Wealth Management Update

December 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
Estate of Becker v. Commissioner of Internal Revenue, T.C. Memo 2024-89 (September 24, 2024)
 
Haan v. Haan, No. 364875 (Mich. Ct. App. Oct. 7, 2024)
 
IRS Postpones Deadline for States Impacted by Hurricanes
 
Florida Amendment 5 – Annual Inflation Adjustment for Homestead Exemption
 
Final Regulations on Consistent-Basis and Basis Reporting Issued
 
Lull v. Clark (In re Philpot Est.), No. 365107 (Mich. Ct. App. October 11, 2024)

on December 2024

Key Concerns for Trusts and Estates Pertaining to the Corporate Transparency Act

on November 7, 2024

Wealth Management Update

November 2024 AFRs and 7520 Rate
 
Inflation Adjustments for 2025 & Planning Considerations
 
Delaware "Beneficiary Well-Being Trust"
 
Practice Considerations – Implications for Estate Planning
 
Estate of Williams: Omission of a Testator’s Other Known Children Demonstrated His Intent to Exclude All Preexisting Children, Known or Unknown
 
Estate of Nowell v. Commissioner: Fractional Interest Discount Planning with QTIPS
 
McDougall v. Commissioner: Termination of QTIP Trust Results in Gift Tax Liability to Remainder Beneficiaries
 
Estate of Fields v. Commissioner: Inclusion of Transferred Assets under § 2036(a)

on November 2024

Increase in Tax Audits of Use of Private Aircraft, a/k/a “Corporate Jets”

From Tax Talks on October 28, 2024

Personal Planning Strategies

Estate, Gift and GST Tax Update
 
Gift Tax Update
 
New York Basic Exclusion Amount to Increase in 2025
 
Connecticut Estate Planning Update
 
Massachusetts Estate Planning Update
 
Spousal Lifetime Access Trusts (“SLATS”)

on November 2024

California FTB Releases Updated Proposed Regulations on Market-Based Sourcing Rules – Implications for Asset Managers

From Tax Talks on September 20, 2024

California Franchise Tax Board (FTB) to Apply Market-Based Sourcing Rules to Nonresident Directors of California Based Corporations

From Tax Talks on September 11, 2024

Wealth Management Update

September 2024 AFRs and 7520 Rate
 
In the Matter of the Niki and Darren Irrevocable Trust and the N and D Delaware Irrevocable Trust, No. 2019-0302-SG (Del. Ch., July 24, 2024) – Delaware Court of Chancery Holds Trust Decanting Void Due to Noncompliance with Statutory Requirements
 
Conn. Pub. Act No. 24-104 – Connecticut Uniform Trust Decanting Act
 
Florida Bar Trust Law Committee – Legislative Proposal Re: Amendment to Decanting Statute
 
Neal v. Lamb-Ferrara, 2024 Fla. App. LEXIS 4172 (Fla. Ct. App., 3d Dist., May 29, 2024) - Warning to Out of State Lawyers Who Advise Florida Residents on Trust/Estate Planning and Administration Matters
 
ABA Formal Ethics Opinion 511R – Confidentiality Obligations of Lawyers Posting to Listservs
 
Conley v. Conley (In re Conley Trust), No. 366180 (Mich. Ct. App., July 18, 2024) – Michigan Court Holds Beneficiaries Properly Issued K-1s in Connection with Transfer Made Pursuant to a Trust Settlement Agreement
 
FedEx Corp. v. United States, W.D. Tenn., No. 2:20-cv-02794 – District Court Requests Supplemental Briefing on Impact of Loper Bright Doctrine in a Federal Tax Case; Taxpayer and Government Unsurprisingly Disagree
 
IRS Promulgates Final Regulations and Additional Proposed Regulations with Respect to Required Minimum Distributions from Qualified Retirement Accounts

on September 2024

124 Proskauer Lawyers Named to 2025 Best Lawyers in America® List

on August 21, 2024

Proskauer Advises Dependable Highway Express on Sale of Regional LTL Carrier to Knight-Swift

on August 6, 2024