Wealth Management Update

November 2025 AFRs and 7520 Rate

The November 2025 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.6%, the same as in October. The November applicable federal rate ("AFR") for use with a sale to a defective grantor trust or intra-family loan with a note having a duration of:

• 3 years or less (the short-term rate, compounded annually) is 3.69%, down from 3.81% in October;
• 3 to 9 years (the mid-term rate, compounded annually) is 3.83%, down from 3.87% in October; and
• 9 years or more (the long-term rate, compounded annually) is 4.62%, down from 4.73% in October.

The New York LLC Transparency Act

Statutory Framework: In December 2023, Governor Hochul signed S.B. 995-B, the original version of the New York LLC Transparency Act. In March 2024, Governor Hochul signed S.B. 8059, which effectively replaced the earlier version of the Act and is the operative statute for purposes of reviewing the