Wills, Trusts, & Estate Planning Updates

Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:
News & Analysis as of

Holding Assets in Trust for the Next Generation

Over the past few years, we have seen a dramatic increase in the number of clients interested in holding assets in trust for their children. This is a trend we are noticing across the board, regardless of the size of the...more

Proposed 2704 Regulations Attack Valuation Discounts

The IRS has expanded the scope of IRC Section 2704 by issuing proposed regulations that seek to limit the availability of valuation discounts for transfers of interests in family-controlled entities. In general, the purpose...more

CFPB’s proposal for collection of decedent debt: a misguided approach (Part II)

In my blog post yesterday, I shared my concerns regarding the potential consequences of the CFPB’s proposed 30-day hold on all collection contacts after the date of a consumer’s death. A 30-day holding period in which...more

Proposed Rules Would Limit Valuation Discounts for Family Controlled Entities

On August 2, 2016, the Internal Revenue Service proposed regulations that would severely limit valuation discounts for lack of marketability and lack of control that taxpayers have historically applied for federal gift,...more

IRS Proposes Rules That Would Dramatically Reduce Valuation Discounts in Family Business Succession Planning

Business Owners May Have Little Time to Act Before Rules Are Finalized - The valuation of a family member's interest in a family business has a major impact on the success or failure of a transfer of such interest to...more

Password (Sharing) Risks Persist for Fiduciaries and Family Members

In May, I posted about “Estate Planning in the Digital Age” and mentioned the practical limitations of shared passwords as a means of digital estate planning.  Recent cases suggest that relying only on password sharing, even...more

Estate Tax Changes Past, Present and Future

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

IRS Proposes New Rules for Valuing Interests in Family-Owned Businesses

Earlier this month, the IRS issued long-awaited proposed regulations under Section 2704 of the Internal Revenue Code that, if adopted, will have a substantial impact on traditional estate planning techniques commonly utilized...more

IRS Proposes Regulations That Will Eliminate Most Valuation Discounts on Family-Owned Entities

On August 2, 2016, the IRS issued proposed regulations that would eliminate or limit the use of certain valuation discounts regularly applied when valuing interests in family-owned entities for gift and estate tax...more

Is Your Will Up to Date? - Trusts and Estates Update Volume 2016, Issue 1

Once again, a celebrity dies, and people are shocked that he died without a will. Just this past April, after the death of the well-known artist Prince, we learned that he did not have a will, and controversy is swirling...more

IRS Proposes New Regulations That Will Significantly Limit the Use of Valuation Discounts on Transfers of Interests in Closely...

The proposed regulations disregard restrictions that have been used by valuation experts and acknowledged by the courts to reduce valuations. If you are an owner of a closely held entity, recently proposed Treasury...more

Consider Your Options for Charitable Giving - Trusts and Estates Update Volume 2016, Issue 1

There are many charitable giving options that are available to fit a donor’s specific goals. You do not have to be Bill Gates or Warren Buffett to make a difference in the world now and after you are gone. Most of our...more

Proposed Section 2704 Regulations

On August 2, 2016, the Treasury Department released proposed regulations amending and expanding upon the current regulations to Internal Revenue Code Section 2704. The proposed regulations, if adopted, would affect the...more

Court Affirms Dismissal Of Will Contest Based On Public Policy Arguments Arising From Sexual Abuse Allegations

In Merrick v. Helter, a daughter who accused her father of sexual abuse attempted to void her father’s will based on public policy grounds. No. 03-14-00708-CV, 2016 Tex. App. LEXIS 8966 (Tex. App.—Austin August 18, 2016, no...more

New IRS Guidance Allows More People to Use Charitable Trusts

Have you heard? More people can now use charitable remainder annuity trusts thanks to new IRS guidance in the form of Revenue Procedure 2016-42, issued recently....more

IRS Issues Proposed Regulations Affecting Valuations of Family-Owned Companies

On August 2, 2016, the IRS released Proposed Regulations under section 2704 of the Internal Revenue Code of 1986 (“Code”). Those Proposed Regulations, which were published in the Federal Register August 4, 2016, make...more

PilieroMazza Legal Advisor - Third Quarter

GOVERNMENT CONTRACTING - Category Management: What Contractors Need to Know - In December 2014, the Office of Management and Budget (OMB) announced a new initiative called Category Management. This policy could...more

Proposed IRS regulations will limit valuation discounts for family-held entities

On August 2, 2016, the Internal Revenue Service (IRS) released proposed regulations that, when finalized, will affect clients holding and transferring interests in family-controlled entities. Family limited partnerships...more

Court Interprets Will’s Residuary Clause To Create A Determinable Fee Simple Estate

In In re Estate of Morgenroth, a mother died testate with a will that gave specific devises to her two children, a son and daughter. No. 05-15-00777-CV, 2016 Tex. App. LEXIS 7857 (Tex. App.—Dallas July 25, 2016, no pet....more

Proposed IRS Rules Endanger Business Valuation Discounts for Family-Owned Entities

Historically, the IRS has closely scrutinized transfers of interests in family-owned entities between family members. In particular, it has sought to curtail the use of discounts to decrease the estate and gift tax value of...more

Be Careful with Living Trusts that Own S Corporation Stock

In many states, Living Trusts are a person’s key estate planning document. Living Trusts are created to hold assets during life and then dispose of those assets at death according to the person’s directions (here, we will...more

Federal Court Decision Warns Delaware: Be Prepared to Defend Audit Practices in Court

The United States District Court for the District of Delaware dismissed a lawsuit against the Delaware State Escheator, Abandoned Property Audit Manager, and the Secretary of Finance, and Kelmar Associates, LLC, but it came...more

Newly Released Proposed Regulations under Section 2704 Apply Broadly to Disallow Valuation Discounts for Transfer Tax Purposes,...

Overview - On August 4, 2016, the Treasury Department issued much anticipated proposed regulations under §2704 of the Internal Revenue Code, which, if finalized in their current form, will make very significant changes...more

Proposed Regulations May Substantially Reduce the Availability of Valuation Discounts for Interfamily Transfers of Business...

On August 2, 2016, the Treasury Department published Proposed Regulations to Chapter 14 of the Internal Revenue Code which, if adopted, may substantially reduce the availability of valuation discounts for inter-family...more

Pre-immigration and Non-U.S. Resident Planning

Foreign individuals who intend to permanently reside in the U.S., or do not intend to reside in the U.S. but intend to own U.S. property, need considerable legal and tax planning. The definition of “U.S. property” for...more

4,279 Results
|
View per page
Page: of 172

Follow Wills, Trusts, & Estate Planning Updates on:

JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×