Originally held on Thursday, November 14, 2019 | 6:00 p.m. – 8:00 p.m.
| Program Co-Chairs: | ||
|---|---|---|
 Dale J. Degenshein |
 Anita S. Rosenbloom |
 Lois Tilton |
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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 Member | $249 Nonmember
Members who are Recent Law Graduates, Newly Admitted Lawyers (admitted for the first time in any state or country 2017-2019), In-House/Corporate Counsel, Judges, or attorneys that practice within the Government, Academic or Not-for-Profit sectors attend this program for free.
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6:00 – 6:05 pm Introduction and 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 & Lois Tilton
6:20 – 7:10 pm 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 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 Provision Amendments 2. Rent/Subletting 3. New York State and New York City Transfer Taxes 4. Coop and Condominium Real Estate Tax Abatement and Exemptions 5. “Flip Taxes” · Condominiums 1. Right of First Refusal 2. Provisions of By-Laws; Title to Units 3. Documents Commonly Requested by Condominiums Dale J. Degenshein 7:30 – 8:00 pm Planning Workshop/Questions/Answer Session Anita S. Rosenbloom & Lois Tilton
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CLE Credit
New York: 2.0 Professional Practice
New Jersey: 2.4 general
California: 2.0 general
Pennsylvania: 2.0 general -
Sponsoring Association Committees:
Estate & Gift Taxation, David E. Stutzman, Chair
Cooperative & Condominium Law, Margery N. Weinstein, ChairSponsorship Opportunities are Available! Please Contact:
Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org______________________________________________________________