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Daily Business Review

The Power of Collaboration: How Teamwork Creates Holistic Wealth Management Solutions

In wealth management, the power of collaboration, the importance of a team sport mentality, and a holistic approach are critical to achieving successful outcomes.
6 minute read

Daily Business Review

New Proposed Guidance From the IRS on Foreign Trust Transactions and Large Gifts From Non-US Persons

This article summarizes the treatment of ownership of foreign trust assets; discusses the guidance for reporting a transfer and a donee's receipt of a distribution from a foreign trust, as well as the receipt of a large gift from an NRA; and addresses the treatment of certain loans with a foreign trust under the proposed regulations.
7 minute read

Daily Business Review

Overwhelmed CFTC Can Only Warn Seniors About Retirement Scams

As one fraudulent dealer is shut down, more "moles" appear in its wake. Understaffed and underfunded, the agency simply does not have enough mallets to stop the spread of precious metals fraud.
5 minute read

New York Law Journal

NY Court System to Appeal Decision That Reduces Chief Judge's Appointing Authority in Surrogate Courts

The association for New York surrogates and OCA have long disagreed about which entity is entitled to appoint chief clerks and, in counties such as Erie County with at least 500,000 population , a deputy chief clerk.
6 minute read

The Legal Intelligencer

Estate Planning for Children: The Best Gift a Parent Can Give to a Child

Structuring an inheritance for children requires an understanding of the specific needs of the child.
8 minute read

New York Law Journal

Planning Ahead for Tax Liabilities

A noteworthy aspect of such planning, and the focus of this article, is the benefit, if any, of planning in advance for the relief from certain federal income tax liabilities potentially available to a married couple who reside together.
11 minute read

New York Law Journal

Personal Liability of a Fiduciary for Claims Against an Estate

A fiduciary of an estate must carefully balance his or her responsibilities to creditors of the decedent and to beneficiaries of the estate. A fiduciary "must act in good faith in the treatment of both" creditors and beneficiaries.
5 minute read

New York Law Journal

Discretionary Trusts Present Vulnerabilities to Beneficiaries Without Prenuptial Agreements

In New York, assets held in trusts established and funded by a third-party for the benefit of a spouse are excluded from the marital property estate; however, if the beneficiary has access to a discretionary trust during the marriage, certain issues may still arise in a divorce.
8 minute read

New York Law Journal

Strategic Estate Planning Before 2026 BEA Change Can Protect Taxpayer Assets from Gift and Estate Tax

In 2017, Congress enacted the Tax Cuts and Jobs Act, doubling the estate and gift tax exemption. This increase is set to expire on Jan. 1, 2026, reverting to pre-TCJA levels. Taxpayers should understand strategies to take advantage of the increased exemption before it expires to shield their assets from future gift and estate taxes. Stephen L. Ferszt, chair of Olshan Frome Wolosky's Employee Benefits Practice discusses the complex landscape of estate planning and the critical decisions taxpayers need to make before the BEA rollback takes effect.
5 minute read

New York Law Journal

Stretching IRA Payments for Heirs: Using Charitable Remainder Unitrusts

The SECURE Act—starting in 2020— killed the stretch IRA for most heirs. Until that legislation, an heir could generally have required minimum distributions stretched over his or her life expectancy. And that minimized taxes—plus; the assets in the heir's IRA grew tax-free until withdrawn.
5 minute read

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