• Newsletter

    Wealth Management Update

    September 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
     
    Levitan v. Rosen, 95 Mass. App. Ct. 248 (May 6, 2019) – Massachusetts Appeals Court Continues to Make Its Own Rules of Trust Law
     
    Oregon Legislature Enacts Unique Purpose Trust Statute (H.B. 2598)
     
    Alberhasky v. Alberhasky, 2019 WL 2150810 (Iowa Ct. App. May 15, 2019) – Iowa Court Warns that a Trustee May Owe Heightened Fiduciary Duties when a 529 Account Is Held in Trust

    September 2019

  • Newsletter

    Wealth Management Update

    Supreme Court Ruling in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, 588 U.S. [TBD] and its Relevance to Income Taxation of Accumulated Income in California Trusts
     
    July 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
     
    Blau et al. v. Commissioner of Internal Revenue, No. 17-1266 (May 24, 2019)
     
    An Update Regarding Connecticut's Uniform Trust Code
     
    Indiana Allows for Domestic Asset Protection Trusts
     
    PLRs 201919002 and 201919003 – IRC Section 2042

    July 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

    August 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs
     
    Estate of Kollsman v. Commissioner of Internal Revenue, No. 18-70565 (June 21, 2019)
     
    Famiglio v. Famiglio, [TBD] So.3d [TBD] (May 10, 2019)
     
    In Re Rensin, 600 B.R. 870 (May 3, 2019)

    August 2019

  • Newsletter

    Wealth Management Update

    October 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
     
    The Tax Court blesses a "tax affected" appraisal in Estate of Aaron Jones v. Commissioner, T.C. Memo 2019-101
     
    The New York County Surrogate's Court continues to draw the boundaries of subject matter jurisdiction in Matter of Radio Drama, Opinion and Order (Sur. Ct., NY County, July 15, 2019)
     
    The Westchester County Surrogate's Court reminds estate planners to include digital assets provisions in Matter of Coleman's Estate, 63 Misc.3d 609 (Sur. Ct., Westchester County, New York, March 11, 2019)
     
    Soltani-Amadi v. Commissioner, T.C. Summary Opinion, 2019-19 (August 8, 2019) reminds planners to remember the differences between various types of retirement plans

    October 2019

  • Newsletter

    Wealth Management Update


    June Interest Rates Rise for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    IRS Announces New Mortality Tables Under Section 7520
    IRS Issues Two Revenue Rulings on the Taxation of Life Settlements
    California and New York Tax Law Changes
    New York Recognizes Same Sex Spouse Inheritance Rights
    Holographic Will Denied Probate Due to Statutory Time Limit
    Will’s Estate Tax Provision Not Applicable to Witness Beneficiary

    June 2009

  • Newsletter

    Wealth Management Update


    November Interest Rates for GRATs, QPRTs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    IRS Friendly Family Limited Partnership Case – Malkin v. Commissioner, T.C. Memo 2009-212
    Delaware Court of Chancery Decision Has Implications for Trustee Accounting Actions – Merrill Lynch Trust Company, FSB v. Mary F.C. Campbell, et al., C.A. 1803-VCN, V.C. Noble (Delaware Court of Chancery, September 2, 2009)
    IRS Issues Proposed Rules Affecting Type III Supporting Organizations – IRS Proposed Regulations (REG-155929-06)
    Take Care in Drafting Estate Tax Apportionment Clauses – Boulis v. Blackburn, 34 Fla. L. Weekly D1567b (Fla. 4th DCA August 5, 2009)
    IRS Issues Guidance on 2009 Required Minimum Distribution Waiver – Notice 2009-82
    2009 Connecticut Estate and Gift Tax Legislation

    November 2009

  • Newsletter

    Wealth Management Update


    March Interest Rates Decrease Slightly for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
    IRS Alerts Taxpayers that it Intends to Issue Guidance under Section 2511(c) – IRS Notice 2010-19 (February 16, 2010)
    Tax Court Finds Transfer of an Interest in a Limited Partnership and Timberland to an FLP Was Not Includible in the Decedent’s Gross Estate Under Section 2036(a)
    Haiti Earthquake Relief Donations Made Before March 1, 2010 May Be Deducted on 2009 Returns. IR News Release 2010-12 (January 25, 2010)
    The Ninth Circuit Holds That an IRA’s Named Beneficiaries, Rather Than the Decedent’s Wife, Were Entitled to the IRA Funds After His Death
    Surviving Spouse is not Treated as the Payee of the Decedent’s IRA
    Estate is Not Entitled to an Estate Tax Charitable Deduction for the Amount Received by a Charitable Trust

    March 2010

  • Newsletter

    Wealth Management Update


    May Interest Rates Increase Slightly for GRATs, Split Interest Charitable Trusts, Sales to Defective Grantor Trusts and Intra-Family Loans
    Federal District Court Finds Transfer of Interests in LLC to Children Does Not Qualify for the Annual Gift Tax Exclusion – Fisher v. Commissioner, No. 1:08-CV-00908 (March 11, 2010)
    8th Circuit Finds Limited Partnership’s Transfer Restrictions Disregarded when Valuing Stock for Gift Tax Purposes – Holman v. Commissioner, 2010 WL 1331270 (April 7, 2010)
    6th Circuit Finds Regulation Reasonable on Generation-Skipping Transfer Tax – Estate of Timken, 2010 WL 1253627 (April 2, 2010)
    The Tax Court Disallows Charitable Deductions and Imposes Accuracy-Related Penalties for Failure To Substantiate Equipment Donations
    IRS Extends Interim Relief to Trusts and Estates on Investment Advisory Costs - Notice 2010-32 

    May 2010

  • Newsletter

    Wealth Management Update


    November Interest Rates Remain the Same for GRATs but Decline for Sales to Defective Grantor Trusts, and Intra-Family Loans
    Changes in Florida Homestead Laws
    Estate of Stewart v. Commissioner, 2d Cir., No. 07-5370-ag (8/9/10) – Court finds Tax Court erred when it apportioned entire value of a Manhattan brownstone to a Decedent’s estate when Decedent transferred 49% of the property to her son a few years before her death
    United States v. MacIntyre, S.D. Tex., No. 10-2812, (complaint filed 8/6/10) – U.S. government sues estate and donees of J. Howard Marshall II for unpaid gift taxes
    Breakiron v. Guidonis, 2010 WL 3191794 (D. Mass. 8/10/2010) – Court rescinds nonqualified disclaimer and denies gift tax liability
    Estate of Stick v. Commissioner, T.C., No. 16383-08, T.C. Memo. 2010-192 (9/1/10) – Loan interest paid by Trust held nondeductible in decedent’s estate because it was unnecessary
    Estate of La Caer v. Commissioner, 135 T.C. No. 14 (9/7/2010) – Court limits amount that surviving spouse was entitled to claim for tax on prior transfers under §2013

    November 2010