Trusts and Estates
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Fish or Fowl2/6/19 | By: David I. Faust, Esq.| GDB 2019 Winter Newsletter
Whether shares representing ownership of a cooperative apartment are real property or personal property has perplexed estate lawyers and their clients, especially when the owner/decedent is a non-domiciliary of New York. Is succession of the shares governed by the laws of New York, where the co-op is located – the case if the shares are realty – or the laws of the domicile of the decedent? If there is no will, or if a spouse elects against the will, which law applies?
A recent Supreme Court, New York County, case sheds some, albeit dim, light on this question. -
Time to Revisit Some Key Provisions of the Tax Cuts and Jobs Act10/24/18 | By: David N. Milner, Esq. | GDB 2018 Fall Newsletter
As we approach the first anniversary of the passage of the Tax Cuts and Jobs Act, I thought it might be appropriate to revisit some of the Act’s provisions and see how the changes may affect the preparation of income tax returns for the first tax year directly impacted by the Act. Except as indicated, these changes apply to income tax returns filed for the 2018 through 2025 tax years.
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Prominent Brighton Family Mired in Estate BattleAugust 22, 2018 | Rochester Democrat and Chronicle
GDB attorney Adam M. Felsenstein is quoted in the Rochester Democrat and Chronicle regarding an estates litigation case. GDB partner David S. Douglas and Mr. Felsenstein are representing the client on an appeal.
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Is Estate Planning Still Necessary Under the New Tax Law?7/11/18 | By: David N. Milner, Esq. | GDB 2018 Summer Newsletter
As part of the changes that were made to the Internal Revenue Code in December 2017, Congress doubled what is referred to as the “life-time exemption,” the amount that can be transferred by gift while alive or upon death without paying gift or estate tax. While referred to as an exemption, there is no place on either a gift tax return or an estate tax return to reflect the available “exemption.” Rather, each individual has available a lifetime credit to be used to offset the gift tax that is due on any taxable gifts made while alive with any unused portion of the credit available to offset the estate tax that is due on their taxable estate. This distinction and change are critical in that without proper planning, the estate tax liability will be higher than necessary.
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David I. Faust, Esq. Presented on International Tax Law at the STEP-Israel Conference in Tel Aviv6/2018
Partner David I. Faust presented on international tax law at the 20th annual STEP-Israel Conference in Tel Aviv. He also was a speaker on cross-border investments, inheritance and taxation at a joint meeting between the Committee for Private International Law of the Israel Bar Association and members of the New York State Bar Association's International Section.
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The Sales Tax May Be Coming to the Internet6/25/18 | By: David N. Milner, Esq.
Last week the U.S. Supreme Court overturned its 1992 ruling in Quill Corp. v. North Dakota. States may now require internet sellers to collect sales tax on goods shipped into their state even if the seller does not maintain a physical presence in that state. Previously a physical presence was required.
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An Opportunity is Soon Closing to Voluntarily Disclose Offshore Assets to the IRS4/4/18 | By: Asher Rubinstein, Esq. and David N. Milner, Esq. | GDB 2018 Spring Newsletter
Since 2009, the IRS Offshore Voluntary Disclosure Program (OVDP) has been an opportunity for U.S. taxpayers who failed to report foreign income and assets to become compliant, pay back taxes, lower their potential penalties and avoid criminal prosecution. In March, the IRS announced that the OVDP will close on September 28, 2018. Only a few months remain to bring offshore assets into IRS compliance via the OVDP.
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Our “Kiddie Tax” Has Grown Up4/4/2018 | By: David N. Milner, Esq. | GDB 2018 Spring Newsletter
The new Kiddie Tax rules, which as part of the new Tax Cuts and Jobs Act of 2017 take effect this year, change the method of taxing a child’s investment income. Under the new rules, investment income will be taxed using the tax brackets applicable to trust and estates regardless of the rate at which the child’s parents pay tax.
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IRS Focus on Bitcoin and Virtual Currencies4/4/2018 | By: Asher Rubinstein, Esq.| GDB 2018 Spring Newsletter
The IRS treats virtual currency as property, rather than a currency, which means that taxpayers are required to pay taxes on any gains when they “use” or sell the currency. As an indication of the seriousness of the IRS focus on tax compliance for virtual currencies, the IRS recently served Coinbase, the largest public virtual currency exchange, with a summons seeking information on Coinbase customers who may not have properly reported profits to the IRS.
