“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

In New York, surviving spouses are protected by the right of election. But the surviving spouses of New York public employees are not always so protected, as there is an unjust and avoidable flaw in those protections. The widow of a retired New York City public employee learned of this flaw firsthand upon the death … Continued

It is hard to believe that the year is halfway over and summer is almost here. It has been an incredibly successful and rewarding start to 2023 for our section. We have had several great events and continue to work diligently on a variety of legislative projects. Among many other events, our spring meeting at … Continued

Arbitration In Glassman v. Cohen, the Appellate Division, Second Department affirmed an order of the Supreme Co urt, Kings County, which denied a petition and dismissed a proceeding for arbitration. The petitioner alleged that he and the respondents were the children of the decedents, who died in the years 2003 and 2014, respectively. The petition requested that … Continued