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Daniel S. Cohan is Counsel to Sahn Ward Braff Koblenz Coschignano as part of the firm’s Trusts and Estates Department. A frequent lecturer on estate planning issues, he is a member of the Estate Planning Council of New York City, Inc. and the Tax and Estate Planning Council of Nassau County, Inc. He is also a member of the committee for the Surrogate’s Court of the New York County Lawyers Association and a member of the Trust and Estate Committee of the Nassau County Bar Association.
In addition to preparing wills, trusts, living wills, health care proxies, powers of attorney, will probate proceedings, and the administration of estates, Mr. Cohan also handles:
- Preparing South Dakota Dynasty Trusts that completely eliminate the payment of Federal and New York State estate taxes for high-net worth clients. The assets remain in New York, even though it is a South Dakota trust.
- Preparing Nevada Domestic Asset Protection Trusts for safeguarding the assets of clients who anticipate a divorce in the future. The assets remain in New York, even though it is a Nevada trust.
- Preparing South Dakota Limited Liability Companies (“LLC”) to protect assets in the LLC from lawsuits. South Dakota is used because it has the strongest creditor protection laws in the United States. The assets remain in New York, even though it is a South Dakota LLC.
- Preparing Qualified Personal Residence Trusts which permit clients to remain in their homes without their homes being subject to estate taxes.
- Preparing Grantor Retained Annuity Trusts and Guarantor Retained Uni-Trusts which permit clients to make gifts to trusts for their children or grandchildren, while the client retains an income interest in the trust for a term of years, and which trusts are not estate taxed, provided the client survives the term of years.
- Preparing trusts under the “Decanting Law” that allows clients to amend existing irrevocable and unamendable trusts, including life insurance trusts, because of a change in family circumstances.
- Preparing Charitable Remainder Annuity Trusts and Charitable Remainder Uni-Trusts with a Family Foundation for high-net worth clients. The client and his wife are beneficiaries for the life of the trust and, upon the death of the survivor, the trust is paid to their Family Foundation or to a public charity. The tax benefits are no estate taxes when the trust ends, no gift taxes, no need for a client to use his gift exemption, and a personal income tax deduction for the client. Also, the trust pays no capital gains tax, which means clients, who want to sell an asset without paying a capital gains tax, gift the asset to the trust and the trust sells it without paying a capital gains tax.
- Preparing Supplemental Needs Trusts for children and grandchildren with developmental disabilities so that they become eligible for governmental benefits.
- Preparing Pre-Nuptial Agreements for couples about to be married and Post-Nuptial Agreements for couples already married.
- Preparing Intentionally Defective Grantor Trusts for clients who want to sell assets to a trust without paying a capital gains tax on the sale.
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