By Angela Turturro | January 25, 2021
In this Special Report: "Top 10 Developments, Lessons and Reminders of 2020," "So You Have Relocated to Florida and Think You Are No Longer a New York Resident?," "SLATs: The Hot New Estate Planning Technique for 2021," "Cross-Border Philanthropy: Obtaining a U.S. Income Tax Deduction for a Donation to a Canadian Charity" and "Adapting Asset Protection Trusts to Changes in Circumstances."
By Sharon L. Klein | January 22, 2021
Some say 2020 was the year that didn't happen, but this review of the past year shows that much did indeed take place in the trusts and estates realm, from COVID-19-related developments, such as the tolling of statutes of limitations and tax questions stemming from telecommuting, to legislation on adoption records and third-party reproduction.
By Catherine B. Eberl and Marla Waiss | January 22, 2021
This article examines the applicability of the U.S.-Canada Income Tax Treaty, which carves out an exception permitting deductibility if the U.S. individual has Canadian source income, and, it will discuss options for using a U.S. charity for indirect cross-border philanthropy for individuals who do not have Canadian source income.
By John Raymond and Alan Kaufman | January 22, 2021
As more northeast residents, particularly New Yorkers, decide to leave their current residence and seek a new life in sunny Florida, they need to be acutely cognizant of the gorilla glue approach of the state taxing authorities.
By Melissa Negrin-Wiener and Marcus O'Toole Gelo | January 22, 2021
With the escalating costs of long-term care, seniors are increasingly recognizing the importance of protecting their assets. A Trust is a core part of an asset protection plan, but one that requires precision in drafting.
By Alison Arden Besunder | January 22, 2021
The present global circumstances of economic and political uncertainty, a high federal estate tax exemption, and a low-interest rate environment merit a focused examination of whether a SLAT or another irrevocable trust structure can help clients meet many of their objectives.
New York Law Journal | Analysis
By C. Raymond Radigan and Lisa Fenech | December 30, 2020
In this Trusts and Estates Law column, C. Raymond Radigan and Lisa Fenech write: The systems by which wrongful death actions are commenced, and settled, are integral to the proper reimbursement to families for their loss. As a statutory mechanism for recovery, the procedures followed must be uniform to enable consistent recovery and allocation of funds. The incorporation of SCPA §702(1) restrictions on all Letters would ensure reliability for decedent's families and the courts in these matters.
New York Law Journal | Analysis
By Elisa Shevlin Rizzo and John Voltaggio | December 28, 2020
Real estate remains an important investment for many individuals, even during the current pandemic.
New York Law Journal | Analysis
By Conrad Teitell | December 23, 2020
In his Estate Planning and Philanthropy column, Conrad Teitell provides some last minute reminders and pointers: on the non-itemizer charitable deduction; the 100% AGI ceiling for an itemizer's cash gifts; and how to advantageously postpone direct IRA transfers to charity until early 2021.
Daily Business Review | Commentary
By Stanley Foodman | December 22, 2020
Given that the Biden administration could implement tax reform and that there is still a possibility of additional COVID-19 legislation, taxpayers may want to consider these things before the end of 2020.
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