Estate and Elder Law

Recent Posts

Gifts in Difficult Financial Times
Posted on 5 Oct 2011 by Adam J. Gottlieb

By Adam J. Gottlieb If a person has any desire to make any gifts at all, now may be the best time to make those gifts. I wrote a blog entry here more than a year ago which described certain gifting techniques and the reasoning therefor. I now revisit... Read More

Tags: Gottlieb , Gifts

Can you Move a Uniform Transfers to Minors Act Account to a 529 Plan?
Posted on 12 Feb 2010 by Adam J. Gottlieb

By Adam J. Gottlieb Introduction As the Beneficiary of an UTMA account approaches the age when the account will terminate (“Termination Age”, usually 18 or 21), the UTMA Custodian may be considering his or her options as to the UTMA... Read More

Is That Irrevocable Trust Really Irrevocable? – Perhaps Not
Posted on 12 Nov 2009 by Adam J. Gottlieb

By Adam J. Gottlieb I. Introduction. Even under normal circumstances, at some point after an irrevocable trust is created and funded, it may no longer serve the purpose for which it was originally intended. But what options are available to the grantor... Read More

Tags: Trusts , Gottlieb

Using Grantor Trusts to Transfer Assets
Posted on 12 Oct 2010 by Adam J. Gottlieb

By Adam J. Gottlieb In this entry, I will discuss transfers to an intentionally defective grantor trust ("IDGT"). An IDGT is a trust which provides no direct financial benefit to the transferor. It is a grantor trust under the income tax... Read More

Federal Government Access to Real Estate Transfer Information
Posted on 4 Jan 2012 by Adam J. Gottlieb

By Adam J. Gottlieb There are many positives of the information and technological advances that private citizens have enjoyed over the past several decades. For example, we can now access information at break-neck speed on our handheld phones. We can... Read More

Don’t Forget New York’s Estate Tax – It’s Still There!
Posted on 7 Jun 2011 by Adam J. Gottlieb

By Adam J. Gottlieb Since late last year, there has been much discussion about the new federal estate tax laws. A very important aspect of the federal estate tax changes is not the federal estate tax at all. It is the state estate tax that continues... Read More

Intrafamily Loans – IRC Sec. 7872
Posted on 4 Jan 2010 by Adam J. Gottlieb

By Adam J. Gottlieb Before 1984, a high-income taxpayer could loan money to a lower income taxpayer without charging interest on the loan and the loan terms would be respected on their face. For example, a parent could loan money to his or her child... Read More

Can You Move An UTMA Account To A Trust?
Posted on 16 Jun 2010 by Adam J. Gottlieb

By Adam J. Gottlieb In February, I wrote about moving an UTMA account to a qualified Tuition Program under §529 of the Internal Revenue Code (a "529 Plan"). Other options may also exist. For example, a Custodian of an UTMA account may... Read More

What Happens at the Termination of a QPRT?
Posted on 22 Jul 2011 by Adam J. Gottlieb

By Adam J. Gottlieb In this entry I will discuss using Qualified Personal Residence Trusts and the need for further planning at the end of a QPRT. There are a few preliminary matters to cover. The principal asset inside the QPRT must be a personal... Read More

Compulsory Accountings – Necessary Parties
Posted on 9 Mar 2011 by Adam J. Gottlieb

By Adam J. Gottlieb Settling an accounting for an Estate or Trust can be accomplished in three ways: 1. Informal accounting using receipts and releases; 2. Obtaining a decree upon filing receipts and releases with the court; and 3. Judicial... Read More

Can You Move An UTMA Account To An LLC?
Posted on 14 Jul 2010 by Adam J. Gottlieb

By Adam J. Gottlieb In February and June, I wrote about two options available to an UTMA Account Custodian. A Custodian may consider moving the UTMA property to a 529 Plan or to a Trust. Here I will discuss moving UTMA property to a Limited Liability... Read More

Discovery Proceedings in Estate Administration
Posted on 9 Nov 2011 by Adam J. Gottlieb

By Adam J. Gottlieb The duty of an executor includes marshaling, or obtaining control over, the estate's assets. In certain circumstances, the executor cannot get control over all estate assets because another person may have possession of... Read More

What Happens at the Termination of a QPRT?
Posted on 22 Jul 2011 by Adam J. Gottlieb

By Adam J. Gottlieb In this entry I will discuss using Qualified Personal Residence Trusts and the need for further planning at the end of a QPRT. There are a few preliminary matters to cover. The principal asset inside the QPRT must be a personal... Read More

Gifts in Difficult Financial Times
Posted on 5 Oct 2011 by Adam J. Gottlieb

By Adam J. Gottlieb If a person has any desire to make any gifts at all, now may be the best time to make those gifts. I wrote a blog entry here more than a year ago which described certain gifting techniques and the reasoning therefor. I now revisit... Read More

Tags: Gottlieb , Gifts

Federal Government Access to Real Estate Transfer Information
Posted on 4 Jan 2012 by Adam J. Gottlieb

By Adam J. Gottlieb There are many positives of the information and technological advances that private citizens have enjoyed over the past several decades. For example, we can now access information at break-neck speed on our handheld phones. We... Read More