Let’s review some basics: what is an “estate tax exemption” and why is it so important?
You’ve written that New York is an expensive place to die. How expensive was it to die in New York prior to the changes?
In a nutshell, what’s the big change in the 2014 estate tax law in terms of estate tax exemptions?
Will the new exemptions do anything for the estates of high net worth New Yorkers?
You’ve written that under the new law, some New Yorkers may face estate tax brackets as high as 252 percent. How might this happen?
What is meant by “portability of exemption”?
Are exemptions portable under New York law? If not, what portability pitfalls do wealthy New Yorkers need to avoid?
What is a grantor trust?
What is a non-grantor trust?
How were so-called “deathbed gifts” treated under the prior law?
How are deathbed gifts treated under the new law?
What’s an ING trust?
How does the new law affect ING trusts?
For same-sex couples, what’s the good news coming from the recent Supreme Court case of U.S. v. Windsor?
Windsor left a lot of issues up in the air for same-sex couples. What are some of these?
What advice do you have for same-sex couples in terms of filing status on income tax returns?
How about estate and gift tax returns?
Why should same-sex couples review existing estate plans?
What is your background and experience as a lawyer and an academic?
How did you come to focus on tax and estate planning for high net worth individuals?
What do you find most rewarding about your practice?
Meet New York Estate Planning Attorney Carlyn McCaffrey
You are the co-head of McDermott’s New York private client practice. Tell us about this practice group.