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Tax Administrative Agency Wills, Trusts, & Estate Planning

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

Wealth Management Update - July 2017

by Proskauer Rose LLP on

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Conflating tax law and trust law: The strange case of Ciampa v. Bank of America.

by Charles E. Rounds, Jr. on

Under the Internal Revenue Code, an Individual Retirement Account (IRA) may be a trust. See 26 U.S. Code § 408(a). Or it may be a custodianship. See sub-section (h) to §408. Here is sub-section (h) verbatim: FOR PURPOSES...more

The Crummey trust: Keeping both the IRS and the creditors at bay is taking some fancy footwork

by Charles E. Rounds, Jr. on

Since Crummey v. Commissioner was decided in 1968, the IRS has been making life difficult for the settlors of Crummey trusts. Only recently the parties again skirmished, this time over whether an in terrorem clause in the...more

The fiduciary exception to the attorney-client privilege: A recent development

by Charles E. Rounds, Jr. on

In a suit by the beneficiary against the trustee, is the trustee entitled to assert the attorney-client privilege against the beneficiary, or is there a fiduciary exception to the attorney-client privilege? As to...more

The trust decanting statutes: Nuisances that should be repealed.

by Charles E. Rounds, Jr. on

Inherent in a trustee’s discretionary authority to make a distribution of trust property outright and free of trust to a permissible beneficiary of the trust may well be the authority to distribute the property instead to...more

After the Fiscal Cliff — A Summary of the New Federal Gift and Estate Tax Law

by Cole Schotz on

Congress took the fiscal cliff negotiations over the brink but was finally able to reach a deal resulting in the American Taxpayer Relief Act of 2012 (“2012 Act”). The 2012 Act makes the estate and gift tax laws “permanent,”...more

Wealth Management Update Newsletter - January 2013

by Proskauer Rose LLP on

We Didn't (Quite) Fall off the Cliff, But We Still Have To Clean up the Mess! When the clock struck midnight on December 31, 2012, estate planning practitioners said "good night" to an unprecedented period of working...more

The American Taxpayer Relief Act of 2012 Stabilizes Federal Estate, Gift and Generation-skipping Transfer Tax Law

by Dickinson Wright on

The American Taxpayer Relief Act of 2012 (the "2012 Act") — actually passed by Congress on January 1, 2013 — brings welcome stability to federal estate, gift and generation-skipping transfer tax law which has been in...more

Legal Alert: The Cliff-Hanger (Chapter One) is Over: Highlights of the American Taxpayer Relief Act of 2012

On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the Act), effective as of January 1, 2013. In general, the Act made permanent for most taxpayers the tax rate cuts first enacted...more

Charitable Giving Under the New Tax Law: A Unique (But Brief) Opportunity for IRA Rollovers and Other Highlights

The American Taxpayer Relief Act of 2012 enacted in Washington last week creates a unique opportunity for charitable giving. Individuals with IRAs who have attained age 70½ may make a tax-free rollover to charity of up to...more

IRA Charitable Rollover Provisions Revived

The American Taxpayer Relief Act of 2012, signed into law on January 2, 2013, revives the IRA charitable rollover provisions which originally expired in 2011. The revived IRA charitable rollover allows an individual who is...more

The American Taxpayer Relief Act of 2012: A (Mostly) Happy New Year for the Estate, Gift and GST Taxes

by Ropes & Gray LLP on

The nation having stepped off the dreaded fiscal cliff at the end of 2012, Congress immediately pulled the ripcord, passing the “American Taxpayer Relief Act of 2012” (the 2012 Act) on New Year’s Day. President Obama signed...more

Bill To Prevent Cottage Uncapping Signed Into Law

by Varnum LLP on

On December 27, 2012, HR-4753 was signed into law by Michigan Gov. Rick Snyder....more

President Signs American Taxpayer Relief Act of 2012

On Wednesday, January 2, 2013, President Barack Obama signed into law the American Taxpayer Relief Act of 2012. The legislation increased the maximum federal estate tax rate, but otherwise made permanent many of the estate,...more

Tax Law Blog: Estate and Gift Law Tax Aspects of Fiscal Cliff Legislation

by Davis Brown Law Firm on

The Fiscal Cliff legislation passed by the Senate on Monday and the House of Representatives late on New Year’s Day extends the estate, gift and generation skipping tax provisions we have been working with in 2011 and 2012....more

Burr Alert: The Other Side Of The "Fiscal Cliff"

by Burr & Forman on

Congress began 2013 by passing "The American Taxpayer Relief Act of 2012" (the "Act") reflecting a plan negotiated by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) to avoid a series of tax hikes...more

Washington Watch: House GOP Leadership and the ‘Fiscal Cliff’

by McDermott Will & Emery on

An analysis of the year-end fiscal negotiations and their consequences. As the United States rapidly approached the “fiscal cliff,” negotiations between President Barack Obama and House Speaker John Boehner (R-OH)...more

The 7520 Rate Drops to All-Time Low by Lawrence D. Hunt and David S. Raymon

by Partridge Snow & Hahn LLP on

The U.S. Treasury has announced that the applicable federal rate under Section 7520 of the Internal Revenue Code (the “7520 rate”) for November 2012 is 1%, matching an all-time low. While this rate has been low all year, it...more

CRA Provides Update on Audit Priorities and Activities

by Dentons on

At the Canadian Tax Foundation’s recent Ontario Tax Conference (October 29-30), the Canada Revenue Agency provided an update on its current audit priorities and activities as part of the conference’s “Tax Administration...more

Staying clear of the IRS - Tips for estate planning and tax law compliance in a global economy

Originally published in Insights Legal Affairs. Do you own a vacation home in Mexico? Have a bank account in Hong Kong? Has your spouse retained Canadian citizenship? Are you a long-term U.S. resident who was born in the...more

Act Now or Pay More Taxes

by Nexsen Pruet, PLLC on

Nexsen Pruet’s Estate Planning and Wealth Transfer Planning team is encouraging clients to consider making a gift of part or all of their estate exclusions now, or risk paying much more in taxes in the future....more

McNees Insights -- Summer 2012

In This Issue: Planning For College – 529 Accounts; Estate Planning - IRS Issues Temporary Portability Regulations; and Filial Support and Mr. Pittas. Excerpt from Planning For College – 529 Accounts If you...more

Estate and Gift Tax Planning Opportunities Scheduled to “Sunset” on December 31, 2012

The estate and gift tax laws under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, are scheduled to sunset on December 31, 2012. These laws provide opportunities to transfer assets to...more

Wealth Management Update - August 2012

by Proskauer Rose LLP on

In This Issue: - August Interest Rates - Portability Regs. - U.S. v. Johnson, Case No. 2:11-CV-00087, U.S. District Court (May 23, 2012) - New Net Investment Tax Will Afflict Almost All Non-Grantor...more

Questions and Answers About FATCA and Foreign Trusts

by McDermott Will & Emery on

The U.S. Treasury Department recently issued proposed regulations interpreting sections of the Internal Revenue Code (the Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA). The proposed regulations,...more

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