Beginning in the 1900s, “financial centers” were established in a wide variety of offshore jurisdictions around the world.  They were essentially tax havens. Recently the challenges to these choices have been evolving. With today’s changes, key factors must be considered when picking a jurisdiction.

Whether shares representing ownership of a cooperative apartment are real property or personal property has perplexed estate lawyers and their clients, especially when the owner/decedent is a non-domiciliary of New York.  Is succession of the shares governed by the laws of New York, where the co-op is located – the case if the shares are realty – or the laws of the domicile of the decedent?  If there is no will, or if a spouse elects against the will, which law applies?
 
A recent Supreme Court, New York County, case sheds some, albeit dim, light on this question.

Partner David I. Faust presented on international tax law at the 20th annual STEP-Israel Conference in Tel Aviv. He also was a speaker on cross-border investments, inheritance and taxation at a joint meeting between the Committee for Private International Law of the Israel Bar Association and members of the New York State Bar Association's International Section.

Legal Update

Trusts can be used for a variety of beneficial purposes: estate and tax planning, avoidance of probate, continuity of a family business, provision for heirs who may not be able to take care of their own financial affairs or needs because of age or lack of capacity, charitable giving and asset protection.  This article describes the two basic types of charitable trusts, as well as asset protection trusts, and explains when it is appropriate to use each type of trust. 

Legal Update

The worldwide elderly population grows annually. Life expectancy is increasing in modern societies, requiring governments to adjust various services provided to this community. Notwithstanding this shift, the growing view is that emphasis should be placed on the right of individuals to have a say in how their affairs are managed, even as their capacity to manage themselves deteriorates.

Legal Update

This past Friday the President signed into effect a new tax law which will impact most if not all Americans.  While the effective date of most of the provisions of the new law is not until January 1, 2018, certain changes made by the new tax law should be addressed immediately in order to take advantage of the law before it changes.

This alert summarizes the most significant changes and provides specific recommendations for action you may want to consider in light of these changes.

Although year-end tax planning always presents challenges, recent tax reform proposals have created a unique set of challenges for taxpayers.  Despite the current uncertainty concerning tax reform, it is important to remember that the proposals are just that: proposals.  This memo highlights several potential income and estate tax-saving opportunities to consider based on current tax law, as well as strategies to receive the maximum benefit under current law and/or protection from any possible future changes.  As with planning opportunities it is important to first do the math to see if any potential opportunity will result in actual savings.  The Tax, Trusts and Estates practice at Gallet Dreyer & Berkey, LLP stands ready to assist you in making these determinations.

Legal Update

Legal Update

Legal Update

Legal Update