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New York Law Journal

Determining Ownership in Multiple-Grantor Trusts

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.
8 minute read

New York Law Journal

Trustee Compliance With the Corporate Transparency Act

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.
9 minute read

New York Law Journal

The Great Wealth Transfer: Estate Planning for the Most Significant Wealth Transfer in US History

This "wealth transfer wave" also comes at a time when the current historically high federal estate tax exemption is set to expire very shortly.
8 minute read

New York Law Journal

New York's Latest Legislative Session: What Passed, What Didn't, What's Next

The second year of the 2023-2024 legislative session began on Jan. 3, 2024, and ended on June 6, 2024. Here are some of the most significant developments of the 2023-2024 session.
15 minute read

New York Law Journal

In Terrorem Clauses in Wills: Formidable or Trivial?

No-contest clauses can be beneficial, but also albatrosses. The existence of a clause itself cannot prevent all challenges or always result in forfeiture when a challenge is asserted.
8 minute read

New York Law Journal

Estate Planning Considerations for Israeli-Americans With Minor Children and Extended Family Overseas

Though none of us is guaranteed tomorrow, the estate planning attorney can offer comfort to such Israeli-American families by explaining the options to name guardians and leave assets in trust for the care of minor children.
8 minute read

The Legal Intelligencer

Update for Inherited IRAs: Final Regulations Are Here

Starting in 2025, under the final regulations just issued by the IRS in July, the views of the commentators advocating a more taxpayer friendly statutory interpretation have been disregarded, and annual distributions will now be required, based on the longer of the life expectancy of the beneficiary or the decedent.
5 minute read

Delaware Business Court Insider

People of Bikini Claim 'No Questions Asked' Practices Resulted in Trusts' Depletion

Trusts created for persons from the Pacific island that became a nuclear test site have been drained, according to a lawsuit filed in Delaware Chancery Court.
3 minute read

New York Law Journal

Courts Reiterate: Beneficiary Designation Review Is Critical for Estate and Retirement Planning

Failing to update beneficiary and estate tax forms can lead to legal battles. Adhering to the procedures set forth for designating or changing beneficiaries is not just a formality, but an essential step in ensuring that your assets are distributed according to your wishes. Stephen Ferszt, a partner at Olshan Frome Wolosky discusses the regulatory landscape and provides guidance about planning in light of upcoming tax law changes and legal recourse.
7 minute read

Daily Business Review

Miami Judge Grants Class Certification to Royal Caribbean Workers: $500M at Stake

"Expect to see Russell argue that all of its actions were performed with the consent of the Royal Caribbean investment committee," said attorney Blake Dolman, who is not involved in the litigation.
5 minute read

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