Category Archives: Estate Planning

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

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 , , , , , , , , , , , , , , ,

The Evolution of Trusts in American Jurisprudence

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

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August Comment: NYS Estate, Gift & Trust Tax Update

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 , , , , , , , , , ,

Taxation of Foreign Nongrantor Trusts: Throwback Rule

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

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Income Taxation of Nongrantor Trusts

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

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

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Estate Planning in 2013

Posted in Estate Planning, Estate Planning in 2013, Estate Planning in 2013, News, Treatises | Tagged , , , , , , , , , , , , , , ,