On October 18, 2022, the IRS released Revenue Procedure 2022-38, which announced 2023 annual inflation adjustments for various tax provisions. Effective January 1, 2023, the estate and gift tax basic exclusion amount and the generation‑skipping transfer (“GST”) tax exemption are scheduled to increase from $12,060,000 to $12,920,000. This is an increase of $860,000 per person or…
DOROTHY J. CANNETTI
SENIOR COUNSEL
Dorothy J. Cannetti handles all aspects of estate and tax planning, estate and trust administration, and litigation matters in Surrogate’s Court.
Practices
About
In Dorothy’s planning practice, she helps individuals and families establish and implement their wealth-transfer plans to carry out their intentions, but also avoid adverse tax and legal consequences. Dorothy has spent nearly a decade in this space dealing with the more intricate and technical issues necessary to carry out particularly complex plans.
For estate and trust administration matters, Dorothy handles the required Surrogate’s Court proceedings and advises fiduciaries regarding estate, gift, generation-skipping transfer, and income tax issues. She also supervises the day-to-day administration of estates and trusts and oversees the preparation of estate, gift, and income tax returns and various other types of required filings.
As a part of her Surrogate’s Court litigation practice, Dorothy assists in the representation of fiduciaries and beneficiaries. Dorothy has participated in various types of proceedings including will contests, contested judicial accountings, and miscellaneous proceedings. Although contested matters are inherently acrimonious, her goal is to achieve the desired outcome for the client as efficiently as possible.
In addition to her legal practice, Dorothy also serves as the Editor-in-Chief of the Trusts & Estates practice group’s e-newsletter, Private Wealth Quarterly.
Education
New York Law School (J.D., magna cum laude, 2007)
New York Law School Law Review
University at Albany, State University of New York (B.S., summa cum laude, 2004)
Bar Admissions
2008, New York
Insights
IRS Announces 2023 Inflation Adjustments to Estate, Gift and Generation-Skipping Tax Exemptions
October 20, 2022Client AlertsUpdate: Ways and Means Committee Proposes New Legislation
October 6, 2021Client AlertsKleinberg Kaplan recently sent a Trusts & Estates Client Alert discussing potential changes to the tax law that were proposed by the House Ways and Means Committee (click here for the Client Alert). A recent report issued by the House Budget Committee regarding the proposals has important implications concerning the proposed provisions related to grantor…
Ways and Means Committee Proposes New Legislation
September 28, 2021Client AlertsThe House Ways and Means Committee recently released a draft of the tax portion of the proposed reconciliation bill. Some of the proposals affecting individual taxpayers, estates and trusts are described below. Termination of Temporary Increase in Gift and Estate Tax Exclusion Amount The gift and estate tax exclusion amount is presently $11.7 million (indexed…