By Lisa S. Presser and Brian M. Balduzzi | January 17, 2025
Under new final regulations, effective for relief filed on or after May 6, 2024, clients can request a private letter ruling (PLR) to correct past mistakes in GST exemption allocations and elections. While some provisions of the final regulations are more burdensome than under the Section 9100 relief or even the proposed regulations, overall, the final regulations offer a more streamlined and thorough process for clients and their advisers to plan strategically for requesting relief from the IRS for these mistakes.
By Jeffrey B. Steiner and Scott A. Weinberg | January 14, 2025
Since guaranties are important parts of most transactions, careful attention should be paid to selecting your guarantor, drafting the applicable loan document provisions and monitoring the status of your guarantor so that timely action can be taken if needed to make a claim against an estate.
By Patricia J. Shevy | January 13, 2025
The author writes "Electronic Wills are coming to New York. An electronic Will (an e-Will) is a Will that is created entirely online from start to finish. The e-Will uses electronic signatures instead of 'wet' signatures; and is stored online."
By Alan Feigenbaum | January 10, 2025
“Unilaterally withdrawing funds from 529 accounts to pay for non-education related expenses while a divorce action is pending is a risk not worth taking.”
By Shveta Kakar | January 8, 2025
Fox Rothschild partner Shveta Kakar discusses New York State Second Circuit Court of Appeals reaffirming New York's "special interest beneficiary standing rule," which limits the ability to challenge actions of charitable corporations to the State Attorney General.
By Scott Mollen | January 7, 2025
Scott Mollen discusses “Versace v. Robinson, “957 Park Avenue LLC v. Ordonez,” and “Zara Realty Holding Corp. v. People.”
By Frank C. Mindicino | January 6, 2025
The current generation of Baby Boomers has acquired more wealth than any generation in the history of mankind. And they are beginning to understand that legacy and estate planning takes more than leaving money to the next generation by declaring beneficiaries in their will or TOD. Families want to address and accomplish multiple family objectives across generations that will accelerate the family goals and objectives for the next 15 to 100 years.
By Ilene Sherwyn Cooper | January 3, 2025
The author writes "As the year 2024 came to a close, and we entered a new year, the Surrogate’s Court offered opinions addressed to a multitude of issues affecting trusts and estates."
By Ross Todd | December 20, 2024
Lawyers for Thomas Hart Benton’s heirs were seeking hundreds of millions of dollars based on claims UMB Bank mismanaged the family trust for the artist at the forefront of the Regionalist movement and lost more than 100 of his works. A judge in Kansas City awarded just $35,000 for five works unaccounted for by the bank, represented at trial by Todd Ruskamp, Patrick Kenney and Russell Shankland of Shook, Hardy & Bacon.
By Amy Neifeld Shkedy and Rebecca Rosenberger Smolen | December 17, 2024
It’s crunch time for year-end tax planning. At this late juncture, hopefully our readers have already implemented, or at least started the process of implementing, year-end planning.
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