• Newsletter

    Regulation Update

    FCA Warns Firms to Take Action on GI Distribution Failings

    April 15, 2019

  • Newsletter

    Wealth Management Update


    April Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    Florida Appellate Court Holds that "Strict Compliance with Signature Requirements" is Necessary for Execution of Will. Bitetzakis v. Bitetzakis, No. 2D17-4822, 2019 WL 405568 at *1 (Fla. Dist. Ct. App. Feb. 1, 2019).
    U.S. District Court Holds that No Discount is Allowed for Restriction on Transfer of Stock Where Taxpayer Provided No Evidence that Restriction Would be in Arms' Length Transaction. Kress v. United States, 123 AFTR 2d 2019-XXXX (E.D. Wis.) (March 26, 2019).
    IRS Rules that the Creation and Funding of an "ING" Trust Effectively Was a Non-Grantor Trust for Income Tax Purposes and an Incomplete Gift for Gift Tax Purposes. PLR 201908006.
    IRS Finds that a Sale Between Former Spouses More than Six Years After a Divorce is a Transfer Incident to Divorce for Income Tax Purposes and a Transfer for Full and Adequate Consideration for Gift Tax Purposes. PLR 201901003.
    NY State Legislature Enacts Various Tax Changes in Approving New Budget

    April 2019

  • Newsletter

    Wealth Management Update

    December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    U.S. Department of Treasury 2018-2019 Priority Guidance Plan
    Matter of Seiden, 2018 NY Slip Op. 32541(U) (Oct. 9, 2018)
    Private Letter Ruling 201845029
    In Case You Missed It: Sveen et al. v. Melin, 584 U.S. [TBD] (June 11, 2018)

    December 2018

  • Newsletter

    Personal Planning Strategies

    Estate, Gift and GST Tax Update
    Gift Tax Planning
    Make sure you take your IRA Required Minimum Distributions by December 31, 2018
    New Jersey Estate Tax Was Eliminated on January 1, 2018
    New York Raises Basic Exclusion Amount to $5,740,000
    Connecticut Raises Basic Exclusion Amount Passing Free From Estate and Gift tax to $3,600,000 in 2019
    Crummey Withdrawal Notices – Recommended Practices
    Annual Payment Checklist

    December 2018

  • Newsletter

    Wealth Management Update

    November 2018 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    Federal District Court holds that FBAR claims against a decedent can be brought against a distributee of the decedent's estateU.S. v. Schoenfeld, No. 3:16-cv-01248-J-34PDB (Middle Dist. Fla 9/25/2018)
    Settlement in Cahill case follows the Tax Court's implication that the estate tax value of an intergenerational split-dollar life insurance receivable could be equal to the cash surrender value of the underlying policyEstate of Richard Cahill, US Tax Court Docket No. 10451-16, Joint Stipulation of Settled Issues, August 16, 2018
    In the Matter of the Petition of Wiesen, Tax Appeals Tribunal, Dkt. No. 826284, 09/13/2018
    Tax Cuts and Jobs Act ("TCJA") – Changes to the Alimony Tax Regime Effective after December 31, 2018

    November 2018

  • Newsletter

    Wealth Management Update

    October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    Ohio Court of Appeals Refused to Force Grantor Trust to Reimburse Grantor for Income Tax or to Convert to Non-Grantor Trust Millstein v. Millstein, 2018-Ohio-2295
    Tax Court Appears to Agree with IRS's Position that Estate Tax Value of Rights under Intergenerational Split-dollar Life Insurance Agreements Is at Least Equal to the Cash Value of the Underlying Policies Estate of Cahill v. Commissioner, T.C. Memo. 2018-84 (June 18, 2018)
    Florida Introduces New Decanting Statute Expanding Powers to Decant Florida Statutes Section 736.04117
    South County Courthouse in Palm Beach County, Florida Now Requires Restricted Depositories to Be Opened in Connection with Administration of Estates
    Decedent's Section 457(b) Deferred Compensation Plan, which Was Initially Paid Out to His Estate, Was Allowed to Be Rolled Over by Surviving Spouse PLR201821008
    Proposed Section 199A Regulations Include Anti-Abuse Rules under Section 643(f)
    Changes to H.R. Bill 6068 Removes National Registry of U.S. Entity Ownership
    House Ways and Means Committee Releases Tax Bills, Including One to Make Tax Cuts and Jobs Act of 2018 Permanent

    October 2018

  • Newsletter

    Wealth Management Update

    July Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-family Loans and Split Interest Charitable Trusts (Rev. Rul. 2018-16)
    IRS Publishes Section 6621 Interest Rates for 3rd Quarter 2018 (Rev. Rul. 2018-18)
    IRS Announces Intention to Enact Regulations Disallowing State-level Workarounds for Eliminated SALT Deduction (Notice 2018-54)
    Tax Court Holds that Distributions from Invalidated IRA is Nontaxable (Marks v. Commissioner, T.C. Memo 2018-49)
    9th Circuit Upholds Tax Court Decision that Marriage Settlement Agreement Payments are Alimony under I.R.C. § 71(b) (Leslie v. Commissioner, 9th Cir. Case No. 17-70450)

    July 2018

  • Newsletter

    Wealth Management Update

    June Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    New Jersey's Appellate Division Holds that Court Can Look to Extrinsic Evidence to Determine Settlor's "Probable Intent" in Construing an Unambiguous Term In a Trust. In re: Trust of Violet Nelson, Deceased, 2018 WL 1513450, N.J. App. Div., March 28, 2018).
    IRS Rules that Safe-Harbor Rules for Grandfathered GST Trusts Apply to Determine if a Modification of a GST Exempt Trust Results in a Taxable Distribution or Taxable Termination. PLR 201817002.

    June 2018

  • Newsletter

    Wealth Management Update

    May Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    Alaskan Supreme Court Rules Alaska Cannot Grant Itself Exclusive Jurisdiction over Fraudulent Transfer Actions against an Alaskan DAPT. Toni 1 Trust v. Wacker, 2018 WL 1125033.
    When Faced with Sparse Documentary Evidence, the Tax Court May Apply the Cohan Rule to Estimate Taxpayer's Basis in an IRA. Shank v. Commissioner, T.C. Memo. 2018-33.
    Tax Court Held in Substance Foreign Sales Corporation Dividends Were Income to the Taxpayers; Taxpayer Liable for Tax on Contributions to Roth IRA. Mazzei v. Commissioner, 150 TC No. 7 (Mar. 5, 2018).
    Failure to Correct Error in Gift Tax Return with Subsequent Late GST Allocation Could Result in GST Inclusion Ratio Greater than Zero. PLR 201811002.
    IRS to End Offshore Voluntary Disclosure Program

    May 2018

  • Newsletter

    Wealth Management Update

    March 2018