Category Archives: Estate Planning

Delaware Statutory Trusts and Their Use As Replacement Property in Like Kind Exchanges

Posted on November 11, 2024 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Articles, Estate Planning, News, Treatises | Tagged delaware statutory trust, delaware statutory trust outline, delaware statutory trust pdf, delaware statutory trust seminar, DST outline, DST seminar, DST Treatise | Leave a comment

IRS & NYS DTF Matters; Recent Developments & 2014 Regs. & Rulings of Note

Posted on February 18, 2015 by David L. Silverman, J.D., LL.M. (Taxation)

I. New York State Matters NYS Amends Estate & Gift Tax Beginning April 1, 2014, the NYS estate exemption will increase every 12 months through 2017. On April 1, 2014, the NYS exemption became $2.0625; on April 1, 2015, $3.125 … Continue reading →

Posted in Estate Planning, Federal Gift Tax, Federal Income Tax, Grantor Trusts, Income Taxation of Nongrantor trusts, Portability | Tagged asset sales to grantor trusts, final regs on portability, final regs on section 67(a), last deceased spouse, new york "throwback" rule for trusts, New York Amendments to Gift and Estate Tax, New York estate tax exemption, new york obviates grantor trusts, New York portability, new york trust changes, new york's "cliff" estate rule, plr 20130002 new york, Portability, qtip contingency plr 20140011, relief from late portability elections, Taylor v. NYS Tax Commission | Leave a comment

The Evolution of Trusts in American Jurisprudence

Posted on February 18, 2015 by David L. Silverman, J.D., LL.M. (Taxation)

I. Introduction A trust is a relationship whereby a trustee holds property for the benefit the beneficiary, or cestui que trust. A division of ownership occurs between the trustee, who holds legal title, and the beneficiary, who holds equitable title. … Continue reading →

Posted in The Evolution of Trusts in American Jurisprudence, Treatises, Trusts | Tagged bailment, cestui que trust, common law of england, courts of chancery, english courts of law, equitable charge, fiduciaries, HEMs standard, history of trusts, justice cardozo, justice story, king v. talbot, king's courts of law, meinhard v. salmon, merger of law and equity, no further inquiry rule, prudent investor rule, treas. reg. 301.7701-4(a), trust beneficiary, trust distinguished from contract, trusts distinguished from other legal forms, uniform trust code | Leave a comment

August Comment: NYS Estate, Gift & Trust Tax Update

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I. Introduction A number of important changes to New York estate, trust and gift tax law were recently enacted. Briefly, (i) the New York estate tax exemption will reach parity with the federal exemption by 2019; (ii) the federal estate … Continue reading →

Posted in Estate Planning, Gift Tax Planning, Grantor Trusts, Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, Monthly Comment, NYS DTF Matters, NYS Residency, NYS Tax Litigation, Portability, Tax News & Comment, Trusts | Tagged DING Trusts, formula clauses, new york state estate tax, NING Trusts, nys estate tax planning, NYS exception for nonresident trusts, nys gift tax, nys grantor trust tax, nys portability, PLR 201310002, Tax Law 605(b)(3)(D)(i) | Leave a comment

Taxation of Foreign Nongrantor Trusts: Throwback Rule

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I. Introduction The throwback rule is intended to prevent a foreign trust from accumulating income, thereby delaying the reporting of that income by U.S. beneficiaries until the time when the income is eventually distributed. The throwback rules defeat this income … Continue reading →

Posted in Foreign Taxation, International Tax, Treatises, Trusts | Tagged accumulation distribution, foreign beneficiary statement, foreign tax planning, foreign trusts, form 3520, IRC 6048(a), notice 97-34, throwback rule, throwback taxIRC 1411, undistributed net income | Leave a comment

Income Taxation of Nongrantor Trusts

Posted on April 8, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, News | Tagged carry out DNI, complex trusts, distributable net income, distribution deduction, fiduciary accounting income, fiduciary income tax return, nongrantor trusts, simple trusts, subchapter j, taxation of trusts, tentative taxable income, tier one distributions, tier rules, tier two distributions, Trustee Commissions | Leave a comment

Rev. Rul. 85-13: Is There a Limit to Disregarding Disregarded Entities?

