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

Monday, October 30, 2017 | 6:00 pm – 8:00 pm

 

 

 

 

 

 

 

 

• Description
• Agenda
• CLE Credit
• Sponsors

• 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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• 6:00 pm – 6:05 pm	Introduction & Program Overview 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 Grantor Trusts Qualified Personal Residence Trusts Spousal Life Time Access Trusts Dynasty Trusts Testamentary Trusts and Trusts Created by Third Parties Planning Considerations Basis Fractional Interest Discounts; discuss potential impact of proposed Treasury Regulation 2704 Fair Market Rent Gifts versus Sales Reciprocal Trust Issues Anita S. Rosenbloom & Lois Tilton
  7:10 pm – 7:30 pm	Obtaining Approval of Cooperative Boards Role of Counsel Documents Commonly Requested By Cooperative Corporations Frequent Issues Spendthrift Provisions Fractional Ownership Rent/Subletting New York State and New York City Transfer Taxes Coop and Condominium Real Estate Tax Abatement and Exemptions STAR Exemptions “Flip Taxes” Condominiums Dale J. Degenshein
  7:30 pm – 8:00 pm	Planning Workshop/Question/Answer Session  Anita S. Rosenbloom & Lois Tilton

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• NY: 2.0 pp
  NJ: 2.4 general
  CA: 2.0 general
  PA: 2.0 general

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• 

  Sponsoring Association Committees:
  Estate & Gift Taxation | Evelyn M. Capassakis, Chair
  Cooperative & Condominium Law | Ronald J. Gold, Chair

  Sponsorship Opportunities are Available! Please Contact:
  Maricela Alfonso| Membership and CLE Relations Associate | (212) 382-6608 | MAlfonso@nycbar.org
  ______________________________________________________________

  Register for the Live Program
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