Author Archive

Authored by: Scott A. Harty
The U.S. government continues to levy immense pressure on the Swiss banking system, and the Swiss banks, historically renowned for their secrecy, continue to show cracks.  On January 30, 2012, eight Swiss banks acquiesced to intensified pressure from the U.S. and handed over data on many U.S. clients suspected of tax [...]

Authored by: Dorothy J. Santos
Here’s a case for making sure you choose the right spouse and friends in life.
A New York State court recently held a widow and her two friends liable in connection with the production of a “sham” Will for the widow’s deceased husband and its admission to probate.  The court’s decision illustrates [...]

Authored by: Paul J. Sowell, Esq.
A recent amendment to New York law gives more Trustees the ability to fix or otherwise change the terms of a trust.  Specifically, Governor Andrew M. Cuomo recently signed a bill amending Section 10-6.6(b) of the Estates, Powers and Trusts Law, commonly referred to as New York’s “decanting” statute.  In [...]

Authored by: Dorothy J. Santos
A tax apportionment clause, the provision in a Will or Revocable Living Trust governing the payment of estate tax at death, can drastically affect the disposition of your estate and the shares that your beneficiaries receive.  This provision is not mere “boilerplate” and should be fully discussed (and understood) with one’s [...]

Authored by: Dorothy J. Santos
A recent amendment to New York’s renunciation statute provides a new estate tax planning opportunity to owners of certain types of joint property.  A renunciation (or disclaimer) generally refers to the process of giving up an interest in another person’s property.  Renunciations are often used in the estate tax planning context [...]

 Authored by: Neeli Shah
Loans among family members, especially from parents to children, have recently become a more popular estate planning strategy due to the current low interest rate environment, which makes intra-family loans a valuable tool for both lenders and borrowers.  Lenders won’t have large amounts of taxable interest income to report, and borrowers may [...]

Authored by: Dorothy J. Santos
A recent amendment to New York law gives more Trustees the ability to fix or otherwise change the terms of a trust.  Specifically, Governor Andrew M. Cuomo recently signed a bill amending Section 10-6.6(b) of the Estates, Powers and Trusts Law, commonly referred to as New York’s “decanting” statute.  In this [...]

Authored by: Dorothy J. Santos
In our last post, RAINBOW GETS ITS POT OF GOLD, we discussed the likely effect of New York’s new Marriage Equality Act on the state’s estate tax law as it applies to same-sex married couples.  At the time the new law became effective on July 24, 2011, it was clear to [...]