The IRS recently released Revenue Procedure 2023-34, which announced 2024 annual inflation adjustments for various tax provisions. Effective January 1, 2024, the estate and gift tax basic exclusion amount and the generation‑skipping transfer (“GST”) tax exemption are scheduled to increase from $12,920,000 to $13,610,000. This is an increase of $690,000 per person or $1,380,000 for…
JEFFREY B. KOLODNY
PARTNER
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.
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 by Best Lawyers® (Trusts & Estates) 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
The Best Lawyers in America® (Trusts & Estates)
2019 – Present
Publications
Maximizing QSBS Income Tax Savings With Trusts
New York Law Journal, September 2022
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
IRS Announces 2024 Inflation Adjustments to Estate, Gift and Generation-Skipping Tax Exemptions
November 21, 2023Client AlertsBest Lawyers® Awards Kleinberg Kaplan Top Rankings in Best Law Firms® 2024 Edition
November 2, 2023Firm NewsPremier boutique law firm Kleinberg Kaplan has been recognized in the 2024 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 New York City Metropolitan…
Kleinberg Kaplan Attorneys Recognized by Best Lawyers®
August 17, 2023Firm NewsPremier boutique law firm Kleinberg Kaplan has been recognized by Best Lawyers®. Seven attorneys from the firm were listed in the 30th edition of The Best Lawyers in America,® and in the fourth edition of the Best Lawyers: Ones to Watch® in America. The Best Lawyers in America® 2024 Philip Gross (Tax Law) Jeffrey B. Kolodny (Trusts & Estates) James R.…