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…
JEFFREY B. KOLODNY
Jeff Kolodny is Co-Chair of the Trusts & Estates Practice Group. He 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.
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 by Best Lawyers® (Trusts & Estates) since 2018.
New York University School of Law (L.L.M., 1998)
New York University School of Law (J.D., 1995)
SUNY Albany (B.S., 1989)
The Best Lawyers in America® (Trusts & Estates)
2019 – Present
New York Law Journal, September 2022
Bloomberg Tax Management Estates, Gifts, and Trusts Journal, September 2020, Co-Authored with Joshua M. Kaplan
SmartPros, December 2018
Unpredictable Treatment – Should trusts be used in jurisdictions unfamiliar with the concept?
Trusts & Estates, November 2011
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
New York Law Journal, February 2007, Co-Authored with Hao Wang and Michael W. Galligan
IRS Announces 2023 Inflation Adjustments to Estate, Gift and Generation-Skipping Tax ExemptionsOctober 20, 2022Client Alerts
Kleinberg Kaplan Partner Jeffrey B. Kolodny Published in New York Law JournalSeptember 19, 2022Firm News
Kleinberg Kaplan Partner Jeffrey B. Kolodny was recently published in the New York Law Journal Special Report: Trusts & Estates. His article, “Maximizing QSBS Income Tax Savings With Trusts,” discusses how taxpayers who own QSBS shares and qualify for the QSBS Exclusion can further achieve their estate planning objectives. To read the full article, click…
Kleinberg Kaplan Attorneys Recognized by Best Lawyers®August 18, 2022Firm News
Premier boutique law firm Kleinberg Kaplan has been recognized by Best Lawyers®. Five firm attorneys were listed in the 29th edition of The Best Lawyers in America®. The Best Lawyers in America® 2023 Philip Gross (Tax Law) Jeffrey B. Kolodny (Trusts & Estates) James R. Ledley (Trusts & Estates) David Parker (Commercial Litigation) Bruce D. Steiner (Trusts & Estates) This marks…
U.S. News – Best Lawyers® Awards Kleinberg Kaplan Top Rankings in “Best Law Firms” 2022 EditionNovember 4, 2021Firm News
Premier boutique law firm Kleinberg Kaplan has been recognized in U.S. News & World Report’s 2022 edition of “Best Law Firms” for providing outstanding legal counsel in three practice areas: Trusts & Estates, Commercial Litigation, and Tax. Kleinberg Kaplan was named a Tier 1 law firm for Trusts & Estates at both the National and…
Update: Ways and Means Committee Proposes New LegislationOctober 6, 2021Client Alerts
Kleinberg 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 LegislationSeptember 28, 2021Client Alerts
The 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…
Kleinberg Kaplan Attorneys Recognized in The Best Lawyers in America® 2022August 19, 2021Firm News
Premier boutique law firm Kleinberg Kaplan has been recognized in The Best Lawyers in America® 2022 edition. Several firm attorneys were listed in the 28th edition of The Best Lawyers in America and in the second annual Best Lawyers: Ones to Watch categories. The Best Lawyers in America® 2022 Philip Gross (Tax Law) Jeffrey B. Kolodny (Trusts…
Post-Election Trusts & Estates Planning ConsiderationsNovember 9, 2020Client Alerts
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 Recognized by U.S. News – Best Lawyers® in “Best Law Firms” 2021 RankingsNovember 5, 2020Firm News
Premier boutique law firm Kleinberg Kaplan has been recognized in U.S. News & World Report’s 2021 edition of “Best Law Firms” for providing outstanding legal counsel in two practice areas: Trusts & Estates and Commercial Litigation. Kleinberg Kaplan was named both a National (Tier 2) and New York City Metropolitan (Tier 1) firm for Trusts…
Kleinberg Kaplan Partners Joshua M. Kaplan and Jeffrey B. Kolodny Published in Bloomberg TaxOctober 5, 2020Firm News
Kleinberg Kaplan Partners Joshua M. Kaplan and Jeffrey B. Kolodny were recently published in Bloomberg Tax: Tax Management, Estates, Gifts and Trusts Journal. Their article, “The Lows and Highs of Estate Planning in a Pandemic: Making the Most of Estate and Gift Tax Opportunities in the Covid-19 Economy,” discusses the opportunities 2020 can provide for…
Kleinberg Kaplan Attorneys Recognized in Best Lawyers in AmericaAugust 21, 2020Firm News
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, 2020Client Alerts, FEATURED PUBLICATION
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 OpportunitiesJuly 8, 2020Client Alerts
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 2020June 26, 2020Client Alerts
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-19April 29, 2020Client Alerts
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-19March 25, 2020Client Alerts
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 AlertsDecember 30, 2019Client Alerts
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-1sJune 20, 2019Client Alerts, FEATURED PUBLICATION
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…