On April 20, 2024, New York State adopted legislation that allows for so-called transfer-on-death (TOD) deeds as part of its Fiscal Year 2025 Executive Budget. The TOD Deed Law, which takes effect on July 19, 2024, will be codified as a new Section 424 of the N.Y. Real Property Law.

Similar to a payable-on-death designation

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

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

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

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

Recent headlines about bank closures have prompted people to check their personal bank accounts to make sure the balances are under the $250,000 FDIC insurance limits. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors of insured banks against the loss of their deposits if an

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

Louis Vlahos’ article, “Planning for the Interest Charge on Installment Sales: Decanting a Grantor Trust?”, was published in the New York State Bar Association Trusts and Estates Law Section Journal. Rivkin Radler member Nicholas G. Moneta is the publication’s Editor-in-Chief.

The article discusses the concept that the special interest charge imposed on the deferred tax

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