Sharon L. Klein, President, Family Wealth, Eastern US Region, Wilmington Trust, has made available for download her article, Latest Legislative Developments: What Passed, What Didn’t, What’s Next, published in the New York, Law Journal’s Special Trusts & Estates Edition. The summary of the article is as follows:
(a) comprehensive review of trusts & estates related legislative activity, specifically in New York, but the proposals often frame issues with which state legislatures across the country are now grappling. The latest developments I cover include the following topics:
· NY’s Three-Year Gift Add-Back Extended, with Small Window of Exception
· QTIP Property Must Be Included in Surviving Spouse’s NY Estate, with Limited Window of Opportunity to Potentially Escape NY Estate Tax in Both Spouses’ Estates
· Additional Real Estate Taxes Imposed on Transfers of New York City Properties
· NY Does Decouple From Certain Federal Income Tax Changes for Trusts and Estates
o Investment Expenses and SALT Deductions Over $10,000 Can be Taken in NY
· Estate Tax Treatment of Dispositions to Surviving Spouses Who Are Not U.S. Citizens Extended
· Proposal To Extend the Attorney-Client Privilege to Lifetime Trustees
· Proposal To Enact the Uniform Voidable Transactions Act
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.
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