Wills, Trusts, & Estate Planning Tax

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The Waters of March -The Benefits of Owning Life Insurance within a Cascading Charitable Lead Annuity Trusts (CLATs)

...I recall hearing Bossa Nova as a ten year old at my neighbor’s house in the Panama Canal Zone – Sergio Mendes and Brazil 66. The Waters of March is one of many great songs written by Antonio Carlos Jobim and sung by Elis...more

The Deadline Approaches for Requesting an Extension to Make a Portability Election under IRS Revenue Procedure 2014-18’s...

In January 2014 the IRS issued Rev. Proc. 2014-18 providing a simplified method for certain taxpayers to request an extension to make a portability election under Internal Revenue Code (IRC) § 2010(c)(5)(A). However, a...more

Homestead Status Without Current Use Or Possession; Interaction Of Homestead Successor Rights With Terms Of Marital Settlement...

Under Florida law, a decedent will be restricted in devising his or her homestead property at death. If those restrictions apply, surviving spouses and heirs received the interests they would receive under intestacy law. For...more

Bermuda: Taking Charge of the Future - A review of recent legislative changes relating to Trusts and Life Insurance Contracts

Bermuda is a financial centre that is determined to grow, diversify, and improve upon the range and quality of the financial and professional services that it offers to its international clients. This goal is supported...more

Wealth Management Update

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

"The Estate Planner" – September/October 2014

In this issue: - The True Cost Of Giving – Charitable Donations In A No-Estate-Tax Environment - Could An Exchange Help Cover LTC Insurance Costs? - Family Meetings Help Ensure Estate Planning...more

Six Things to Consider Before Making Gifts to Grandchildren

Grandparents often are particularly generous to grandchildren as they see their family’s legacy continuing on to a new generation. In many cases, grandparents feel they have ample resources and their children or grandchildren...more

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

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

IRS Amends Revenue Ruling 81-100 to Permit Participation in Group Trusts by Puerto Rico Plans and Insurance Company Separate...

The Internal Revenue Service (the “IRS”) issued Revenue Ruling 2014-24 (the “Ruling”). The Ruling amends Revenue Ruling 81-100, the ruling that established the requirements applicable to a tax-qualified group trust. The...more

IRS Finalizes Guidance on Rev. Rul. 81-100 Group Trusts, and Insurance Company Separate Accounts

In Rev. Rul. 2014-24, scheduled for publication on September 8, 2014, the Internal Revenue Service (the Service) substantially completed its pending guidance on Rev. Rul. 81-100 group trusts by permanently authorizing the...more

Obermayer’s Estate Planning newsletter - Summer 2014 - Snowbirds Beware: The Pennsylvania Tax Man Wants to Know Where Your Heart...

In this issue: - Snowbirds Beware: The Pennsylvania tax man wants to know where your heart is - Some reminders about Federal Estate and Gift Tax Exclusions - . . . and about IRAs - A consumer...more

Personal Goodwill Of Employee Reduces Estate Tax Value Of Corporate Stock

The question of “personal goodwill” often comes up in sales of corporate assets. When a business is sold, the shareholder will often seek to sell his or her “personal goodwill” in the business separately from the...more

Give unto Caesar (but not a Dollar More!)-The Benefits and Planning Dexterity of the Charitable Lead Annuity Trust

Overview - I have to admit that I was a pretty good high school Latin student. In fact it may have been my best subject. When I got to West Point, I was in for very rude awakening. Not only did I realize too late that...more

An Inherited IRA And Bankruptcy

In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were...more

If You Die Intestate (Without A Last Will And Testament), Will Your Same-Sex Spouse Be Considered A “Spouse” For Purposes Of...

Yes. One of the effects of the Whitewood decision is that same-sex spouses are considered a “spouse” for purposes of Pennsylvania’s intestate succession process. A person domiciled in Pennsylvania who dies without a will is...more

How will the GST tax affect your estate plan?

A new grandparent often considers making a gift to the newest member of the family. However, before taking action, it’s important to understand how the generation-skipping transfer (GST) tax may affect an estate plan. The GST...more

No Disclaiming Federal Tax Liability

Chris owed money to the IRS, and had federal tax liens filed against him. He was also a 1/3 beneficiary of his mother’s estate. To avoid the IRS collecting against his share of the estate, Chris disclaimed his interest...more

Inherited IRAs May Not be Protected from the Reach of Creditors

In a recent decision, the Supreme Court in Clark v. Rameker held that, after the death of the IRA owner, assets in an inherited IRA for a non-spouse beneficiary are not “retirement funds,” and, therefore, are not protected...more

Wills, Trusts and Estates Newsletter - August 2014

In This Issue: - Thinking of Moving to Florida? Maybe a Little Further South is a Better Option - New Investment Thinking for Trustees? - Excerpt from New Investment Thinking for...more

Charitable Planning with S Corporation Stock—Making It Work

Since 1998, charities have been able to own S corporation stock (“S stock”). However, the ownership of S stock by an exempt organization may result in either an unexpected tax burden or a liability rather than an asset for...more

Insight on Estate Planning - August/September 2014

In This Issue: - Unintended consequences: After divorce, review your estate plan to avoid surprises - Protecting your real estate assets - How will the GST tax affect your estate plan? - Estate...more

Estate Planning Matters!

In This Newsletter: - When to Involve an Attorney in Your Charitable Giving - Big Changes to Minnesota Estate and Gift Taxes - Why You and Everyone You Know Needs an Estate Plan - Excerpt from...more

IRS Takes Money From Dead Mom to Pay For Son’s Tax Debt

Most people have some strong feelings about how they want their assets to be distributed upon their death. Some want to give their money to their kids, others are charitably inclined. However, I would guess that very few...more

Tales of Hoffman: Postmortem Planning for Actor’s Estate

The tragic death of actor Philip Seymour Hoffman has given us an opportunity to consider his estate planning, with lessons and strategies for the rest of us....more

Wealth Management Update - August 2014

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

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