Ownership of Cooperative Apartments and Condominiums By Trusts: An Overview of Popular Trusts and Obtaining Transfer Approval from Cooperative Boards

Wednesday, November 16 | 6 pm – 8 pm

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Program Co-Instructors:

Anita S. Rosenbloom
Stroock & Stroock & Lavan LLP

Stroock & Stroock & Lavan LLP

Eva Talel
Stroock & Stroock & Lavan LLP

Lois Tilton
Gerald & Lawrence Blumberg LLP

 

 

  • This course presents an overview of changes in the Federal estate, gift and generation-skipping taxes, as well as a description of more common types of trusts and trends in transfer requests for permissions to transfer apartments to such trusts, including Grantor Trusts, Qualified Personal Residence Trusts, Spousal Lifetime Access Trusts and Dynasty Trusts. It covers the tax attributes of these trusts and why some trusts are more effective, as a result of recent tax changes and the current interest rate environment. It also discusses the role of counsel to Coop Boards in reviewing these requests and how practitioners can structure their trusts to increase the likelihood of approval.

     Live Program: $199 Member | $299 Nonmember

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  • Anita S. Rosenbloom
    Stroock & Stroock & Lavan LLP

    Eva Talel
    Stroock & Stroock & Lavan LLP

    Lois Tilton
    Gerald & Lawrence Blumberg LLP

     

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  • 6:00 – 6:05 pm Introduction & Program Overview
    Anita S. Rosenbloom
     6:05 – 6:20 pm Overview

    Recent developments in Federal and New York estate, gift and generation skipping taxes and corresponding trends in requests for permission to transfer apartments to popular trusts
    Anita S. Rosenbloom
     6:20-7:10 pm Description of Popular Trusts, Tax Attributes and Planning Considerations

    • Grantor Trusts
    • Qualified Personal Residence Trusts
    • Spousal Life Time Access Trusts
    • Dynasty Trusts
    • Testamentary Trusts and Trusts Created by Third Parties
    • Planning Considerations
    1. Basis
    2. Fractional Interest Discounts; discuss potential impact of proposed Treasury Regulation 2704
    3. Fair Market Rent
    4. Gifts versus Sales
    5. Reciprocal Trust Issues

    Anita S. Rosenbloom & Lois Tilton
     7:10-7:30 pm Obtaining Approval of Cooperative Boards

    • Role of Counsel
    • Documents Commonly Requested By Cooperative Corporations
    • Frequent Issues
    1. Spendthrift Provisions
    2. Fractional Ownership
    3. Rent/Subletting
    4. New York State and New York City Transfer Taxes
    5. Coop and Condominium Real Estate Tax Abatement and Exemptions
    6. STAR Exemptions
    7. “Flip Taxes”
    • Condominiums

    Eva Talel 
     7:30-8:00 pm Planning Workshop/Question/Answer Session
    Anita S. Rosenbloom & Lois Tilton

  • NY: 2.0 professional practice
    NJ: 2.4 general
    CA: 2.0 general
    PA: 2.0 general

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  • Sponsoring Association Committee: Estate & Gift Taxation | Evelyn M. Capassakis, Chair

    Sponsorship Opportunities are Available! Please Contact:

    Maricela Alfonso| Membership and CLE Relations Associate| (212) 382-6608 | MAlfonso@nycbar.org

    ______________________________________________________________

     

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