In this issue, Eric W. Penzer discusses the application of the doctrine of equitable adoption; Matthew T. Lee and Steven A. Loeb address the benefits of the freeze partnership; Lori A. Sullivan and Lisa Fenech detail the difficult process an executor has to go through in order to be released by the beneficiaries; Andrew G. … Continued

Cross-Border Basis Implications of IRS Revenue Ruling 2023-2 Earlier this year, the issuance of Revenue Ruling 2023-21 garnered much attention and discourse. At last, the Internal Revenue Service (IRS) was settling an issue that some practitioners considered to be an open issue – whether the assets of an irrevocable grantor trust would receive a step-up … Continued

Decisions of Interest and Recent Updates in the Florida Statutes Florida Statutes §§ 692.201-692.205 – Restriction on Ownership of Certain Florida Real Property by Certain Foreign Nationals On May 8, 2023, Governor Ron DeSantis signed Senate Bill 264 (the “bill”), which restricts ownership of certain Florida real property by foreign principals (as hereinafter defined) from … Continued

Admissibility of Evidence Before the court in In re Kevelson was a contested probate proceeding in which the court scheduled a hearing to determine the validity of a prenuptial agreement in which the objectant, the decedent’s surviving spouse, had purportedly waived her rights in intestacy, to elect against the will, and to serve as a fiduciary of … Continued

“Elder Abuse Is Spreading, Stoked by the Pandemic – Seniors Fall Victim to Fraud, Physical Violence and Neglect,” was a recent Wall Street Journal front-page article. The COVID-19 pandemic has brought to light the vulnerability of isolated seniors. In the past two years, the number of financial scams against seniors has skyrocketed.1 The following hypothetical is a composite … Continued

As the costs of post-secondary education outpace the consumer price index and household incomes, parents must carefully plan to pay for the education of their children. This financial planning often includes a qualified tuition plan authorized by § 529(b) of the Internal Revenue Code (a 529 account).1 A 529 account is a tax-advantaged savings vehicle … Continued

In this recurring column, the Multistate Practice Committee of the NYSBA Trusts and Estates Law Section will highlight key developments in other states that may be of interest to New York trusts and estates practitioners. Massachusetts Millionaire’s Tax Massachusetts voters approved the Fair Share Amendment to the Massachusetts Constitution, which imposes a 4% surtax on … Continued

In this issue, Eva-Marie Cusack, Deborah S. Kearns, Nicole L. Clouthier and Tara-Anne Pleat present the difficulties with compliance under SCPA 1708(2)(c) and propose practical considerations for legislative changes to the statute; David A. Bamdad addresses the basis for a fiduciary’s obligation to account for entities owned by an estate or trust; Sara Meyers discusses the … Continued

The International Estate Planning Committee is launching a new standing column for the Trusts and Estates Law Section Journal, in which the committee will highlight substantive law updates impacting the international estate planning practice, as well as feature guest authors from other jurisdictions. In this first installment, Carly Doshi, International Estate Planning Committee co-chair, provides … Continued

Decisions of Interest and Recent Updates in Law Transfers of Real Property to LLCs May Have Unintended Consequences The Third District Court of Appeal of Florida affirmed a trial court order validating a Miami-Dade County Property Advisor increasing property taxes for a non-homestead residential property by over 160%. The facts are as follows: Husband and … Continued