NEWS
The Workings of Anti-Lapse
With the help of New York’s anti-lapse statute (EPTL § 3-3.3(a)(1)), my firm was able to successfully exclude a very harmful piece of evidence in a heavily contested Will probate proceeding. Petitioner sought to probate a 33-year old Will of which she was a beneficiary. Leading up to trial, Petitioner found an audio recording of .. read more
Oct
New York Estates: QTIP or Portability Election?
Married individuals in New York with a gross estate over the New York applicable exclusion amount but under the federal applicable exclusion amount may be in a QTIP/Portability dilemma. A Qualified Terminal Interest Property (“QTIP”) election, allows estates to qualify for the marital deduction when property is not transferred outright to the surviving spouse. Instead, .. read more
Co-ops: Real or Personal Property?
Real property situated in New York, whether owned by a resident or nonresident of New York, is subject to New York estate tax. However, New York courts and the Department of Taxation and Finance have long held the position that interests in cooperative apartments are not real property and instead treat such interests as intangible .. read more
Aug
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