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Wills, Trusts, & Estate Planning Tax

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

IRS Schools Taxpayers On Duty Of Consistency

by Charles (Chuck) Rubin on

Shirley died in October 1997. The estate filed an estate tax return and paid the tax indicated. The IRS subsequently audited Shirley’s estate and issued a notice of deficiency. After Tax Court proceedings, the court issued a...more

Estate Planning Still Critical in Uncertain Times

by Bowditch & Dewey on

The “plan” unveiled by the Trump administration in late April to repeal the federal estate tax was a broadly vague outline of tax reform goals. The proposed changes did not mention the federal gift tax or generation skipping...more

Estate Administration Update: A Simplified Procedure for the Portability Election

by Williams Mullen on

Recently, the IRS issued Revenue Procedure 2017-34 (the “Revenue Procedure”), providing a simplified process for certain estates requiring an extension of time to make a portability election under § 2010(c)(5)(A) of the...more

What You Can Do To Minimize the Likelihood of Someone Contesting Your Will

by Moskowitz LLP on

In our first two posts in this series, we discussed who has legal standing to challenge a will and what grounds may form the basis of a will contest. In this third and final post on will contests, we will introduce a few...more

Who Can Bring Forth a Challenge

by Moskowitz LLP on

Following Richard Pratt’s death in 2009, Madison Ashton claimed that she had left her profession as a sex worker to become the Australian billionaire’s kept mistress. Pratt had apparently promised the former Penthouse Pet a...more

Estate Planning and Prenuptial Agreements: Tax Implications of Alimony

by McNair Law Firm, P.A. on

When contemplating marriage and estate planning, frequently, individuals will enter into prenuptial (premarital) agreements to address their rights and obligations during the marriage and in the event of a divorce or death. A...more

IRS Simplifies Ability To Obtain Late Portability Election Relief

by Cole Schotz on

On June 9, 2017, the Internal Revenue Service issued Revenue Procedure 2017-34, which is effective immediately and provides a simplified method to obtain permission for an extension of time under Reg. 301.9100-3 to file Form...more

Tax Refunds for Trusts With Minnesota Grantors? Minnesota Trust Income Tax Statute Ruled Unconstitutional

by Faegre Baker Daniels on

Certain irrevocable trusts created by Minnesota residents after 1995 may be able to claim income tax refunds as a result of the Minnesota Tax Court’s decision in Fielding v. Commissioner of Revenue, handed down on May 31,...more

Wealth Management Update - June 2017

by Proskauer Rose LLP on

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

Is a charitable IRA rollover a viable option?

For those age 70½ or older who plan to make charitable donations this year, qualified charitable distributions from an IRA, also known as charitable IRA rollovers, can provide significant tax benefits. This article details...more

Governor Holds Final Bill Signing Session

by Pessin Katz Law, P.A. on

On May 4th, Governor Larry Hogan conducted his last bill signing session for the 2017 Maryland General Assembly session. Although bill numbers are listed, once signed they become law, but the corresponding chapter numbers are...more

Florida Eliminates the Benefit-of-the-Beneficiary Rule

by Charles (Chuck) Rubin on

Historically, the settlor’s intent is the key item in guiding the administration of a trust. Further, a settlor has a pretty free hand in crafting how a trust will operate, subject to some public policy limitations and legal...more

Pet Trusts

by McNair Law Firm, P.A. on

Most people remember the late Leona Helmsley as the convicted tax felon famous for uttering the words “only little people pay taxes”, but she is also remembered for having a will that left a $12 million trust fund for her...more

2017 Tax Update

by Davis Wright Tremaine LLP on

The current 2017 federal exemption against estate and gift taxes is $5,490,000 per person. This includes a $40,000 increase over the 2016 federal exemption based on an inflation adjustment. Such exemption may be used during...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

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

Podcast - Shrink the Section 457A Tax on Hedge Fund Management and Incentive Fees and Expand Your Impact

by Ropes & Gray LLP on

In a recently released Ropes & Gray podcast, asset management partner Isabel Dische, tax partner Brett Robbins, and private client partner Cameron Casey discuss the effect of Section 457A on pre-2009 management and incentive...more

Families Can Use a Tax-Advantaged ABLE Account to Save for Disability Expenses

by Bowditch & Dewey on

Governor Charlie Baker recently announced the launch of a state sponsored Achieving a Better Life Experience (ABLE) account program that has been long awaited by disabled individuals and their families. This program serves as...more

The Duty of Impartiality and Other Trustee Troubles

by Moskowitz LLP on

Trustees are accountable to both the current income beneficiaries and the remaindermen of a trust, and are often placed in the unenviable position of have to balance the interests of the two. A beneficiary may look forward to...more

Guidelines for Making Prudent Investment Decisions

by Moskowitz LLP on

When the creator of a trust is living, they can manage their trust and invest it however they wish. When a named trustee assumes control of a trust, however, they have a number of investment obligations and duties. A...more

Role of the Trustee

by Moskowitz LLP on

When Edna Sue Pate was appointed trustee of her 10 year-old grandson’s $100,000 college fund in 2003, it is unlikely that her relatives knew about her gambling addiction. Or perhaps they thought that her grandmotherly...more

Tackling Tax Reform – Part IV: What Can We Expect To See

by Garvey Schubert Barer on

On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In our May 3, 2017 blog post, we focused on the likely timing...more

More on Transfer Tax Issues Post Windsor and the Legalization of Same-Sex Marriage

by Bryan Cave on

In a recent Notice, the Internal Revenue Service set forth some administrative procedures helping taxpayers recalculate gift and generation-skipping transfer tax exemption with respect to gifts and bequests made to or for the...more

Succession Planning—Bet the Farm on It

by Ward and Smith, P.A. on

Despite recent trends toward consolidation in the agricultural industry, farming generally remains a family affair. According to the United States Department of Agriculture, 97 percent of all farms in the United States are...more

Why Care About Business Valuation? Part I

by Farrell Fritz, P.C. on

One word: “taxes.” There are so many transactions in which the tax consequences visited upon a closely-held business and its owners, and, therefore the true economic cost of the transaction, will depend upon the valuation of...more

Commercial Division Rejects Third-Party Claim as Derivative in Trusts’ Suit Concerning Upper West Side Beaux-Arts Building

Asserting a claim on behalf of a trust in the Commercial Division can be risky, as the party asserting the claim must establish that the claimed injury is independent of any injury to the trust, and that they are therefore...more

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