LAW 614LEC - Estate Planning

Planning for the financial security of the family and preservation of wealth. Federal and State laws relevant to dispositions of wealth during lifetime or at death and/or divorce, with New York emphasis: Intestate descent and distribution; the concept, formalities and anatomy of the will with drafting issues; the “trust” concept and use of various types of trusts; will substitutes; life insurance and powers of appointment; the durable power of attorney, health care declaration and the “living will” in New York. Form of transfer concepts, including split interests, joint tenancy, revocable and irrevocable gifts, with emphasis on marshalling our client’s probate and non-probate estate to provide for the contingencies of living and effectively attend to the transitions at death or disability. Comparison of the property rights of the spouse, with analysis regarding marital deduction planning and the surviving spouse’s right of election; considering the “community property” client; equitable distribution under NY’s Domestic Relations Law. Special planning considerations: Practical planning overview of the 2001 Federal Tax Act’s “phase-out/reanimation” of the federal estate tax, with gift tax, estate tax and generation skipping taxes considered. Business plans to preserve value and family succession to business interests, considering the cross purchase and the stock redemption agreement, red-flag problems in connection with carrying out family business planning. Practical insight regarding the use and structure of charitable gifts; meeting the cost of higher education; Elder law overview; retirement income tax planning; and that ultimate planning issue, VALUATION.

Credits: 3