Constitutional Law Tax Wills, Trusts, & Estate Planning

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North Carolina Court Holds Statute Taxing Trust Income Unconstitutional Kimberly Rice Kaestner 1992 Family Trust v. North Carolina...

On April 23, 2015, Judge Gregory P. McGuire of the Business Court division of the Superior Court of Wake County, North Carolina, issued a decision in the matter of the Kimberly Rice Kaestner 1992 Family Trust v. North...more

Same-Sex Marriages Recognized for Inheritance and Realty Transfer Tax Purposes

In Inheritance Tax Bulletin 2015-01 and Realty Transfer Tax Bulletin 2015-01, issued on February 25, 2015, the PA Department of Revenue announced its policy concerning same-sex marriages and the impact of the May 20, 2014...more

Court Hears Arguments in Litigation Challenging the Constitutionality of North Carolina’s Taxation of Trusts

The Kimberly Rice Kaestner 1992 Trust (the “Trust”) originated from the Joseph Lee Rice, III Family 1992 Trust (the “JLR Trust”) created in 1992. The JLR Trust was created in New York when its initial trustee and settlor were...more

Florida Becomes the 36th State to Allow Same-Sex Marriage

On August 21st, 2014, U.S. District Court Judge, Robert L. Hinkle, in the case of Brenner v. Scott, ruled that Florida’s constitutional and statutory bans on same-sex marriage were unconstitutional. Same-sex couples were...more

Lift of Prohibition on Same-Sex Marriages in Pennsylvania Provides New Estate Planning Opportunities

On May 20, 2014, in the case of Whitewood v. Wolf, Judge John E. Jones III of the U.S. District Court for the Middle District of Pennsylvania struck down Pennsylvania’s ban on same-sex marriages. Like many of the rulings...more

Illinois Trust Taxation Deemed Unconstitutional

Ruling creates planning opportunities to minimize income taxes. In Linn v. Department of Revenue, the Illinois Fourth District Appellate Court reviewed the state’s statutory framework for taxing trusts. Linn v....more

Estates Are Claimants Entitled to Rebates

In a four to three decision, the en banc Commonwealth Court held that a senior citizen’s estate was entitled to a rebate under the Senior Citizens Property Tax and Rent Rebate Assistance Act, 53 P.S. §§ 6926.1301-6926.1313...more

Equal Tax Treatment for Same-Sex Couples in the Wake of Recent Supreme Court Ruling and IRS Guidance

Same-sex marriages now are being recognized under federal tax law for the first time. In June 2013, the Supreme Court released its decision in United States v. Windsor, 530 U.S. 12 (2013), declaring Section 3 of the federal...more

Federal Tax Law Changes and Opportunities for Same-Sex Married Couples

What you need to know: As the result of the Supreme Court’s recent decision in United States v. Windsor and a subsequent ruling by the IRS, same-sex couples who are legally married in a jurisdiction that recognizes...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update (3rd Quarter 2013)

This is a brief update on recent Pennsylvania tax developments. It is intended to provide an overview of issues and cases to watch, as well as administrative and legislative developments. ...more

All Federal Benefits Apply To Same-Sex Marriages

Recently, the U.S. Supreme Court ruled unconstitutional Section 3 of the Defense of Marriage Act (DOMA), which, for federal purposes, defined marriage as between one man and one woman. United States v. Windsor, 570 U.S. ____...more

Wealth Management Update - September 2013

The September §7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.0%, which is the same as the August rate and an increase from July's rate of 1.2%. The applicable federal rate ("AFR")...more

Legal same-sex marriages to be recognized for federal tax purposes

A new federal policy will allow legally married same-sex couples to get the same federal tax benefits as married heterosexual couples. The policy applies even if the same-sex couple lives in a state that does not recognize...more

Estate Planning Opportunities Arising from Recent Revenue Ruling Concerning Marriages of Same-Sex Couples

Revenue Ruling 2013-17 - On August 29, 2013, the US Department of the Treasury (“Treasury”) and the Internal Revenue Service (IRS) issued Revenue Ruling 2013-17 (the “Ruling”) holding that, for purposes of...more

Supreme Court’s Windsor Decision May Create Opportunities for Tax Savings

The Supreme Court’s recent Windsor decision, overturning a section of the Defense of Marriage Act, may allow significant tax savings for certain married same-sex couples. In light of the decision, married same-sex couples,...more

The Impact of the Supreme Court’s Windsor Decision — Death Benefit Goes to Spouse in Same Sex Marriage

See how the Supreme Court’s June 26, 2013 United States v. Windsor decision, which concluded the Defense of Marriage Act unconstitutionally restricted spousal benefits to members of the opposite sex, affects ERISA beneficiary...more

Federal Income Tax Implications of Supreme Court Decision United States v. Windsor

The U. S. Supreme Court’s decision in United States v. Windsor, 570 U.S. ___ (2013) implicates important changes to the interpretation and administration of federal tax laws (including, income, gift and estate taxes). On June...more

Rhode Island, Same Sex Divorce and Portability: Imperfect Together

Rhode Island, Same Sex Divorce and Portability: Imperfect Together by James F. McDonough, Jr. on August 13, 2013 Rhode Island Governor Chafee issued an executive order directing the state to recognize same-sex marriages...more

The Supreme Court Said We're Married … Now What?

We recently sent an E-Alert on what the recent Supreme Court same-sex marriage decisions mean for employers, but what do those decisions mean for the couples themselves in terms of employer and tax benefits?...more

The Fatherless Child: The Law Struggles to Catch Up to Reproductive Technology

The Fatherless Child: The Law Struggles to Catch Up to Reproductive Technology by James F. McDonough, Jr. on August 6, 2013 The Court of Appeals for the Third Circuit filed a decision in Capato v. Commissioner Social...more

Same-Sex Marriage Cases—Planning Opportunities and Pitfalls

The Supreme Court of the United States recently held that the federal government must recognize same-sex marriages that are valid under state law, and effectively reinstated same-sex marriage in the state of California. ...more

How Does DOMA Ruling Affect Your Estate and Tax Planning?

The Supreme Court’s decision in Windsor v. U.S. has effectively struck down Section 3 of the Defense of Marriage Act, also known as DOMA, retroactively. Here are some tax advantages now available to married same-sex...more

Revisiting Estate Planning Post-DOMA

The Supreme Court issued decisions in two landmark cases involving same-sex marriage on June 26, 2013. In United States v. Windsor, the Court held Section 3 of the Defense of Marriage Act (DOMA) to be unconstitutional, which...more

Federal Tax Benefits Expanded to Certain Same-Sex Couples by U.S. Supreme Court

With the U.S. Supreme Court’s landmark ruling in United States v. Windsor on June 26, 2013, same–sex couples legally married in a state that recognizes same-sex marriage, and who reside in such a state, are now governed by...more

Supreme Court’s Message From DOMA Ruling: Get Married!

In the wake of the Supreme Court’s recent decision in United States v. Windsor, you may have been wondering, what are all those “federal benefits now afforded to same-sex couples” that I keep hearing about? Well, one huge...more

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