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

Program Co-Instructor
Anita S. Rosenbloom
Stroock & Stroock & Lavan LLP

Program Co-Instructor
Lois Tilton
Kurzman Eisenberg Corbin & Lever, LLP

Program Co-Instructor
Dale Degenshein
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.

    Live Program: $199 Member | $299 Nonmember

  • 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
      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 pm – 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

    Dale J. Degenshein 

    7:30 pm – 8:00 pm Planning Workshop/Question/Answer Session 

    Anita S. Rosenbloom & Lois Tilton

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

  • Sterling National Bank

    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