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

Originally held on Tuesday, November 27, 2018 | 6:00 p.m. – 8:00 p.m.

Program Co-Instructors:
Dale J. Degenshein Stroock & Stroock & Lavan LLP	Anita S. Rosenbloom Stroock & Stroock & Lavan LLP	Lois Tilton Kurzman Eisenberg Corbin & Lever, LLP

Description
Agenda
CLE Credit
Sponsors

This course presents an overview of estate planning under the 2017 Tax Reform Act and its temporary doubling of the Federal estate, gift and generation-skipping tax exemptions. It covers the more common types of trusts and trends in transfer requests for permission to transfer apartments to such trusts, including Grantor Trusts, Qualified Personal Residence Trusts, Spousal Lifetime Access Trusts and Dynasty Trusts. It describes 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 forecasts which trusts will likely be more popular under the 2017 Tax Reform Act.

The program will discuss the role of counsel to coop boards in reviewing these requests and how practitioners can structure their trusts to increase the likelihood of approval. It will also address cooperative and condominium requirements when owning an apartment in a trust. Specifically, the speakers will discuss what documents will be reviewed, whether attorneys’ opinion letters will be necessary and whether buildings require ancillary documents such as guaranty, occupancy agreement or escrow.

OnDemand: $149 for Members | $249 for Nonmembers

Members who are Recent Law Graduates, Newly Admitted Lawyers (earliest admission 2016-2018 in any state or country), In-House/Corporate Counsel, Judges (and their staff), or attorneys that practice within the Government, Academic or Not-for-Profit sectors attend this program for free.

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6:00 p.m. – 6:05 p.m.	Introduction and Program Overview Anita S. Rosenbloom
6:05 p.m. – 6:20 p.m.	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 trustsAnita S. Rosenbloom & Lois Tilton
6:20 p.m. – 7:10 p.m.	Description of Popular Trusts, Tax Attributes and Planning Considerations, including Special Considerations for New York Residents to Substantially Reduce New York Estate Tax and Eliminate the Fiscal Cliff 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 p.m. – 7:30 p.m.	Obtaining Approval of Cooperative Boards Role of Counsel Documents Commonly Requested By Cooperative Corporations Frequent Issues Spendthrift Provision Amendments Rent/Subletting New York State and New York City Transfer Taxes Coop and Condominium Real Estate Tax Abatement and Exemptions “Flip Taxes” Condominiums Right of First Refusal Provisions of By-Laws; Title to Units Documents Commonly Requested by Condominiums Dale J. Degenshein
7:30 p.m. – 8:00 p.m.	Planning Workshop/Questions/Answer Session Anita S. Rosenbloom & Lois Tilton

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CLE Credit
NY: 2.0 Professional Practice
NJ: 2.4 General
CA: 1.5 General
PA: 1.5 General

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

Sponsorship Opportunities are Available! Please Contact:
Angie Avila, Membership Outreach and Sponsorships Manager | (212) 382-6608 | aavila@nycbar.org

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