Wealth Management Update

September 2023 AFRs and 7520 Rate
 
More Large Inflation Adjustments Are in Store for 2024 and 2025
 
IRS Notice 2023-54: Transition Relief and Guidance Relating to Certain RMDs
 
Estate of Demuth v. Comm'r: Checks Delivered Before, but Deposited After Decedent's Death, are Includable in Decedent's Estate
 
Schaddelee v. Deleon: Using a General Assignment as a "Catch All" for Irrevocable Trust Funding Does Not Supersede a Beneficiary Designation
 
Matter of Wells: Unsuccessful Attempt at Probating a Conformed Copy of a Will
 
Matter of Fakhra: Renunciations are Irrevocable, and They Do Not Need to be Physically Served

on September 2023

174 Proskauer Lawyers Recognized in Best Lawyers in America

on August 17, 2023

Wealth Management Update

August 2023 AFRs and 7520 Rate
 
California Passes Law Taxing Incomplete Gift Non-Grantor Trusts in Same Manner as Grantor Trusts – S.B. 131
 
Estate of Hoensheid v. Comm'r, No. 18606-19, T.C. Memo. 2023-34 (Mar. 15, 2023)
 
Suzanne Montes v. Commissioner, No. 17332-21 (U.S. Tax Ct., June 29, 2023)
 
Yost v. Carroll, No. 20-C-5393 (N.D. Ill., Nov. 18, 2022)
 
Glade Creek Partners LLC et al. v. Commissioner, No. 22272-17, T.C. Memo. 2023-82 (June 29, 2023)
 
Estate of Susan R. Block et al. v. Commissioner, No. 10618-19, T.C. Memo. 2023-30 (Mar. 13, 2023)
 
Donald E. Swanson v. Commissioner, No. 21701-18, T.C. Memo. 2023-81 (June 29, 2023)
 
Scot Thompson Farms LLC v. HAP Holdings Trust et al., No. 8:23-cv-00025 (D. Neb., June 21, 2023)

on August 2023

Wealth Management Update

June 2023 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
IRS Data Book Released for Fiscal Year 2022
 
PLR 2023150002
 
Wrzesinkski v. United States, No. 2:22-cv-03568, (E.D. Pa. Mar 7, 2023)
 
McGuire v. Hall (In re Gregory Hall Tr.), Nos. 361528, 362467, 2023 Mich. App. LEXIS 1866 (ct. app. Mar. 16, 2023)

on June 2023

Wealth Management Update

May 2023 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
IRS Rules that Assets in Irrevocable Grantor Trusts Do Not Receive Basis Step-Up at Death
 
Florida Court Rules that Non-Homestead Property Transferred to Entity May be Reassessed
 
IRS Releases Strategic Operating Plan

on May 2023

Wealth Management Update

April Interest Rates for GRATS, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
Bittner v. United States, 598 U.S. ___ (2023)
 
2023 Greenbook Proposals – As Relevant to Transfer Tax, Trusts and Valuation
 
In re the Trust of Eva Marie Hanson Living Trust dated December 11, 1995 (Minn. Ct. App. Jan. 30, 2023)
 
Vouk v. Chapman, 521 P.3d 712 (Idaho 2022)

on April 2023

Wealth Management Update

March 2023 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
 
In re Pasquale Storto, Jr. Trust, No. 360134, Mich. App. Lexis 268 (Jan. 12, 2023)
 
In re Dissolution of Doehler Dry Ingredient Solutions, LLC, C.A. No. 2022-03540-LWW (Sept. 15, 2022)
 
In re Estate of Raymond Joseph Frisbie, unpublished per curiam Mich. App. opinion 357831 (Nov. 17, 2022)

on March 2023

Wealth Management Update

February 2023 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
 
SECURE Act 2.0
 
Randle v. Farmers New World Life Insurance Company, 2022 Cal. App. LEXIS 918 (Ct. App. Nov. 7, 2022)
 
In re Estate of Wallace, unpublished per curiam Mich. App. opinion 357441
 
Rogers v. Rogers, 47 Fla. L. Weekly d2466 (2d DCA 2022)
 
United States v. Shant Hovnanian et al., No. 3:18-cv-15099 (27 December 2022)

on February 2023

Wealth Management Update

January 2023 AFRs and 7520 Rate
 
New York Estate Tax – 2023 Basic Exclusion Amount
 
Massachusetts Millionaires Tax
 
Alejandro J. Rojas et al. v. Commissioner, No. 7453-19, T.C. Memo. 2022-77 (July 18, 2022)
 
Jennifer Joy Fields et al. v. Commissioner, No. 2925-20S, T.C. Summary Op. 2022-22 (November 10, 2022)
 
Estate of William E. DeMuth, Jr. v. Commissioner, No. 18724-19, T.C. Memo. 2022-72 (July 12, 2022)
 
Betty Amos v. Commissioner, No. 4331-18, T.C. Memo. 2022-109 (Nov. 10, 2022)
 
PLR 202247004
 
Proposed Treasury Regulations – REG-106134-22, Syndicated Conservation Easement Transactions as Listed Transactions (Dec. 6, 2022)
 
U.S. Treasury Department, 2022-2023 Priority Guidance Plan (Nov. 4, 2022)
 
Matter of Walls, No. 2021-1074/A, 2022 NY Slip Op 51165(U) (Monroe Cty. Surr. Ct., Nov. 29, 2022)

on January 2023

Wealth Management Update

December 2022 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
 
Inflation Adjustments for 2023
 
FinCEN – Beneficial Ownership Information Reporting Requirement
 
Matter of Estate of Manchester, 172 N.Y.S. 3d 918 (Sur. Erie Aug. 18, 2022)
 
Heinrich C. Schweizer v. Commissioner, T.C. Memo. 2022-102
 
Pinkert v. Schwab Charitable Fund, 130 AFTR 2d 2022-5986

on December 2022