Posted on February 16, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I. Introduction Although the federal estate tax is not extinct, with the combined marital exemption now north of $10 million, it is an endangered species. Recently, Governor Cuomo signaled his intent — likely to be affirmed by State Republicans — … Continue reading →

Posted in Asset Sales to Grantor Trusts, Estate Planning | Tagged defective grantor trusts, disregarded entities, estate planning, federal estate tax exemption, grantor trusts, IRC section 675, irc section 675(4)(C), nongrantor trust, nys estate tax, Portability, qprts purchase residence, Revenue Ruling 85-13, sales to defective grantor trusts, sales to grantor trusts, substitution power | Leave a comment

Estate Planning in 2013

Posted on October 14, 2013 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Estate Planning, Estate Planning in 2013, Estate Planning in 2013, News, Treatises | Tagged applicable exclusion amount, carryover basis, completed gift, Congress, estate planning, estate tax, form 709, gift tax, gross estate, GST, marital deduction, new york estate tax, QTIP, QTIP election, surviving spouse, tax planning | Leave a comment

Taxation of Grantor Trusts

Posted on September 13, 2013 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Delaware Asset Protection Trusts, Grantor Trust Treatise, Grantor Trusts, Grantor Trusts, News, Treatises, Trusts | Tagged administrative powers, adverse party, asset protection trusts, beneficial enjoyment, beneficial owner, compliance issues grantor trusts, Delaware Asset Protection Trust, estate planning, fiduciary accounting income, fiduciary income, grantor trusts, IRC 671, irc 672, irc 673, IRC 674, irc 675, irc 676, IRC 677, irc 678, mallinckrodt trusts, nevada asset protection trust, nonadverse party, nongrantor trusts, plr 200131002, power to control beneficial interest, reporting grantor trust income, substitution powers, table income of trust | Leave a comment

Modifying or “Decanting” Irrevocable Trusts: New York’s Decanting Statute Annotated

Posted on August 8, 2013 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Decanting, Decanting, News, Treatises, Trusts | Tagged amend irrevocable trusts, amend trusts, change trustees, change trusts, decanting trusts, eptl 10-6.6, Irrevocable trusts, New York's Decanting Statute, power of appointment to decant, trustee's authority to decant | Comments Off

Income Taxation of New York Trusts

Posted on July 14, 2013 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Asset Protection Trusts, Estate Planning, Income Taxation of New York Trusts, New York State Income Tax, Treatises, Trustees, Trusts | Tagged asset protection trusts, Mercantile-Safe Deposit & Trust, new york estate tax, New York nonresident trust, New York Resident Trust, New York Source Income, New York Trust Taxation, new york trusts, Tax Law Section 605, Taylor v. New York State Tax Commission, TSB-M-09(5) | Leave a comment

Tax and Legal Issues Arising in Connection With The Federal Gift Tax Return (2013 Revision)

Posted on June 2, 2013 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Estate Planning, Federal Gift Tax, Gift Tax Planning, Gifts to Minors, Tax & Legal Issues Arising in Connection with the Federal Gift Tax Return (2013 Revision), Treatises | Tagged applicable exclusion amount, completed gift, deceased spouse unused exclusion amount, DSUE, estate planning, estate tax, gift tax, marital deduction, QTIP, QTIP election, tax planning | Leave a comment

The Decedent’s Last Will: A Final Profound Statement

Posted on May 5, 2013 by David L. Silverman, J.D., LL.M. (Taxation)

Introduction. A will is a written declaration providing for the transfer of property at death. Although having legal significance during life, the will is without legal force until it “speaks” at death. Upon the death of the decedent, rights of … Continue reading →

Posted in The Decedent's Last Will: A Final Profound Statement, Wills | Tagged estate tax, gift tax, last will and testament, marital deduction, marital trust, new york estate tax, probate, QTIP, QTIP election, tax planning, will | Leave a comment

Tax News & Comment — May 2013

Posted on May 3, 2013 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Asset Protection, Asset Protection Trusts, Criminal Penalties, Delaware Asset Protection Trusts, Divorce, Estate Litigation, Exclusion of Gain From Sale of Residence, Executor and Trustee Commissions, Federal Tax Litigation, Fiduciaries, Litigation, New York Criminal Tax, New York State Income Tax, NYS Dept. of Tax'n & Finance, NYS Penalties, NYS Tax Litigation, NYS Tax Litigation, Prenuptial Agreements, Property Transactions, Tax News & Comment, Treatises | Tagged categories of criminal tax fraud New York, constructive trust, equitable distribution new york, Executor Commissions, fiduciary commissions, IRS rulings, marital property, Medicare, new york criminal tax fraud, PLR 201310002, prenuptial agreement, separate property, Social Security, tax planning for divorce, treasury report on medicare and social security 2012, Trustee Commissions | Leave a comment

Executor and Trustee Commissions Under NY EPTL