Marital Deduction Planning

An article by Atty. David J. Correira entitled “Marital Deduction and Credit Shelter Planning” was published in the September 2015 edition of Trusts & Estates. From the article: “The increased federal exemption amounts for estate and gift taxes and the correspondingly larger number of individuals with assets below those amounts don’t necessarily limit or eliminate the use of the marital deduction and credit shelter trust planning. Instead, we may need a new paradigm that uses the marital deduction and the credit shelter trust more creatively. Many clients with assets between $1 million and $5 million will be increasingly eligible for a variety of creative tax planning techniques. Thus practitioners need to identify unique opportunities based on a client’s circumstances and the nuances of individual state rules. Advisors should also consider other issues, such as long term care planning, when formulating strategies for their clients.”
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Private International Law’s Impact on Wills and Property

An article by Atty. David J. Correira entitled “The Lady in Gold and the impact of International Law on Wills and Property” has been published in the March, 2016 edition of Trusts & Estates. From the article, “Since 2006, ‘Adele Bloch Bauer I’ (also known as ‘The Lady in Gold’ and ‘Adele I’) by Gustav Klimt has been on exhibit at the Neue Galerie in New York City, after having been purchased by Ronald S. Lauder for $135 million. The painting is an oil on canvas with gold and silver and is 54 inches by 54 inches. It arrived at the gallery after an arbitration decision in Austria to return the painting to Maria Altmann, the niece of Adele and the sole surviving direct heir of Adele and Ferdinand Bloch-Bauer. The history of the painting spans over 100 years of social, political and legal intrigue, revealing the tragic consequences of the 1938 Nazi Anschluss into Austria, the confiscation of property and artwork of the Jewish population and over 50 years of deceit by the Austrian government to hide the true nature of the ownership.” The case highlights the impact of private international law on trusts and estates.
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