By Amanda O'Brien | February 9, 2024
Am Law 200 firm Buchalter and Los Angeles stalwart Parker Milliken Clark O'Hara and Samuelian represented a Beverly Hills attorney who was removed from his role as trustee after an arbitrator found he embezzled $20 million.
5 minute read
By Justin H. Brown and George M. Riter Jr. | February 5, 2024
Regardless of one's level of wealth, gifting is an important tool for an effective estate planning strategy. Individuals have many potential gifting options, both simple and complex, that may be utilized to pass wealth down to lower generations and reduce the size of one's taxable estate to avoid estate and inheritance tax at death.
8 minute read
By Ilene Sherwyn Cooper | February 2, 2024
As 2023 came to an end, multiple decisions of interest were rendered by the Appellate and Surrogate's Courts throughout the state. Decisions addressed to such issues as the determination of a claim against the estate, the criteria for a stay of proceedings and summary judgment are discussed below.
9 minute read
By David E. Bowers and Rachel L. Sears | January 30, 2024
While a self-directed IRA has the capacity to house diverse alternative investments such as real estate, cryptocurrency, gold, and private equity; however, it also comes with potential pitfalls from a legal perspective that investors should be aware of.
8 minute read
By Joseph T. La Ferlita and Nicholas G. Moneta | January 26, 2024
On Dec. 29, 2023, the Office of the Chief Counsel of the IRS released Chief Counsel Advice Memorandum 202352018 (the CCAM). Although some have commented on the CCAM's impact on trust modifications, a further question is what impact, if any, will the CCAM have on trust decantings in New York?
8 minute read
By Jeffrey A. Galant | January 26, 2024
In the annals of family business succession planning, this article discusses some clever, albeit flawed, attempts to transfer ownership interests in a mature enterprise to family members while avoiding the transfer tax toll.
8 minute read
By Sharon L. Klein | January 26, 2024
In this article, Sharon L. Klein highlights the top 10 developments, lessons and reminders out of the trusts and estates field from the previous year.
19 minute read
By Juliya L. Ismailov | January 26, 2024
This article discusses the background of the Corporate Transparency Act, its legislative framework and definitions, and—specific to the trusts and estates arena—what issues might arise with respect to reporting an ownership interest held in a trust.
9 minute read
By Alison Powers Herman and Karen T. Schiele | January 26, 2024
Transferring assets to an intentionally defective grantor trust (IDGT) is a potentially powerful estate planning technique, allowing an individual to pass significant value to his or her intended beneficiaries transfer tax-free.
8 minute read
By David I. Faust | January 26, 2024
Marriages may be made in heaven but, in the courts of the state of New York, marriages are treated as economic partnerships. There are three economic aspects to this partnership: equitable distribution, maintenance and child support. Trust law and matrimonial law intersect on all three.
8 minute read
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