Recent Publications - Joseph T. La Ferlita
June 25, 2024 | | |
On June 6, 2024, in the case of Connelly v. United States, the United States Supreme Court determined that corporate-owned life insurance proceeds used to redeem a decedent’s shares in the corporation must be included when valuing those shares for federal estate tax purposes.
A decedent’s taxable estate includes the fair market value of shares
Read MoreMarch 14, 2024 |
In 1992, New York became the first state in the nation to enact a decanting statute, namely, New York Estates, Powers and Trusts Law (EPTL) 10-6.6. The statute subsequently was modified several times. The 2011 amendment was notable because it greatly liberalized the statute’s application. Today, New York’s decanting statute is a tool frequently used
Read MoreJanuary 26, 2024 |
On Dec. 29, 2023, the Office of the Chief Counsel (the Chief Counsel) of the Internal Revenue Service (IRS) released Chief Counsel Advice Memorandum 202352018 (the CCAM).
Although some have commented on the CCAM’s impact on trust modifications, a further question is what impact, if any, will the CCAM have on trust decantings in New
Read MoreSeptember 11, 2023 |
In 1992, New York became the first state in the nation to enact a decanting statute, namely, New York Estates, Powers and Trusts Law (EPTL) 10-6.6. The statute subsequently was modified several times. The 2011 amendment was notable because it greatly liberalized the statute’s application. Today, New York’s decanting statute is a tool frequently used
Read MoreJune 15, 2023 |
While the generation-skipping transfer (GST) tax is complex, most estate practitioners who regularly deal with it eventually obtain a level of comfort, if not an expertise, concerning it. Such practitioners counsel their clients about avoiding or minimizing exposure to the tax. Some of the typical tools in the arsenal involve the GST tax annual exclusion
Read MoreMarch 22, 2023 |
Joseph La Ferlita and Nicholas Moneta authored the article “Got a Charitable Interest? Revisiting the Registration Requirements for Charitable Estates and Trusts” for the New York State Bar Association’s Trusts and Estates Law Journal.
“Frequently, estates and trusts have charitable beneficiaries. Trusts and estates attorneys should familiarize themselves with the rules that require certain estates
Read MoreMay 6, 2022 |
Jennifer Hillman’s and Joseph La Ferlita’s article, “SSHHH! Should Trustees Speak Up About Quiet Trusts?” was published in the New York State Bar Association Trusts and Estates Law Section Journal.
Although some may question whether financial modesty is a virtue, there is no requirement that parents disclose their net worth to their children. However, the
Read MoreFebruary 1, 2022 |
While some clients flaunt their wealth, others like to keep things quiet. Sometimes, such “financial modesty” is motivated by a concern that knowledge of family wealth could result in disincentivized children or grandchildren. Although some may question whether such financial modesty is a virtue, there is no requirement that parents disclose their net worth to
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