Join the Estate Planning Council of New York City for the second evening program of the 2015-2016 membership year! Michael Gooen & Tracy Snow will discuss
Having Your Cake & Eating DSUE:
Using a Preferred Partnership to Preserve Portability
“Portability” allows a surviving spouse to inherit her or his deceased spouse’s unused federal estate tax exemption (“DSUE”). However, if the surviving spouse remarries and also survives the new spouse, the DSUE may be lost, potentially costing millions in estate taxes. Rather than face a “use it or lose it” scenario, creative planning with a preferred partnership allows the surviving spouse’s family to enjoy the tax benefit afforded by the DSUE, without requiring the surviving spouse to part with current asset value or cash flow.
About Our Speakers
Michael N. Gooen
Michael N. Gooen is a Partner of Lowenstein Sandler LLP, based in its Roseland, New Jersey and New York City offices. Mr. Gooen concentrates his practice in wealth transfer and tax planning for families and businesses. Mr. Gooen's personal planning practice encompasses the design and implementation of estate plan instruments, multi-generational gifting vehicles, and personal and business arrangements conducive to family asset planning. Mr. Gooen's transactional tax practice focuses on the tax aspects of investment partnerships, joint ventures, mergers and acquisitions, securities offerings and private financings.
Admitted to practice in New Jersey and New York, Mr. Gooen is a Fellow of the American College of Trust and Estate Council (ACTEC) and a Director (Law Division) of the Estate Planning Counsel of New York City. Mr. Gooen is also a member of the Taxation and Real Property, Probate and Trust Sections of the New Jersey Bar Association.
Tracy Snow focuses her practice on estate planning, estate administration, and related tax matters. She structures estate plans to minimize tax liability of high net worth clients and drafts instruments to implement complex planning strategies, including wills, revocable "living" trusts, insurance trusts, dynasty trusts, GRATs, and charitable split-interest trusts. She has extensive experience executing technical tasks involving the generation-skipping transfer (GST) tax, including qualified severances, late allocations of GST exemption, and research related to the automatic allocation of GST exemption and a trust's effective-date status.
Tracy is also involved in many aspects of the estate and trust administration process and has negotiated and drafted numerous settlement agreements accomplishing the final distributions of estate and trusts, including the early termination of charitable remainder unitrusts. She also advises private foundation and public charities on tax compliance and corporate governance matters. Her pro bono practice involves guiding non-profit organizations through the process of applying for tax-exempt status.