Wealth Management Update

December 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
United States v. Estate of Sidney Elson, 2019 WL 5061321 (D.N.J. Oct 9, 2019)
 
Matter of Cleopatra Cameron Gift Tr., Dated May 26, 1998, 931 N.W.2d 244 (S.D. 2019) – South Dakota Supreme Court Protects Trusts from California Child Support Order
 
Estate of Kollsman v. Comm'r of Internal Revenue, 777 F. App'x 870 (9th Cir. 2019)
 
Hinds & Shankman, LLP v. Lapides, No. CV 18-10731-CJC(SKX), 2019 WL 4956148 (C.D. Cal. Oct. 8, 2019)
 
New York State Department of Taxation TSB-M-19(2)R
 
Final Regulations Issued for Certain Life Insurance Contract Transactions and Transfer for Valuable Consideration Rules
 
PLR 201941023
 
2020 Estate and Gift Tax Exemptions

on December 2019

Personal Planning Strategies

Estate, Gift and GST Tax Update
What This Means for Your Current Will, Revocable Trust and Estate Plan
 
Gift Tax Update
Exploit the Gift Tax Annual Exclusion Amount
2019 Gift Tax Returns
Make Sure that You Take Your IRA Required Minimum Distributions by December 31, 2019
New Jersey Estate Tax Was Eliminated on January 1, 2018
New York Raises Basic Exclusion Amount to $5,850,000
 
Connecticut Estate Planning Updates
 
Are Stretch Inherited IRAs in Danger?
Implications of the SECURE Act on Estate Planning With Retirement Accounts

on December 2019

Wealth Management Update

November 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
Amendment to California Family Code Section 1615 — Seven Day Waiting Period Before Signing Premarital Agreement
 
Rosenberg v. Commissioner, T.C. Memo 2019-124 — IRA Withdrawal After Divorce Transfer Includible in Income
 
Chief Counsel Advice Memorandum CCA 201939002 — Value of Stock Must Take Into Consideration a Pending Merger

on November 2019

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

on October 2019

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

on September 2019

Best Lawyers 2020 Recognizes 137 Proskauer Lawyers

on August 15, 2019

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)

on August 2019

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

on July 2019

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

on April 2019

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)

on December 2018