Sharon Klein: 2015’s Top Lessons, Developments, and Reminders

Sharon Klein, Managing Director of Family Office Services & Wealth Strategies, Wilmington Trust, has made available for download her article regarding new developments, lessons, and reminders on legislation to important regulatory case law. Her article was recently published in the New York Law Journal  Trusts & Estates section.

The article includes Ms. Klein’s pick of the top ten 2015 developments of interest to trusts & estates practitioners, specifically in New York, including important information for nonresidents who own or intend to buy property in New York or are potentially taxable in New York for income tax purposes. These developments include:

  • NYC revises reporting requirements for partnerships and LLCs acquiring real estate- now name and tax ID number of each general partner or LLC member must be reported
  • Dramatic case law reminders that estate planning documents should be revisited in event of divorce or separation
  • Judge issues very favorable taxpayer determination regarding New York income tax statutory residency test
  • Advisory Opinion concludes disregarded entities will not shield real property owned by nonresidents from New York estate tax
  • New York issues estate tax guidance regarding allowable deductions for residents and nonresidents owning New York property
  • Legislature enacts three-year gift add-back clarifications, but anomalies remain
  • 2015 is the first year to report accumulated income distributions from exempt resident trusts: New York Department of Taxation and Finance releases reporting forms in January, 2016
  • As New York estate tax exclusion amount rises, planning becomes more critical

Read the full article here

Posted by Pooja Shivaprasad, Associate Editor, Wealth Strategies Journal

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