JEFFREY B. KOLODNY

PARTNER

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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

Described by clients in Chambers High Net Worth as “a very competent and experienced attorney with a practical approach,” Jeff advises domestic and international clients on a wide range of estate planning, tax, and fiduciary matters. He specializes in effective wealth transfer and tax strategies, guiding clients through their roles as fiduciaries and beneficiaries, and representing them in complex Surrogate’s Court proceedings, including will contests and accountings.

Jeff regularly advises high net worth individuals including hedge fund managers, private equity managers, entrepreneurs, and family offices regarding transfer tax planning and supports family-owned businesses with business succession strategies. For international clients, Jeff creates plans and structures that achieve wealth transfer and other objectives while minimizing taxes when multiple legal and tax systems apply. He frequently assists foreign individuals with U.S. property, fiduciaries with cross-border assets, and U.S. nationals with international holdings.

Jeff is a full member of the New York Chapter of the Society of Trust and Estate Practitioners (STEP) and serves on the Board of Trustees for 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 is ranked by Chambers High Net Worth and has been recognized by Best Lawyers® for 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

Chambers High Net Worth (Private Wealth Law: Mid-Market)

2024

The Best Lawyers in America®  (Trusts & Estates)

2019 – Present 

Publications

Maximizing QSBS Income Tax Savings With Trusts

New York Law Journal, September 2022

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

Kleinberg Kaplan Attorneys Recognized by Best Lawyers®

 August 15, 2024

Premier boutique law firm Kleinberg Kaplan has been recognized by Best Lawyers®. Seven attorneys from the firm were listed in the 31st edition of The Best Lawyers in America,® and in the fifth edition of the Best Lawyers: Ones to Watch® in America. The Best Lawyers in America® 2025 Philip Gross (Tax Law) Jeffrey B. Kolodny (Trusts & Estates) James R. Ledley (Trusts &…

IRS Announces 2024 Inflation Adjustments to Estate, Gift and Generation-Skipping Tax Exemptions

 November 21, 2023

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…

Kleinberg Kaplan Attorneys Recognized by Best Lawyers®

 August 17, 2023

Premier 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.…

Kleinberg Kaplan Recognized in Chambers High Net Worth 2023

 July 20, 2023

New York, July 20, 2023 — Premier boutique law firm Kleinberg Kaplan announced that it has been recognized by Chambers High Net Worth 2023 as a leading firm. The firm was included in the “Private Wealth Law: Mid-Market – New York” category. For decades, Kleinberg Kaplan has been guiding high net worth individuals—and their families and businesses—as they navigate the…

IRS Announces 2023 Inflation Adjustments to Estate, Gift and Generation-Skipping Tax Exemptions

 October 20, 2022

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…

Kleinberg Kaplan Partner Jeffrey B. Kolodny Published in New York Law Journal

 September 19, 2022

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, 2022

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…

Update: Ways and Means Committee Proposes New Legislation

 October 6, 2021

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 Legislation

 September 28, 2021

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® 2022

 August 19, 2021

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 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…