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

Looking over the edge of the Cliff - The Use of Pooled Income Funds to Reduce the Taxation of Offshore Repatriated Carried...

The addition of IRC Sec 457A effectively ended the ability of investment managers to defer the tax recognition of the carried interest in the investment manager’s offshore fund. Under IRC Sec 457A, hedge fund managers must...more

New Jersey Repeals Estate Tax

As a result of new legislation, New Jersey has eliminated its estate tax as of January 1, 2018. Under the estate tax, New Jersey levies a tax on all assets of a decedent’s estate in excess of $675,000 (except assets passing...more

New Jersey Tax Law Update

The new tax law raises the gas tax to increase state revenue, but also includes provisions that are designed to reduce taxes for New Jersey residents. On October 14, New Jersey Governor Chris Christie signed into law...more

Proposed Regs May Limit US Estate Plan

On August 2, 2016, the US Treasury issued long-awaited pro- posed regulations under Code section 2704 that make comprehensive and very significant changes to the valuation of interests in many family-controlled entities for...more

Important Ruling for Residents of Massachusetts Owning Assets in Other States and Countries

TAXES ON ASSETS IN JURISDICTIONS WITH NO ESTATE TAXES - Since 2001, the Massachusetts Department of Revenue ("DOR") has held that persons in Massachusetts who pass away owning real estate or valuable tangibles located in...more

A Trustee's Duty To Disclose In Texas

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, presented his speech on a “Trustees’ Duty To Disclose In Texas” to the Tarrant County Bar Association’s Business and Estate Section’s membership lunch in...more

Court Affirms Finding That Will Was Lost And Not Revoked

In In the Estate of Burrell, a trial court admitted a copy of will to probate, and a contestant appealed. No. 09-14-00345-CV, 2016 Tex. App. LEXIS 10421 (Tex. App.—Beaumont September 22, 2016, no pet. history). This case was...more

The 5% Solution: IRS Revenue Procedure 2016-42 Provides Relief for the Probability of Exhaustion Test

Charitable Remainder Annuity Trusts (CRATs) can be a very effective charitable planning tool. Choosing to fund a CRAT can remove assets from the estate of the donor, provide a reliable income stream for a family member and...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19516 - Doe v. Boy Scouts of America Corp. SC19516 Concurrence - Doe v. Boy Scouts of America Corp. SC19516 Concurrence - Doe v. Boy Scouts of America...more

When The Power To Amend Doesn’t Actually Mean You Can Amend

Circumstances, laws, and taxes all change. And, when they do, many settlors don’t want their beneficiaries to have to go into court to get permission to roll with the changes. That’s why you often find a trust provision...more

The Repeal of the New Jersey Estate Tax: Is it Now Safe to Move Back to New Jersey?

On October 14, 2016, Governor Christie signed into law a transportation funding bill that also included the repeal of the New Jersey Estate Tax. Here is what you need to know: - The New Jersey Estate Tax repeal will be...more

IRS Regulations Clarify Definition of Spouse for Federal Tax Purposes in Light of Obergefell v. Hodges

The IRS has issued final regulations clarifying the definitions of “spouse,” “husband,” “wife,” and “husband and wife” for federal tax purposes. The final regulations now define “spouse,” “husband” and “wife” as any...more

Tax Law Blog: Updates on the Estate of Prince

The interesting issues with Prince’s estate continue. Previously, I discussed that he died intestate, meaning he did not have any sort of will or other testamentary instrument....more

Make Your Charity Great Again; Double-Check Your Compliance With State Registration Laws

Earlier this month, the New York Attorney General’s office ordered Donald Trump’s foundation to immediately stop soliciting charitable donations in the state. The attorney general also demanded that the Trump Foundation...more

2016 Changes to the Pennsylvania Power-of-Attorney Law

On October 4, 2016, Governor Tom Wolf signed into law technical corrections to the Pennsylvania power-of-attorney law designed to address deficiencies in the law included in amendments previously enacted in 2014. In addition,...more

Madoff Continues On: Recent Tax Court Case Rules on Treatment of Madoff Account

In a recent Tax Court decision, Harry H. Falk, and Steven P. Heller, Co-Executors, v. Commissioner of the Internal Revenue, the United States Tax Court ruled that in the case of the Madoff Ponzi scheme, an estate which paid...more

Executor Loses Out on Fees Due to Section 6166 Lien

A personal representative/executor for an estate granted a special estate tax lien under Code §6324A to the U.S. as part of a Section 6166 election to defer payment of federal estate tax. At the time, the executor had been...more

Trusts and Estates Newsletter - October 2016

Connecticut Has a New Power of Attorney Act - A financial Power of Attorney (“POA”) is a document by which an individual can grant another individual (an “agent”) authority to act on his or her behalf with respect to...more

Changes to the principal residence exemption

On October 3, 2016, the Minister of Finance of Canada announced changes to the federal Income Tax Act that will affect the availability of the principal residence exemption to non-residents and those who hold their principal...more

Beyer Beware: An Examination of a Family Limited Partnership Gone Wrong

The opinion issued on Sept. 29, 2016, in the case of Estate of Edward G. Beyer v. Commissioner of Internal Revenue was the culmination of an estate planning exercise that had an unfortunate ending for everyone involved (other...more

Failure to Make Check-Off on Gift Tax Return Bars 5 Year Ratable Treatment for contribution to 529 Accounts

Contributions made to an education Section 529 plan are taxable gifts. However, such a gift will qualify for exclusion as an annual exclusion gift to the extent of the available exclusion for the donee in the year of the...more

[Webinar] Business Planning in Light of Proposed Regulations under Code § 2704 - October 27th, 12:00p.m. CT

In this webinar, Steve Gorin, the author of his quarterly newsletter, will discuss the proposed regulations under IRC § 2704 that would increase the valuation of business entities in many cases. Attendees will learn when the...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

Choosing an Investment Adviser for a Special Needs Trust

Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the...more

Washington’s New Trustee Delegation Law: Allowing Fiduciaries to More Easily Keep Businesses in the Family

If you are a family business owner in Washington who wants to place control of your business in the hands of a trustee until your beneficiaries are ready to assume control, or for other reasons, a recent change in Washington...more

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