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- March 13 CPE Seminar: Supplementary Materials March 4, 2025
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Category Archives: Trusts
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 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
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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
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
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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
Income Taxation of Nongrantor Trusts
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
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Taxation of Grantor Trusts
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
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Modifying or “Decanting” Irrevocable Trusts: New York’s Decanting Statute Annotated
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
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Income Taxation of New York Trusts
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)
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Tax News & Comment — May 2013
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
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Executor and Trustee Commissions Under NY EPTL
I. Executor Commissions. Executors and Trustees are entitled to compensation for serving in their fiduciary capacity. The will or trust may provide a fee schedule or may provide for a waiver of fiduciary fees. If the will is silent or … Continue reading
Posted in Executor & Trustee Commissions Under the EPTL, Executor and Trustee Commissions, Fiduciaries, Treatises, Trustees
Tagged Annual NY Trustee Commissions, Commissions based upon Money Paid Out, New York Executor Commissions, New York Trustee Commissions, NY Executor Commissions, NY Trustee Commissions, SCPA 2307, SCPA 2307(1), SCPA 2309(1), SCPA 2310, SCPA 2311
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IRS Ruling Provides Basis for Asset Protection Trust in Nevada
I. Tax & Asset Protection Benefits of PLR 201310002. New York imposes among the highest level of income tax of all states. New York City residents pay even more tax for the privilege of residing there. Income is taxed to … Continue reading
Posted in Asset Protection, Asset Protection Trusts, Delaware Asset Protection Trusts, Estate Planning, Trusts
Tagged asset protection trust, delaware trust, DING Trusts, grantor trust, IRC 674, IRC 677, irs, nevada trust, new york resident trust PLR 201310002, NING Trusts, Tax Law 605(b)(3)(D)(i)
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Elder Law Planning: Deciphering the Puzzle
View in PDF: Tax News & Comment — February 2013 Elder Law Planning: Deciphering the Puzzle I. Social Security The Social Security program, begun during the Great Depression under President Roosevelt, is the forerunner of Medicare and Medicaid. The … Continue reading
Posted in Asset Protection, Trusts
Tagged Elder Law, EPTL 7-1.12, estate attorney, Medicaid, Medicaid Eligibility, Medicaid Exempt Assets, Medicaid Surtax, Medicaid Trusts, Medicare, Medicare Part A, Medicare Part B, Medicare Part C, Medicare Part D, Medigap, National Health Care, Recovery from Estate, Social Security, Special Needs Trusts, tax attorney, tax lawyer, Third Party Special Needs Trusts
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New York’s Revised Decanting Statute Under EPTL §10-6.6
View Article in PDF: New York’s Revised Decanting Statute Under EPTL §10-6-6 ESTATE PLANNING MEMORANDUM DATE: October 10, 2012 RE: New York’s Revised Decanting Statute Under EPTL §10-6-6 Under the Uniform Trust Code and EPTL §10-6.6, a noncharitable irrevocable … Continue reading
Posted in Decanting, Decanting, Estate Planning, Treatises, Trusts
Tagged changing trust situs, consolidate trusts, decanting new york trusts, eptl 10-6.6, EPTL 10-6.6(b), estate tax decanting, extend trust termination date, income tax decanting, modify trustee provisions, New York decanting statute, tax implications of decanting
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Tax and Non-Tax Issues Involving Irrevocable Trusts
View Article in PDF in Tax News & Comment — October 2012 TAX AND NON-TAX ISSUES INVOLVING IRREVOCABLE TRUSTS I. Introduction Prior to the Statute of Wills, enacted by Parliament in 1540, it was impossible for a landowner to devise … Continue reading
Posted in Estate Planning, Federal Income Tax, Trusts
Tagged Ascertainable standard, asset protection, asset protection trusts, Chancery Courts, eptl 10-6.6, estate planning, health education and maintenance, Irrevocable trusts, irs notice 2011-11, New York decanting statute, spendthrift trusts, Statute of Wills, trust decanting, Trustee Discretion
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Income Tax Planning for New York Trusts
View PDF of Article in Tax News & Comment — October 2012 INCOME TAX PLANNING FOR NEW YORK TRUSTS I. Taxation of Resident Trusts “Resident” New York trusts which are not “grantor”” trusts must pay New York State fiduciary income … Continue reading
Posted in New York State Income Tax, Trusts
Tagged "one dollar rule", corpus of trust outside of NYS, inter vivos trust created by new york resident, New York nonresident trust, New York Resident Trust, New York Trust Taxation, NY Tax Law 605(b)(3)(D)(i), NYS exemption from trust income tax, Taylor v. NYS Tax Commission, testamentary trust under will of new york resident, TSB-A-10(4)
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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 →