What Passed, What Didn’t, What’s Next – Wealth Strategies Journal

Sep 24, 2019 | In the News

Sharon L. Klein, President, Family Wealth, Eastern US Region, Wilmington Trust, has made available for download her article, Latest Legislative Developments: What Passed, What Didn’t, What’s Next, published in the New York, Law Journal’s Special Trusts & Estates Edition. The summary of the article is as follows:

(a) comprehensive review of trusts & estates related legislative activity, specifically in New York, but the proposals often frame issues with which state legislatures across the country are now grappling. The latest developments I cover include the following topics:

·         NY’s Three-Year Gift Add-Back Extended, with Small Window of Exception
·         QTIP Property Must Be Included in Surviving Spouse’s NY Estate, with Limited Window of Opportunity to Potentially Escape NY Estate Tax in Both Spouses’ Estates
·         Additional Real Estate Taxes Imposed on Transfers of New York City Properties
·         NY Does Decouple From Certain Federal Income Tax Changes for Trusts and Estates
o    Investment Expenses and SALT Deductions Over $10,000 Can be Taken in NY
·         Estate Tax Treatment of Dispositions to Surviving Spouses Who Are Not U.S. Citizens Extended
·         Proposal To Extend the Attorney-Client Privilege to Lifetime Trustees
·         Proposal To Enact the Uniform Voidable Transactions Act

To see full article, click Sharon Klein: New York Law Journal, Latest Legislative Developments: What Passed, What Didn’t, What’s Next.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..