While the generation-skipping transfer (GST) tax is complex, most estate practitioners who regularly deal with it eventually obtain a level of comfort, if not an expertise, concerning it. Such practitioners counsel their clients about avoiding or minimizing exposure to the tax. Some of the typical tools in the arsenal involve the GST tax annual exclusion … Continued

Over the past few years, courts have considered various issues involving elderly individuals and those with special needs. These issues included, among others, special needs trust (SNT) distributions, housing for the menetally ill and third-party liability for nursing home payments. Here’s a rundown of some of those recent court decisions. Special Education Advocacy Can students … Continued

The New York County Surrogate’s Court recently had a rare opportunity to address the well-established – but little known, infrequently invoked, and even less frequently applied – doctrine of equitable adoption. The doctrine permits the limited enforcement of a decedent’s agreement to adopt a child. While it does not result in a legal adoption, the … Continued

Although business or investment held real estate can be a significant driver of wealth accumulation, incorporating an owner’s interest in industrial, commercial and/or multi-family properties into a comprehensive wealth plan can present unique challenges. These challenges often involve estate and tax planning for partnership held real estate that is highly leveraged and that has a … Continued

You have been named executor of the estate of your dear friend. With the assistance of your attorney, you have marshalled the decedent’s assets, filed the estate tax returns, survived an estate tax audit, paid the estate taxes, paid the decedent’s debts and claims, and made partial distributions. You now see an end in sight … Continued

Part I: Key Issues When Donating Tangible Personal Property When it comes to charitable gifts, a lot of clients do what is commonly called “checkbook giving” – that is, they write a check to their favorite charity at the end of the year. Other more sophisticated clients may gift marketable securities and wire the gift … Continued

Florida Property Tax Reassessed After Transfer to LLC High-net-worth individuals often transfer real estate to entities, such as limited liability companies, for the purpose of safeguarding their assets. However, recent events involving a couple in Florida highlight the potential negative implications for property taxes in certain states. In the case of S and A Property Investment … Continued

I hope everyone had an amazing summer filled with wonderful adventures. With fall upon us, I look forward to continuing the success our section has enjoyed thus far in 2023 in terms of bolstering engagements among existing and new members, as well as pushing forward our legislative and related projects. We have many great events … Continued

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