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Trusts and Estates

  • Summer 2019 Newsletter
    Summer 2019 | Summer 2019 Legal Update

  • Spring 2019 Newsletter
    Spring 2019 | Spring 2019 Legal Update

  • Fish or Fowl
    2/6/19 | 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.

  • Winter 2019 Newsletter
    Winter 2019 |  Winter 2019 Legal Update

  • Fall 2018 Newsletter
    10/24/18 | GDB 2018 Fall Newsletter

  • David I. Faust, Esq. Presented on International Tax Law at the STEP-Israel Conference in Tel Aviv

    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.

  • Summer 2018 Newsletter
    7/11/2018 | GDB 2018 Summer Newsletter

    Legal Update

  • An Opportunity is Soon Closing to Voluntarily Disclose Offshore Assets to the IRS
    4/4/18 | 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.

  • IRS Focus on Bitcoin and Virtual Currencies
    4/4/2018 | 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.

  • Trusts Provide a Flexible Vehicle to Accomplish Many Different Beneficial Purposes
    4/4/2018 | 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. 

  • Spring 2018 Newsletter
    4/4/2018 | Spring 2018 Newsletter

    Legal Update

  • Durable Powers of Attorney - Views Across the Ocean
    4/1/2018 | 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.

  • Winter 2018 Newsletter
    1/29/2018 | GDB 2018 Winter Newsletter

    Legal Update

  • New IRS Rules Govern Audits of Partnerships and LLCs Treated as Partnerships: You May Need to Revise Your Entity’s Governing Documents
    1/29/2018 | 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.

  • Tax Reform 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 Concepts

    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.

  • Fall 2017 Newsletter
    10/23/2017 | GDB 2017 Fall Newsletter

    Legal Update

  • Summer 2017 Newsletter
    7/5/2017 | GDB 2017 Summer Newsletter

    Legal Update

  • Powers of Attorney - A Useful Tool
    3/10/2017 | By: David I. Faust, Esq. | GDB 2017 Spring Newsletter

  • Spring 2017 Newsletter
    3/10/2017 | GDB 2017 Spring Newsletter

    Legal Update

  • 2017 Cost of Living Adjustments
    11/29/2016 | Tax Law Update

  • Why a Trust, and What about a Will?
    03/09/2016 | By: Asher Rubinstein, Esq.

  • Estate Planning For Digital Assets
    2/11/2016 | By: David N. Milner, Esq. | Winter 2016 Newsletter

  • Winter 2016 Newsletter

    Legal Update

  • Year-End Legislation Extending Federal Tax Provisions
    10/06/2015 | Winter 2015 Newsletter

  • 2012/2013 Tax Law Changes
    12/02/2013 | Winter 2013 Newsletter

  • Tax Law Changes for 2011
    01/01/2011 | January 2011 Tax Update Newsletter