Law Offices of Gary Martin Hays & Associates
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GA 30308(470) 294-1674
www.garymartinhays.com
By ALM Staff | December 10, 2024
This ruling was selected and summarized by the New York Law Journal's decision editors.
By Ilene Sherwyn Cooper | November 27, 2024
The author writes "As the year 2024 comes to an end, we consider Surrogate’s Court opinions from the final quarter. Addressed to such issues as in terrorem clauses, and breach of fiduciary duty, the closing days of 2024 brought multiple decisions of interest."
New York Law Journal | Analysis
By Hon. C. Raymond Radigan (ret.), Tara E. Mahon, Esq., and Larry S. Wolfson | November 3, 2024
"In New York, although a practitioner might expect the Surrogate's Courts to act uniformly as part of the New York State Unified Court System, Surrogate's Courts in various counties may operate differently when assessing petitions. One example is with respect to restrictions placed on letters of administration. While under-restricting letters of administration may result in inadequate safeguards on the interests of non-consenting distributees, over-restricting letters could result in (i) a hindrance of a fiduciary's powers statutorily granted under EPTL §11–1.1, (ii) an unnecessary burden on the court's limited resources caused by additional applications to remove the restrictions, (iii) delayed administration of estates, and (iv) conflicts with the legislative intent as expressed in the Bennett commission."
The Legal Intelligencer | Commentary
By Lisa S. Presser and Brian M. Balduzzi | October 28, 2024
With the potential Jan. 1, 2026, sunset of the Tax Cuts and Jobs Act of 2017 (TCJA) and the reduction of the federal estate and gift tax exemption to $5 million, indexed for inflation (estimated to be approximately $7.2 million), advisers should consider whether grantor retained annuity trusts (GRATs), charitable lead trusts (CLTs), intra-family loans, and sales to intentionally defective grantor trusts (IDGTs) should be re-evaluated and re-considered for high net-worth families.
New York Law Journal | Commentary
By Deirdre R. Wheatley-Liss and Maria F. Galante | October 21, 2024
"One of the most significant challenges for trust and estate practitioners is balancing the privacy interests of their clients with the need to comply with CTA reporting requirements," write Deirdre R. Wheatley-Liss and Maria F. Galante.
The American Lawyer | Analysis
By Dan Roe | October 2, 2024
Trusts and estates disputes can generate more legal work than mainstream practices when firms commit to the practice area. However, the practice doesn't come without risk.
By Alyssa Rower and Karina VanHouten | October 1, 2024
The treatment of trusts in divorce proceedings can complicate what might otherwise seem like straightforward estate planning.
New York Law Journal | Analysis
By David A. Handler and Tony Ray Meyer-Mangione | September 9, 2024
Given the tax policy justifications for the grantor trust rules and based on analogous case precedent, we discuss the rationale for using the specific property approach for sequestered, traceable assets and the fractional approach for commingled assets.
New York Law Journal | Analysis
By Theresa J. Balducci and Mark A. Limardo | September 9, 2024
Under the Corporate Transparency Act (CTA), every "reporting company" must file a "beneficial ownership interest report" (a BOI report) by Jan. 1, 2025 (or, if formed during 2024, within 90 days of formation). In general, every domestic entity and every foreign entity registered to do business in the United States is a reporting company, unless the entity qualifies for exemption.
New York Law Journal | Analysis
By Jennifer B. Cona and Dylan S. Stevens | September 9, 2024
This "wealth transfer wave" also comes at a time when the current historically high federal estate tax exemption is set to expire very shortly.
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