Trusts & Estates


Hillman and La Ferlita Article Published in NYSBA Journal
May 6, 2022 | Trusts & Estates

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

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Have You Addressed Your Crypto Assets in Your Estate Plan?
| Patricia C. Marcin | Trusts & Estates

Crypto assets (such as non-fungible tokens, or NFTS) and cryptocurrencies (such as bitcoin) are types of digital assets, which are typically transmitted by means of blockchain technology. (I know, this makes my brain hurt, too!) Crypto assets are growing in popularity as an investment class, and you may already own some or may be thinking

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Wendy and Jen Wreck the Movies: Brewster’s Millions (1985) or Put me in, Coach, I’m ready to PAY, Within 30 Days!!!
April 21, 2022 | Jennifer F. Hillman | Wendy Hoey Sheinberg | Trusts & Estates

What Happened:

Montgomery Brewster’s minor league baseball career is fizzling.  Optimistic Brewster believes his big break is just around the corner, but the break he gets is not the one he expects.

Brewster’s previously unknown great-uncle Rupert Horn dies leaving Brewster $300 million – but only if Brewster can spend $30 million in 30 days

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The New York State Estate Tax Cliff and the “Santa Clause” Fix
March 30, 2022 | Patricia C. Marcin | Trusts & Estates

New York has an “estate tax cliff,” which can result in heirs paying New York estate tax at a rate exceeding 100%. The current per-person NYS estate tax exemption is $6.11 million, which is the amount you can leave to your heirs at your death without paying NYS estate tax. If your taxable estate, however,

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Wendy and Jen Wreck the Movies – Uptown Girls (2003), Or Even Rock Stars Need Estate Planning
March 17, 2022 | Wendy Hoey Sheinberg | Jennifer F. Hillman | Trusts & Estates

What Happened:

Uptown Girls begins as all fairy tales should:

“There was once a princess who lived in a castle high above the streets of an enchanted kingdom (New York). The king and queen were long gone but they left her with their treasure so that she could stay a princess forever…”

Some people thought

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2022 Estate and Gift Taxes: What’s Changed?
March 1, 2022 | Patricia C. Marcin | Trusts & Estates

We were all set for big changes in the federal estate and gift tax laws last year and, by the end of the year, almost nothing changed. Who knows what changes will ultimately come down the pike when Congress finally becomes functional, and when those changes will take effect? For now, we’ve escaped the reduction

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Wendy and Jen Wreck the Movies – Rain Man (1988)
February 17, 2022 | Wendy Hoey Sheinberg | Jennifer F. Hillman | Trusts & Estates

What happened

Sanford Babbitt, Charlie Babbitt’s estranged father, died. Charlie returns home and finds out he is only receiving a car and prize-winning roses, and that all of his father’s other assets have been left in trust for the benefit of an unnamed individual.

Eventually Charlie finds out he has an older brother named Raymond

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Changing Your Residence for Estate Tax Purposes Is Complicated
February 7, 2022 | Patricia C. Marcin | Trusts & Estates | Tax

It has been a long, cold winter, and many of us are yearning for warmer weather. With New York’s fiscal crisis due to the pandemic, and the prospect of higher taxes, many are thinking about changing their primary residence to a warmer and “friendlier” taxing jurisdiction. While an easy topic of cocktail party talk, changing

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SSHHH! Should Trustees Speak Up About Quiet Trusts?
February 1, 2022 | Jennifer F. Hillman | Joseph T. La Ferlita | Trusts & Estates

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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Wendy And Jen Wreck the Movies – Citizen Kane (1941) Or Deposit Money, Not Children, in the Bank
January 20, 2022 | Wendy Hoey Sheinberg | Jennifer F. Hillman | Trusts & Estates

What happened

“Legendary was the Xanadu where Kubla Kahn decreed his stately pleasure dome.” Legendary too were the colossal errors made by Mary Kane in this celebrated classic movie which follows a journalist as he tries to uncover the meaning of Charles Foster Kane’s last words.

Jim Kane and Mary Kane ran a Colorado

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