2014 laid out many new developments for trusts & estates in the state of New York. The public’s access to certain documents became limited and the ownership, transfer, and disposition of digital assets continued to present challenges. New York also made developments in the rights of children conceived after the death of a genetic parent with legislation enacted that allows a child made from genetic material to be considered a child of the genetic parent for inheritance purposes. Changes have also been made to New York’s fiduciary income tax, estate, and gift tax laws. New York also analyzed the effect that their laws have on divorced spouses. A decedent’s former father-in-law was able to inherit property based on New York’s laws over the decedent’s own relatives. Please see Sharon Klein’s article in the New York Law Journal for an in-depth look at these new developments.
See Sharon L. Klein, “Developments, Lessons And Reminders Of 2014,” New York Law Journal (Jan. 5, 2015).
Posted by Aryane Garansi, Associate Editor, Wealth Strategies Journal