New York’s Latest Legislative Session: What Passed, What Didn’t, What’s Next
The second year of the 2021-2022 legislative session, which began on Jan. 5, 2022, ended on June 2, 2022. Here are some of the most significant developments.
Mental Health Directives in Estate Planning Engagements
What if a client has a history of mental illness? Are advance directives sufficient to honor a client’s treatment wishes and preferences in that moment? There is a greatly underutilized advance directive for such clients—the psychiatric advance directive (PAD).
Practical Considerations When Attempting To Remove an Ineffective Fiduciary
Your client wants the fiduciary out, and you believe there is a basis for proceeding with removal. So, what is your next step?
Maximizing QSBS Income Tax Savings With Trusts
Thoughtful planning can help taxpayers who own QSBS Shares multiply the QSBS Exclusion while simultaneously achieving their estate planning objectives.
Being a New York Income Tax Resident: Did ‘Matter of Obus’ Change the Game?
‘Obus’ represents a dramatic shift in the jurisprudence of New York income tax residence as shown by the completely contrary views of the Division of Tax Appeals and the Appellate Division.
Late Portability Election: New Relief Available
The IRS has just changed the timeframe for filing a late portability election for federal estate tax purposes. This is extremely important to those who did not timely file a federal estate tax return (Form 706) when the first spouse died.
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