NY Income Taxation of INGs – Important Guidance Issued Regarding Actions Taken Before June 1, 2014

By Sharon L. Klein On May 16, 2014, the New York Department of Taxation and Finance issued TSB-M-14(3)I, a Technical Memorandum containing "Important Information for Beneficiaries and Grantors of Exempt Resident Trusts." In response to inquiries from the New York City Bar Association, where I Chair the Trusts, Estates and Surrogate's Court Committee, the Department … Continue reading NY Income Taxation of INGs – Important Guidance Issued Regarding Actions Taken Before June 1, 2014

IRS Issues Final Regulations Regarding Deductibility of Costs Incurred By Estates and Trusts

By Sharon L. Klein On May 9, 2014, the IRS published final regulations regarding which costs incurred by trusts and estates are fully deductible under Internal Revenue Code ("IRC") § 67(e). Which Costs Are Fully Deductible? Under IRC § 67(a), expenses known as miscellaneous itemized deductions (including investment advisory fees) are allowed only to the … Continue reading IRS Issues Final Regulations Regarding Deductibility of Costs Incurred By Estates and Trusts

UPDATE ON BUDGET BILL: New York on the Cusp of Dramatic Changes

By Sharon Klein Following negotiations among the Governor's office, the Assembly and the Senate, the final budget language was released late Friday night. A vote is expected by the April 1 deadline. Regarding the trusts & estates related proposals, the final language reflects the following changes: Estate Tax The basic exclusion amount increases as follows … Continue reading UPDATE ON BUDGET BILL: New York on the Cusp of Dramatic Changes

UPDATE: Governor Cuomo Proposes Massive Overhaul of NY Tax System

By Sharon Klein The Assembly and Senate released their so-called one-house budget bills last week (A8559-C and S6359-C, respectively): their versions of the Governor's Budget Bill, which I have summarized in a previous article entitled, Governor Cuomo Proposes Massive Overhaul of NY Tax System. What's Different? Among the more significant differences are the following: Estate … Continue reading UPDATE: Governor Cuomo Proposes Massive Overhaul of NY Tax System