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Trusts Provide a Flexible Vehicle to Accomplish Many Different Beneficial Purposes4/4/2018 | By: David I. Faust, Esq. | GDB 2018 Spring Newsletter
Trusts can be used for a variety of beneficial purposes: estate and tax planning, avoidance of probate, continuity of a family business, provision for heirs who may not be able to take care of their own financial affairs or needs because of age or lack of capacity, charitable giving and asset protection. This article describes the two basic types of charitable trusts, as well as asset protection trusts, and explains when it is appropriate to use each type of trust.
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Durable Powers of Attorney - Views Across the Ocean4/1/2018 | By: David I. Faust, Rebecca B. Pasternak and Lyat Eyal | Oxford University Press: Trusts & Trustees
The worldwide elderly population grows annually. Life expectancy is increasing in modern societies, requiring governments to adjust various services provided to this community. Notwithstanding this shift, the growing view is that emphasis should be placed on the right of individuals to have a say in how their affairs are managed, even as their capacity to manage themselves deteriorates.
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New IRS Rules Govern Audits of Partnerships and LLCs Treated as Partnerships: You May Need to Revise Your Entity’s Governing Documents1/29/2018 | By: David N. Milner, Esq. & Asher Rubinstein, Esq. | GDB 2018 Winter Newsletter
For tax years beginning after December 31, 2017, the IRS has adopted new rules which apply to income tax audits of partnerships and limited partnerships. These new audit rules are important because they may expose those who were not partners during the tax year under audit to the tax errors and liabilities of the partnership, which, under the prior rules, would have been the responsibility of those who were partners during the year under audit. Minimize this new risk via proper planning and drafting.
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Tax Reform 201712/26/2017
This past Friday the President signed into effect a new tax law which will impact most if not all Americans. While the effective date of most of the provisions of the new law is not until January 1, 2018, certain changes made by the new tax law should be addressed immediately in order to take advantage of the law before it changes.
This alert summarizes the most significant changes and provides specific recommendations for action you may want to consider in light of these changes. -
Year End Tax Planning Concepts12/04/2017
Although year-end tax planning always presents challenges, recent tax reform proposals have created a unique set of challenges for taxpayers. Despite the current uncertainty concerning tax reform, it is important to remember that the proposals are just that: proposals. This memo highlights several potential income and estate tax-saving opportunities to consider based on current tax law, as well as strategies to receive the maximum benefit under current law and/or protection from any possible future changes. As with planning opportunities it is important to first do the math to see if any potential opportunity will result in actual savings. The Tax, Trusts and Estates practice at Gallet Dreyer & Berkey, LLP stands ready to assist you in making these determinations.
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Powers of Attorney - A Useful Tool3/10/2017 | By: David I. Faust, Esq. | GDB 2017 Spring Newsletter
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Why a Trust, and What about a Will?03/09/2016 | By: Asher Rubinstein, Esq.
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How to Lower Your Estate Tax Liability on the Federal and State Levels02/24/2016 | By: Asher Rubinstein, Esq.
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Estate Planning For Digital Assets2/11/2016 | By: David N. Milner, Esq. | Winter 2016 Newsletter
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Year-End Legislation Extending Federal Tax Provisions10/06/2015 | Winter 2015 Newsletter
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New York State Estate Tax Changes - Now You Really Need to Do the Math06/10/2014 | Summer 2014 Newsletter
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2012/2013 Tax Law Changes12/02/2013 | Winter 2013 Newsletter
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If My Estate Is Less than $5 Million, Then I No Longer Need to Concern Myself about Estate Planning, Right...?12/10/2012 | Winter 2012 Newsletter
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Congressional Gridlock Creates Tremendous Uncertainty for Year-end Tax Planning09/08/2012 | Fall 2012 Newsletter
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Tax Law Changes for 201101/01/2011 | January 2011 Tax Update Newsletter
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Uncertainty Regarding Tax Law Changes in 2011 - What Taxpayers Should Be Aware of09/10/2010 | Fall 2010 Newsletter