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 , , , , , , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , , , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , | Leave a comment

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

Posted in Foreign Taxation, International Tax, Treatises, Trusts | Tagged , , , , , , , , , | Leave a comment

Income Taxation of Nongrantor Trusts

Posted in Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, News | Tagged , , , , , , , , , , , , , , | Leave a comment

Taxation of Grantor Trusts

Posted in Delaware Asset Protection Trusts, Grantor Trust Treatise, Grantor Trusts, Grantor Trusts, News, Treatises, Trusts | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

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

Posted in Decanting, Decanting, News, Treatises, Trusts | Tagged , , , , , , , , , | Comments Off on Modifying or “Decanting” Irrevocable Trusts: New York’s Decanting Statute Annotated

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 , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , , , , | Leave a comment

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 , , , , , , , , , , | Leave a comment