Ownership of Cooperative Apartments & Condominiums by Trusts: An Overview of Popular Trusts & Obtaining Transfer Approval from Cooperative Boards

Originally held on Tuesday, November 17, 2015 | 6:00 pm – 8:00 pm

Program Faculty

Anita Rosenbloom
Stroock & Stroock & Lavan LLP

Mary Sembrot Croly
McLaughlin & Stern LLP

Eva Talel Stroock & Stroock & Lavan LLP

 Eva Talel Stroock & Stroock & Lavan 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.


  • Program Faculty:

    Anita S. Rosenbloom
    Stroock & Stroock & Lavan LLP

    Mary Sembrot Croly
    McLaughlin & Stern LLP

    Eva Talel
    Stroock & Stroock & Lavan LLP

  • 6:00 pm – 6:05 pm

    Introduction                                                 

    Anita S. Rosenbloom

    6:05 pm – 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 pm – 7:10 pm

    Description of Popular Trusts, Tax Attributes and Planning Considerations
    A. Grantor Trusts
    B. Qualified Personal Residence Trusts
    C. Spousal Life Time Access Trusts
    D. Dynasty Trusts
    E. Testamentary Trusts and Trusts Created by Third Parties
    F. Planning Considerations
                  1. Basis
                  2.Fractional Interest Discounts
                  3.Fair Market Rent
                  4. Gifts versus Sales
                  5. Reciprocal Trust Issues

    Mary Sembrot Croly and Anita S. Rosenbloom

    7:10 pm – 7:30 pm

    Obtaining Approval of Cooperative Boards

    A. Role of Counsel
    B. Documents Commonly Requested By Cooperative Corporations
    C. 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”
    D. Condominiums

    Eva Talel

    7:30 pm – 8:00 pm

    Planning Workshop/Question/Answer Session

    Mary Sembrot Croly and Anita S. Rosenbloom

  • This program provides 2.0 credits in professional practice for the New York & New Jersey MCLE requirements. California & Pennsylvania credit differs as it is based on a 60-minute credit hour. The live program provided transitional credit to newly admitted attorneys; the recording does not provide transitional credit.

  • Save $$ on DVDs & CDs

    *DVDs: $199 Member/ $299 Nonmember

    *CDs: $149 Member / $229 Nonmember

    * New York residents will be charged the New York sales tax for all audio visual purchases.

  • Sponsoring Association Committee: Estate & Gift Taxation, Paul A. Ferrara, Chair

    Sponsorship Opportunities are Available! Please Contact:
    Laura Stine Poles, Program Attorney, City Bar Center for CLE | (212) 382-6619 | lpoles@nycbar.org 
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