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Articles by Leah Socash
Milbank Attorneys Examine New York's Pied-à-Terre Tax In New York Law Journal Article
Milbank LLP are most popular: within Finance and Banking, Real Estate and Construction and Antitrust/Competition Law topic(s) with readers working within the Technology and Utilities industries Milbank LLP Trusts, Estates and Exempt Organizations attorneys Amy Albert, Austin Bramwell and Leah Socash authored an article published by the New York Law Journal examining the implications of New York's pied-à-terre tax for common estate planning structures and situations.
Pied-a-Terre Practice Pointers
Although there is a current ‘pause’ of the rollout due to litigation, there is no indication that the tax is going away, and practitioners should be well-versed in the potential pitfalls of common structures and situations when clients call. Approximately halfway through 2026, New York’s so-called pied-a-terre tax was signed into law, with the presumed intent to tax second homes.
Milbank Attorneys Examine New York's Pied-à-Terre Tax in New York Law Journal Article
Home - Perspectives - Milbank Attorneys Examine New York's Pied-à-T... Milbank LLP Trusts, Estates and Exempt Organizations attorneys Amy Albert, Austin Bramwell and Leah Socash authored an article published by the New York Law Journal examining the implications of New York's pied-à-terre tax for common estate planning structures and situations.
The Spousal Unity Rule: An Unconstitutional Grantor Trust Trigger
Unsurprisingly, Congress has long chosen to tax a married grantor on trust income, so long as the grantor's spouse is included in the class of beneficiaries.1 The grantor of a trust, Congress apparently reasoned, does not truly surrender access to income if the grantor can continue to benefit from it indirectly through a spouse.2 In addition — and this time rather surprisingly — Congress has chosen to tax the grantor on trust income so long as even a former spouse remains in the class of...
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