Introduction Many high-net-worth foreign nationals are interested in purchasing residences and spending extended time in the United States but do not want to accidentally become U.S. taxpayers. While the initial inquiry from a foreign national might concern federal income and perhaps estate and gift tax, practitioners planning for high-net-worth foreign nationals should also consider state … Continued

On December 29, 2023, the Office of the Chief Counsel (the “Chief Counsel”) of the Internal Revenue Service (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 … Continued

Step back, clock is running, where do you throw your petition, Supreme Court or Surrogate’s Court? Is it a proceeding to probate or administer an estate? A proceeding concerning a lifetime trust? A proceeding to dissolve a corporation owned by a decedent? A proceeding to partition real property owned by a decedent? The answer could … Continued

Advisory Opinion Denied In In re Estate of Mothana Maher Hussein, the Surrogate’s Court, Richmond County, was asked, inter alia, to validate an alleged lifetime trust, without any alleged justiciable issue or contestants seeking relief contrary to the validity or execution of the instrument. The only alleged interested party in the proceeding was the petitioner himself, as alleged trustee, … Continued

Wisconsin Enacts Domestic Asset Protection Trust Legislation On March 12, 2024, Wisconsin became the 22nd state to implement self-settled spendthrift trust legislation, commonly known as domestic asset protection trust (DAPT) legislation. Under this framework, transferors can establish a “Legacy Trust.” These trusts enable the creator to be a discretionary beneficiary of the trust, marking a notable … Continued

What an amazing spring meeting – the CLE programming planned by co-chairs Lisa Valente and Holly Beecher was fantastic and enlightening. I am humbled by the kudos extended by those who attended the meeting. Photos from the meeting are included in this Journal. Special thanks to our spring meeting sponsors: Gold Sponsors Webster Bank, Brown … Continued

This issue features several interesting articles, Jenny Longman and Maryann Clemente discuss the Corporate Transparency Act and Estate Planning for International Clients; the Surrogate’s Court Committee kicks off a series on deciding the right court (Surrogate’s Court or Supreme Court) to initiate a legal proceeding; Joseph T. La Ferlita and Nicholas G. Moneta address the … Continued

Decisions of Interest, Recent Updates in Florida Law and Practice Tip for Non-Florida Lawyers Inheritance Rights of Children Conceived Post-Death The decedent and his spouse married in 1997. During their marriage, they had a son conceived through in vitro fertilization. Following his son’s birth, the decedent deposited additional sperm samples to a fertility clinic. Before … Continued

The Corporate Transparency Act (CTA), an expansive new reporting regime, became effective on January 1, 2024. The CTA was enacted as part of the National Defense Authorization Act and mandates that certain business entities (reporting companies) report identifying information to the Financial Crimes Enforcement Network (FinCEN). Additionally, a reporting company must inform FinCEN about its … Continued

As Judge Stevens stated in Washington v. Gluksberg, a terminally ill patient is faced “not with the choice of whether to live, only of how to die.”1 Similarly, in Myers v. Schneiderman, Judge Rivera acknowledged that aid-in-dying involves the “deeply personal choice of how . . . [terminally-ill patients] define and experience their final moments.”2 Some terminally ill patients … Continued