The constitutionality of the Defense of Marriage Act (“DOMA”) is being questioned.  A New York court in Windsor v. United States, 833 F. Supp. 2d 394 (S.D.N.Y. 2012), is one of several federal courts that recently declared Section 3 of DOMA unconstitutional because it violates the equal protection clause of the Fifth Amendment to the

President Obama’s Budget Impacts Intentionally Defective Trusts

If President Obama’s 2013 budget proposal passes then a grantor trust would be included in the grantor’s estate or used to pay gift taxes if trust assets are distributed before the grantor’s death or the grantor ceases to be treated as the owner.  This attempt to deter the

Please click the link below to view the Trust, Estates & Taxation Newsletter-Fall 2012. Adobe Reader is required to view the bulletin. If Adobe Reader is not installed on your PC, click here to download and install.

Trust, Estates & Taxation Newsletter-Fall 2012

Retained life estates are once again protected from Medicaid claims.  A common elder law technique is for an individual to transfer the ownership of their house to their children, while keeping the right to live in the house for their life.  This is called a “retained life estate”.  At death, the house would immediately

When a Testator creates a Qualified Terminable Interest Property (QTIP) Trust or a Credit Shelter Trust under his or her Will, the Testator’s spouse is always a beneficiary of the QTIP Trust and frequently a beneficiary of the Credit Shelter Trust. The Testator will often appoint his or her spouse and another individual –

Trusts have become increasingly popular for asset protection and tax planning and yet the skills of an estate planning attorney are frequently not considered relevant when prenuptial agreements or divorce settlements are contemplated.  This misstep results in the loss of many estate and tax planning opportunities.  For example, one useful option to consider when

Retained life estates are once again protected from Medicaid claims.  A common elder law technique is for an individual to transfer the ownership of their house to their children, while keeping the right to live in the house for their life.  This is called a “retained life estate”.  At death, the house would immediately transfer

When a Testator creates a Qualified Terminable Interest Property (QTIP) Trust or a Credit Shelter Trust under his or her Will, the Testator’s spouse is always a beneficiary of the QTIP Trust and frequently a beneficiary of the Credit Shelter Trust. The Testator will often appoint his or her spouse and another individual – usually

Long considered the American pacesetter and authority for the Law of Trusts, New York in recent decades has taken a backseat to other states who have made significant strides in the modernization of these statutes.   Such improvements have forced attorney’s in New York to look elsewhere to take advantage of more consumer friendly and powerful