David A. Holstein
October 14, 2026
Few estate planning tools are more widely recommended — or more widely misunderstood — than the revocable living trust. Clients often arrive convinced that a trust will save taxes, shield assets from creditors, or protect them if they ever need nursing home care. A revocable trust does none of those things. What it does do,
Read More »David A. Holstein
September 29, 2026
New York taxes estates at a comparatively low threshold but — like nearly every other estate tax state — imposes no gift tax. For married couples with taxable estates, that single feature of the law creates one of the most powerful planning opportunities available — and the Spousal Lifetime Access Trust, or SLAT, is among
Read More »David A. Holstein
July 15, 2026
A Client Guide to Maximizing the New York Estate Tax Exemption and Avoiding the "Cliff" 1. New York's Estate Tax Works Differently Unlike the federal system, New York does not allow portability of the estate tax exemption between spouses. This means that when the first spouse dies, any portion of that spouse’s New York Basic Exclusion Amount ("BEA") that is unused is lost forever.
Read More »David A. Holstein
October 24, 2024
In this article: What is estate planning? What is the difference between a will, a trust, and an estate? When do I need to a will? What is an asset, and which assets pass at death by will? Where do I start? Conclusion Planning for the future can be daunting, especially when planning for your
Read More »Erika H. Hooker, Joseph J. Porcello, David A. Holstein
March 19, 2020
While the vineyard is still quiet and contemplating the end of winter, now is the perfect time for New York wineries to be considering succession planning. Are there family members ready for more responsibility? Key employees you want to reward going into the next harvest season and beyond? Are you at an age where Medicaid
Read More »David A. Holstein
August 10, 2016
The U.S. Treasury recently issued proposed regulations under Section 2704 of the Internal Revenue Code that severely limit the use of valuation discounts for transfers of limited liability company ("LLC"), partnership and corporate ownership interests among family members. If finalized as proposed, the regulations will negatively impact popular estate planning strategies, such as the gifting
Read More »Aidan Mitchell-Eaton, Julia J. Martin, Sharon A. McAuliffe, Virginia A. Hoveman, Laurence G. Bousquet, David A. Holstein, Emilee K. Lawson Hatch
June 24, 2014
Effective April 1, 2014, New York's rules have changed for estate and gift tax. We have summarized the changes and their potential impact on your estate plan. Click on the document link above to review our full report.
Read More »