JEFFREY B. KOLODNY

PARTNER

Jeff Kolodny advises clients on complex international and domestic estate planning and administration, with a focus on wealth preservation through effective tax planning, structuring, and personal planning for high-net-worth individuals, multinational families and family-owned businesses.

Practices

About

Jeff handles a wide range of estate planning, tax, and other legal matters for international and domestic clients. He frequently advises clients with respect to their wealth transfer and tax planning, obligations as fiduciaries, and rights as beneficiaries of estates and trusts. He also represents fiduciaries and beneficiaries in accounting proceedings, will contests, and other Surrogate’s Court proceedings.

Jeff frequently counsels managers of hedge funds and private equity funds in connection with their transfer tax planning and also advises family-owned businesses regarding the development and implementation of business succession plans.

For international clients, Jeff often creates plans and structures that achieve wealth transfer and other objectives while minimizing taxes when multiple legal and tax systems apply. He frequently represents foreign individuals acquiring or owning U.S. property, individuals and fiduciaries with assets in multiple jurisdictions, and U.S. nationals with assets abroad.

Jeff is a full member of the New York Chapter of the Society of Trust and Estate Practitioners (STEP). Jeff is also a member of the Board of Trustees of The Hudson Guild, a 501(c)(3) multi service community organization serving those who live, work or go to school in the Chelsea neighborhood of Manhattan, with a focus on those in need.

Jeff has been recognized as a leading lawyer in Trust and Estates by “Best Lawyers” since 2018.

Education

New York University School of Law (L.L.M., 1998)

New York University School of Law (J.D., 1995)

SUNY Albany (B.S., 1989)

Bar Admissions

New York

Accolades

Best Lawyers – Trusts and Estates

2019

Publications

The Lows and Highs of Estate Planning in a Pandemic: Making the Most of Estate and Gift Tax Opportunities in the Covid-19 Economy

Bloomberg Tax Management Estates, Gifts, and Trusts Journal, September 2020, Co-Authored with Joshua M. Kaplan

To Do: Year-End Estate Tax Planning

SmartPros, December 2018

Unpredictable Treatment – Should trusts be used in jurisdictions unfamiliar with the concept?

Trusts & Estates, November 2011

The New Expatriation Tax Regime

New York Law Journal, January 2010, Co-Authored with Rachel E. Small

Ties to U.S. and Canada

New York Law Journal, September 2007, Co-Authored with Michael Galligan and Rachel E. Small

Modern Inheritance Develops in China

New York Law Journal, February 2007, Co-Authored with Hao Wang and Michael W. Galligan

Insights

Post-Election Trusts & Estates Planning Considerations

November 9, 2020

In the wake of the 2020 election, many expect that the Biden administration will seek to engage Congress to enact new tax legislation in order to raise revenue to pay the costs associated with the pandemic and other government programs. The administration’s ability to set policy will be impacted by the final results of several…

Kleinberg Kaplan Attorneys Recognized in Best Lawyers in America

August 21, 2020

Premier boutique law firm Kleinberg Kaplan has been recognized in the Best Lawyers in America 2021 edition. Several firm attorneys were listed in the Best Lawyers in America and in the inaugural Best Lawyers in America: Ones to Watch categories. Best Lawyers in America 2021 Philip Gross (Tax Law) Jeffrey B. Kolodny (Trusts & Estates) James R.…

Helping Clients Navigate COVID-19 (Updating)

August 18, 2020,

Kleinberg Kaplan is working closely with our clients to provide counsel and guidance during these unprecedented times. A selection of our recent thought leadership pieces related to the implications of COVID-19 includes: Corporate Considerations  The PPP Just Got Better (June 10, 2020): Chris Davis, Dov Kleiner, Uri Rosenwasser and Benjamin Goldman discuss the key highlights of the…

Current Estate and Gift Tax Planning Opportunities

July 8, 2020

As the global economy continues to feel the disruptive effects of the COVID-19 crisis, now may be an appropriate time to consider potential estate planning opportunities: Low Interest Rates: The IRS prescribes minimum interest rates that taxpayers must charge on most loans (including installment sales) to avoid gift tax consequences. These IRS rates are now…

SECURE, CARES and Retirement Account Distributions in 2020

June 26, 2020

Both the SECURE Act enacted in December 2019 and the CARES Act enacted in March 2020 changed the rules governing distributions from retirement plans and IRAs. Under the SECURE Act, retirement plan participants and IRA owners no longer have to begin taking distributions until April 1 of the calendar year after they reach age 72…

Tax-Exempt Organizations in the Age of COVID-19

April 29, 2020

The COVID-19 crisis presents unique challenges, as well as opportunities, for tax-exempt organizations. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act provides some relief to tax-exempt organizations who may be experiencing difficulties funding their operations and charitable projects as a result of the current situation. In addition, the Internal Revenue Service has postponed tax…

Estate Planning Considerations and COVID-19

March 25, 2020

As the novel coronavirus (“COVID-19”) continues to affect almost all areas of life, the Kleinberg Kaplan Trusts & Estates Practice Group is monitoring developments that may impact our clients’ estate planning. As always, the health, safety and wellbeing of our clients and their families are of paramount importance to us. In light of the current situation,…

SECURE Act Changes Key Retirement Plan and IRA Rules Alerts

December 30, 2019

Retirement benefits (such as pension, profit-sharing, 401(k) or IRA benefits) make up a substantial portion of many people’s assets. Congress recently passed, and the President signed on December 20, 2019, the Setting Every Community Up for Retirement Act (the SECURE Act) as part of the Further Consolidated Appropriations Act, 2020. The SECURE Act made various…

Proposed Regulations May Substantially Mitigate CFC Tax Issues for Funds – Certain Funds May Want to Issue Amended 2018 K-1s

June 20, 2019,

The Internal Revenue Service issued proposed regulations on Friday, June 14th, addressing various aspects of the controlled foreign corporation (“CFC”) rules, including with respect to global intangible low-taxed income (“GILTI”) and, significantly, who is a 10% or more shareholder for inclusion purposes regarding subpart F income and GILTI income. Among other things, the proposed regulations…