June 2014           News | Upcoming Programs & CLE | Reports | Get Involved

CLE

The Multi-State Trusts & Estates Practice: How Connecticut, Delaware, Florida, New Jersey & Pennsylvania Laws Affect New York T&E Practitioners
Tuesday, June 3
6:00 - 9:00 PM

The panel, consisting of Connecticut, Florida, Delaware, New Jersey, New York and Pennsylvania attorneys who are recognized experts in the field of trusts and estates law, will review the laws of those states governing estates and trusts, will highlight the significant differences among such states regarding those laws, and will discuss traps for the unwary that need to be avoided.

 

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Legislation
The Trusts, Estates and Surrogate's Courts Committee's reissued report on delayed legacies supported bill S.4952, which would change the law regarding the payment of interest on a delayed pecuniary legacy. This bill has now passed both houses of the Legislature and awaits delivery to the Governor's office.

2014-15 Executive Budget
In a joint report, the Committees on Trusts, Estates & Surrogate's Courts and Estate & Gift Taxation provided comments on certain aspects of the 2014-2015 New York State Executive Budget dated January 20, 2014. The report offers comments on several of the budget's proposals, including the elimination of the New York generation-skipping tax, reform of the estate tax and several other trusts and tax concerns.

In an article for the New York Law Journal, “Budget Brings Dramatic Changes to Trusts and Estates Law,” written by Sharon Klein, Chair of the Trusts, Estates and Surrogate’s Court Committee, she provides her perspective at what this year’s budget agreement means for New York trusts and estates law.

Hess Lecture
The Committee on Estate and Gift Taxation organized the annual Mortimer H. Hess Memorial Lecture where Jonathan G. Blattmachr, Principal in ILS Management, LLC, spoke on “Trusts Created by Corporations and Partnerships: Something You May Not Have Considered but Need to Know.” This was a first-of-its-kind discussion on having a partnership or corporation create a trust and, in particular, a grantor trust. Mr. Blattmachr argued that it was important for practitioners to be aware of the potential tax benefits of such trust creation. He described in particular the enhanced results that could be achieved in creating a charitable lead trust by an entity rather than by an individual. The lecture was followed by a reception.



Renunciation of Property Interest
The Committee on Trusts, Estates and Surrogate's Courts offered a memorandum in support of a proposed amendment to §2-1.11(D)(5) of the New York State Estates, Powers and Trusts Law. That section requires a decedent's personal representative to obtain prior court authorization to renounce any interest in property to which the decedent became entitled but did not receive prior to his death. Court approval is required even in the most common situation, in which spouses have reciprocal wills with identical beneficiaries who take upon the death of the surviving spouse. Where both spouses die within nine months of each other, disclaimer is often used to minimize the duplication of administration expenses in both estates. The amendment, by removing the requirement of court approval, will reduce expense for the estates and, importantly, reduce delays in implementing the disclaimer, which is ineffective if made more than nine months after death.

Committee Involvement--It's Never too Late
Committees are how the City Bar’s work gets done. Working on a committee can give you great experience while opening up a number of career doors, some you may not even anticipate.

A full list of the City Bar committees along with a brief description of each and an application form can be found on the City Bar’s website. As a number of City Bar committees have more applicants than available slots, please consider applying to more than one committee.

Legislative Affairs
Have an interest in or questions about the City Bar’s legislative work? Send an email to legislation@nycbar.org, visit our website or follow us on Facebook and Twitter.