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The Multi-State Trusts and Estates Practice: How Connecticut, Delaware, Florida, New Jersey & Pennsylvania Laws Affect New York Trusts & Estates Practitioners

Length: 2 hours 44 minutes

Our ever increasingly mobile society tends to result in New York estates and trusts owning assets in other jurisdictions and having beneficiaries who are not New York residents. In addition, New York residents may change their domicile to another state. As a result, New York practitioners may be required to be conversant with the laws of other states to properly administer the non-New York aspects of New York estates and trusts, and to administer the estates and trusts of clients who have moved from New York to another state.  In addition, the differences among the state transfer tax rules of the various states make transfer tax planning for New York residents with assets in both New York and other states, and transfer tax planning for non-New York residents, increasingly complicated.  The panel consist of attorneys who are experts in the field of trusts and estates law in the following states: Connecticut (Mark E. Haranzo), Florida (Yoshimi O. Smith), Delaware (Richard W. Nenno), New Jersey (David A. Ludgin), New York (Sanford J. Schlesinger) and Pennsylvania (Margaret E.W. Sager) who will highlight the significant differences among such states regarding those laws, as well as discuss traps for the unwary.

Agenda

6:00-6:25 pm    State Transfer Taxation                            

            - State Estate Tax, Inheritance Tax, Gift Tax and Generation-Skipping
               Transfer Tax
            - State Transfer Tax Portability    

6:25-6:50 pm        State Income Taxation of Individuals, Estates and Trusts            

            - Domicile of Individuals    
            - Estate and Trust Situs, including “Resident” Trusts     

6:50-7:15 pm    Modification of Trusts                            

            -Decanting of Trusts
            -Merger of Trusts
            -Power to Adjust and Unitrust Regime
            -Trust Duration, Including Rule Against Perpetuities

7:15-7:30 pm     Use of Revocable “Pour Over” Trusts Versus Testamentary Documents     

7:30-7:45 pm    Break                            


7:45-8:05 pm    Directed Trusts                             


8:05-8:25 pm    Duty to Disclose and Account, Including Non-Judicial Settlement of
        Accounts    

8:25-8:45 pm    Legal Fees and Fiduciary Commissions                    


8:45-9:00 pm    Other Peculiarities of Individual States                 

            -No Contest Clauses
            -Florida Homestead Laws
            -Other    

CLE credit: New York: 3.0 professional practice; New Jersey: 3.3 general MCLE; Caifornia & Pennsylvania: 2.5 general


Original Recording Date: 6/3/2014


Produced By:

New York City Bar Association

Course Materials

  • The Multi-State Trusts and Estates Practice: How Connecticut, Delaware, Florida, New Jersey & Pennsylvania Laws Affect New York Trusts & Estates Practitioners
  • Affirmation Document