Wills, Trusts, & Estate Planning Tax

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

Why trustees need to know something about will residue clauses

The Anglo-American trust is an invention of the judiciary, specifically the English Court of Chancery. The will, a testamentary instrument, on the other hand, is a creature of statute. The testamentary trust is a product of...more

Wealth Management Update - April 2015

Obama Administration Announces Revenue Proposals - The Obama Administration has recently announced its Fiscal Year 2016 Revenue Proposals in its annual "Greenbook." The Greenbook sets forth the Administration's proposals...more

High Net Worth Family Tax Report, Vol. 10, No. 1

Recent Case Illustrates Importance of Keeping Legal Entities in Good Standing - A recent United States Tax Court case illustrates the importance of keeping legal entities in good standing. In Medical Weight Control...more

Tax Policy Update

NUMBER OF THE WEEK: 6.5 percent. The tax rate at which companies could voluntarily repatriate their foreign earnings under the Invest in Transportation Act of 2015 (S. 981). Senators Barbara Boxer (D-CA) and Rand Paul (R-KY)...more

No Federal Estate Tax?

On April 16th, 2015 the U.S. House of Representatives voted overwhelmingly to repeal the federal estate tax. Is this the death knell for the death tax? Probably not this year. But if there is a Republican President after...more

House Approves Estate Tax Repeal, Permanent Extension of State and Local Tax Deduction

The House today passed the Death Tax Repeal Act (HR 1105) and the State and Local Tax Deduction Fairness Act (HR 622). The two bills would repeal the estate tax and the generation-skipping transfer (GST) tax (but not the gift...more

A Trust May Be Subject to California Income Taxation if the Trustee Resides in California

California aggressively taxes non-grantor trusts. A non-grantor trust with a California resident trustee may be subject to California income taxation even if none of the assets of the trust are located in California, none of...more

60 Crummey Withdrawal Beneficiaries Allowed

For many years, courts have recognized that gifts to a trust can qualify for the gift tax annual exclusion as “present interest” gifts if withdrawal powers are granted to beneficiaries.The IRS is hostile to persons being...more

Tax Policy Update

NUMBER OF THE WEEK: $1.4 Trillion. The estimated total of individual income taxes the Internal Revenue Service is expecting to collect on April 15. The U.S. House of Representatives has returned from recess and is planning to...more

Avoid state income taxes with an incomplete nongrantor trust

Now that the federal gift and estate tax exemption has reached an inflation-adjusted $5.43 million, many people are shifting their estate planning focus to income tax reduction. One potentially attractive strategy for...more

Estate planning for personal property: Why you should sweat the small stuff

When planning their estates, most people focus on major assets, such as business interests, real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — tangible personal property. This...more

Irrevocable Life Insurance Trusts - Tax and Nontax Advantages

Creating an Irrevocable Life Insurance Trust (ILIT) can dramatically increase the liquidity of an individual’s estate and effectively leverage the value of the annual $14,000 per donee gift tax exclusion and the $5,430,000...more

Insight on Estate Planning - April/May 2015

In This Issue: - Estate planning for personal property: Why you should sweat the small stuff - How flexible is your estate plan? - Avoid state income taxes with an incomplete nongrantor trust - Estate...more

Can A Form 1040 Income Tax Return Omission Lead to an Extended Statute of Limitations for an Estate Tax Return (Form 706) or...

Surprisingly, yes! At least according to the IRS. How so? Here’s at least one scenario where it is possible: An executor for a decedent’s estate files a final Form 1040 for the decedent. The executor does not report a...more

Tax Policy Update

NUMBER OF THE WEEK: $23 Billion. The total revenue generated by the additional Medicare tax and the net investment income tax used to pay for the Affordable Care Act. The total exceeds the Joint Committee on Taxation’s 2010...more

Will Congress Close the Trust Fund Loophole?

(Comments Regarding President Obama’s 2015 Tax Proposals) On January 17, 2015, the White House released its fact sheet entitled, “A Simpler, Fairer Tax Code that Responsibly Invests in Middle Class Families.” This fact...more

Obama Proposes “Middle Class” Tax Increases at Death

The prospects of significant tax legislation this year are low. Nevertheless, when the President proposes “tax reform” it makes headlines. The Obama administration’s latest tax proposals for fiscal year 2016 would increase...more

Article Abstract: Can Post-Valuation Events Impact Estate Tax valuation?

These abstracts are provided as a service to the readers of Rubin on Tax to advise them of articles that may be of interest to them, both as they are published and as a research tool using the blog's Search function....more

Massachusetts Unveils Limited Amnesty Program

Beginning March 16, 2015, the Massachusetts Department of Revenue is offering an aptly described “limited” amnesty program for taxpayers with certain tax liabilities. Technical Information Release 15-2....more

Life Insurance and Estate Planning

Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....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

Tax Policy Update

NUMBER OF THE WEEK: 8 percent. The increase in the total amount of corporate profits kept abroad, according to the latest analysis of securities filings by Bloomberg News. The report confirms what U.S. companies have as much...more

The Basics of Charitable Remainder Trusts

Planning on making a large gift to charity? Rather than making a gift outright, it might beneficial to consult an attorney and set up a charitable remainder trust, an instrument that allows you to donate to charity while...more

The Artist’s Legacy – Gifts of Art to Family and Friends

In our last blog post, Christine Steiner addressed artists’ business and legal challenges. In this post, Lauren Liebes will address unique issues artist face when making gifts to family and friends of visual art they have...more

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