Are Santa Clauses in Estate Planning Documents Always a Welcome Gift?

Day Pitney New York-based Trusts and Estates Attorneys Marjorie W. Hornaday, Benjamin Millard and Michael S. Schwartz authored the article titled, “Are Santa Clauses in Estate Planning Documents Always a Welcome Gift?” for the New York State Bar Journal’s Trusts & Estates Law Journal. The article discusses current New York estate tax rules, and reviews certain common planning techniques used by practitioners to minimize estate taxes in certain situations.  Specifically, a clause informally called “Santa Clauses” by practitioners is very commonly found in estate planning documents for New York residents, but the article details potential issues to be mindful of when utilizing this kind of planning.
 
Read the full article here.