For many years, in certain circumstances the IRS has allowed a taxpayer to gift or sell interests in corporations, LLC’s and partnerships to family members with significant reductions in valuing those transfers for the lack of control and lack of marketability of minority and/or non-voting interests. The discounts reduce transfer taxes. This discount planning has been used to gift/sell interests in entities which own rental (commercial or residential) real estate, an operating business and, often, marketable securities. Read more…
Reformation to Comply With QTIP Rules Denied
Although New York Surrogate’s court decisions rarely deal with Federal estate tax issues, practitioners should be aware of the recent decision by Judge Nora Anderson in Matter of Carcanagues 2014-3399 NYLJ120276601551. The case involves a petition to reform a trust, but more importantly points out the need to review all estate planning documents and their tax consequences after marriage. Read more…
The New New York State Estate Tax Regime, A Trap For The Unwary
Proposed Will Language to Save Estate Taxes and Obtain Direct Pecuniary Benefit for Beneficiaries (Santa Clause)
Chapter 59 of the Laws of 2014 (Part X) made significant amendments to the New York State estate tax effective for estates of individuals with dates of death on or after April 1, 2014. Prior to these amendments, the New York State estate tax was the maximum amount allowed on the federal estate tax return as a credit for state death taxes. Read more…
2014-New York Tax Law Changes
On March 31, 2014, Governor Andrew Cuomo signed legislation that, among other changes, will increase the New York estate tax exclusion, over the next five years, to the Federal estate tax exemption. Read more…
Revocable Trusts–Should You Have One?
Revocable trusts (“living trusts”) have been around for many years, but have gained in popularity in recent years. Who should have one? And when are they inappropriate? Read more…
Document Locator (click to download)
There have been many articles suggesting that as a result of the tragic events of September 11th, individuals have rushed to make wills, health care proxies and powers of attorney. Giving family members an inventory of the location of these documents is especially important. We have prepared the attached Document Locator form to help our clients to identify and provide the location of their important documents. Click to download our “Document Locator”. Read more…