client's treatment wishes and preferences in that moment? There is a greatly underutilized advance directive for such clients—the psychiatric advance directive (PAD).
Your client wants the fiduciary out, and you believe there is a basis for proceeding with removal. So, what is your next step?
Thoughtful planning can help taxpayers who own QSBS Shares multiply the QSBS Exclusion while simultaneously achieving their estate planning objectives.
'Obus' represents a dramatic shift in the jurisprudence of New York income tax residence as shown by the completely contrary views of the Division of Tax Appeals and the Appellate Division.
The IRS has just changed the timeframe for filing a late portability election for federal estate tax purposes. This is extremely important to those who did not timely file a federal estate tax return (Form 706) when the first spouse died.
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