New York Law Journal | Analysis
By Susan Rothwell and Michael C. Levy | September 10, 2023
In this article, Susan Rothwell and Michael C. Levy discuss some of the issues and trends that are driving practitioners to recommend revocable trusts more often and to a wider variety of clients.
New York Law Journal | Analysis
By Sharon L. Klein | September 10, 2023
The first year of the 2023-2024 legislative session began Jan. 4, 2023 and ended June 8, 2023. In this article, Sharon L. Klein highlights some of the most significant developments.
New York Law Journal | Analysis
By Christiana M. Lazo, Tony Ray Meyer Jr., Thomas H. Norelli and Maria L. Bourdeau | September 10, 2023
Business succession planning for family-owned businesses requires solving a myriad of thorny issues and potential conflicts. This article presents approaches to some common governance, tax and technical hurdles families face when planning how to pass the business to the next generation.
By Brian Lee | August 31, 2023
In a statement, Long Island attorneys Paul Marchese and Robin Maynard of Marchese & Maynard said their actions were justified. They also said the settlement terms with the office of the New York Attorney General were just a fraction of what the state originally demanded.
New York Law Journal | Analysis
By Ilene Sherwyn Cooper | August 4, 2023
The spring season brought with it decisions from around the state that were of interest to Surrogate's Court practice. Addressed to such issues as stipulations of settlement, transfer of situs, and digital assets, these opinions are discussed below.
New York Law Journal | Analysis
By C. Raymond Radigan and Jessica M. Baquet | July 5, 2023
Where a fiduciary's behavior clearly demonstrates entrenched hostility toward beneficiaries or a co-fiduciary, summary removal has been held appropriate.
New York Law Journal | Analysis
By Conrad Teitell | June 23, 2023
Sometimes a trust can be reformed because the trust's disqualification resulted from a "scriveners" error. And that's more than a typo, as the below situations illustrate.
New York Law Journal | Analysis
By Joseph T. La Ferlita and Nicholas G. Moneta | June 14, 2023
While the scope of the Gallo exemption is narrow, some of those trusts to which it applies are still in existence. The practitioner should realize that certain modifications of a Gallo exempt trust, including, for example, modifications via a decanting or court proceeding, could inadvertently trigger a GST tax.
By Barbara M. Goodstein | June 7, 2023
The assets available to secured creditors in a debtor's bankruptcy proceeding must constitute "property of the estate" within the meaning of section 541(a)(1) of the U.S. Bankruptcy Code. However, creditors can sometimes find assets of a debtor outside the realm of a bankruptcy debtor's estate based on certain pre-bankruptcy arrangements. Examples of those arrangements are trusts and escrows. This column discusses two recent cases, "Markel Insurance Company v. Origin Bancorp, Inc.," and "In re: Urban Commons 2 West LLC," where federal courts held that a trust and escrow arrangement, respectively, were each insufficiently structured to protect the related assets from claims of creditors of the bankrupt debtor.
New York Law Journal | Analysis
By Ilene Sherwyn Cooper | June 2, 2023
As the summer months approach, and the winter and spring seasons leave their trail behind, we consider the many instructive opinions rendered by the Surrogate and Appellate courts affecting the field of trusts and estates.
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