Sharon L. Klein of Wilmington Trust writes: From new legislation, to important regulatory guidance to instructive case law, 2016 saw some significant New York developments, lessons and reminders.
Christen Douglas and Carlyn McCaffrey of McDermott Will & Emery discuss the proposed tax changes that are likely to have the greatest effect on high net worth individuals and suggests some planning strategies to consider.
Henry E. Klosowski and Moira A. Jabir of Moritt Hock & Hamroff’s trusts and estates department write: Succession planning is difficult for myriad reasons but those difficulties can be minimized when a plan is instituted based on a knowledge of known audit triggers and an ability to let go.
Marjorie Hornaday and Stephanie E. Heilborn of Norton Rose Fulbright US write: In an era of co-habitation, co-parenting, and good old-fashioned divorce, the identity of a client’s intended beneficiaries can be a moving target. Defining the class of beneficiaries to provide flexibility is especially important in irrevocable trusts.
Gary A. Phillips and Steven M. Saraisky of Cole Schotz write: The adverse tax result that follows from foreign parents leaving their assets outright to U.S. children can be avoided with advance planning. Often, foreign parents can incorporate trust planning into their own estate planning documents. If assets pass to a properly structured trust for the benefit of a child rather than outright to the child, the assets in the trust may not be subject to estate tax in the child’s estate.