New York Law Journal | Analysis
By Joseph T. La Ferlita and Nicholas G. Moneta | January 26, 2024
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?
New York Law Journal | Analysis
By Jeffrey A. Galant | January 26, 2024
In the annals of family business succession planning, this article discusses some clever, albeit flawed, attempts to transfer ownership interests in a mature enterprise to family members while avoiding the transfer tax toll.
New York Law Journal | Analysis
By Sharon L. Klein | January 26, 2024
In this article, Sharon L. Klein highlights the top 10 developments, lessons and reminders out of the trusts and estates field from the previous year.
New York Law Journal | Analysis
By Juliya L. Ismailov | January 26, 2024
This article discusses the background of the Corporate Transparency Act, its legislative framework and definitions, and—specific to the trusts and estates arena—what issues might arise with respect to reporting an ownership interest held in a trust.
New York Law Journal | Analysis
By Alison Powers Herman and Karen T. Schiele | January 26, 2024
Transferring assets to an intentionally defective grantor trust (IDGT) is a potentially powerful estate planning technique, allowing an individual to pass significant value to his or her intended beneficiaries transfer tax-free.
New York Law Journal | Analysis
By David I. Faust | January 26, 2024
Marriages may be made in heaven but, in the courts of the state of New York, marriages are treated as economic partnerships. There are three economic aspects to this partnership: equitable distribution, maintenance and child support. Trust law and matrimonial law intersect on all three.
New York Law Journal | Analysis
By Susan Rothwell | January 26, 2024
The purpose of this article is to alert practitioners to how easily a foreigner's New York estate can be compelled to bring a proceeding in a New York Surrogate's Court and owe federal (and sometimes state) estate taxes, all of which add significant expense and delays before beneficiaries can receive the New York property.
By Philip Wagman, Chair, Tax Section | January 16, 2024
Philip Wagman, chair of the Tax Section, writes: The Tax Section provides members with opportunities to research and learn more about these tax issues and a host of other current developments in the tax law.
By Chief Administrative Judge Joseph Zayas | January 16, 2024
Chief Administrative Judge Joseph Zayas writes, with a new leadership team atop New York's court system, officials are working on a "course correction" from a top-down approach to directing court operations.
New York Law Journal | Commentary
By Appellate Division, Fourth Department Presiding Justice Gerald Whalen | January 16, 2024
The presiding justice of the Appellate Division, Fourth Department writes that, although it is essential that judges reach the correct decision at the end of a case, equitable and impartial justice requires more than just a correct result.
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