Executors

News & Analysis as of

T&E Litigation Newsletter- May 2016

In the past month, there were three decisions of note. First, in the case of Caffrey v. U.S. Trust, Case No. 15-P-920, 2016 Mass. App. Unpub. LEXIS 454 (Apr. 27, 2016), the Appeals Court was confronted with the question...more

Sign O’ the Times: the Right of Publicity Comes to Minnesota

The ability to control the use of one’s name, likeness, voice, and other personal attributes is known as the right of publicity. Unlike trademarks, patents, and copyrights, which are types of intellectual property governed...more

Who Gets the Little Red Corvette? We’ll Never Know. The Importance of Having a Will.

Prince was not the first famous person to die without a Will. Others who died intestate include: Abraham Lincoln, Ulysses S. Grant, Howard Hughes, Martin Luther King, Jr., Sonny Bono and Pablo Picasso. Dying intestate is...more

Prince: Is His Legacy Really Untold?

As we’ve all seen in the news, musician Prince passed away on April 21, 2016 at the age of 57. According to news sources, on April 26, just five days later, one of Prince’s six siblings, his sister Tyka Nelson, filed...more

Court Holds That Will Did Not Revoke Inter Vivos Trust

In Gordon v. Gordon, a man and his wife executed a revocable trust agreement and began to fund the trust. No. 11-14-00086-CV, 2016 Tex. App. LEXIS 3357 (Tex. App.—Eastland March 31, 2016, no pet. history). The couple later...more

Court Affirmed Holding That Trust Owned Real Estate And Was Entitled To Attorney’s Fees

In Courtade v. Estrada, Estrada created an inter vivos irrevocable trust and deeded real estate into the trust. No. 02-14-00295-CV, 2016 Tex. App. LEXIS 3105 (Tex. App.—Fort Worth March 24, 2016, no pet. history). Two days...more

New Basis Reporting Requirements for Executors and Beneficiaries

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

Fiduciary Alert: IRS Again Extends Time for Consistent Basis Reporting via Form 8971 until June 30, 2016

Effective March 23, 2016, the Treasury Department and Internal Revenue Service published Notice 2016-27, once again extending, until June 30, 2016, the deadline for executors and other persons to complete and file Form 8971...more

A Death in the Family - Now What?

A death in the family is an emotional time, and often the task of closing out the decedent's life is an overwhelming and stressful responsibility left to the decedent's loved ones. Advance planning for the administration of...more

Consistent Basis Reporting Update: Treasury Issues Proposed Rules on Portability Returns, Final Values, and After-Discovered...

On March 4, 2016, the U.S. Department of the Treasury released both temporary and proposed regulations (the “Proposed Regulations”) on the consistent basis and reporting requirements between a decedent’s estate and persons...more

Treasury Green Book Proposals — Definition of Executor

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Privacy + Estate Planning = Handling Your Digital Assets After You Die

The recently-proposed Revised Uniform Fiduciary Access to Digital Assets Act (“Revised UFADAA”) is a potential solution to a problem that most of us eventually will face: how will our digital assets be accessed and used (or...more

IRS Notice 2016-19 Delays Due Date of Form 8971

The IRS has once again delayed the due date for any statements required under §6035(a)(3)(A) of the Code. Under Notice 2016-19, dated February 11, 2016 (the “Notice”), executors and other persons who must file or furnish a...more

IRS Postpones Filing Deadline for New Basis Reporting Requirements Again

As part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, signed into law by President Obama on July 31, 2015, Sections 1014(f) and 6035 were enacted. Section 1014(f) provides rules...more

Wealth Management Update - February 2016

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

New IRS Form Required for Estate Basis Reporting Due Feb. 29

On January 29, 2016, just as tax season is heating up, the IRS released the final version of Form 8971 "Information Regarding Beneficiaries Acquiring Property From a Decedent," and its instructions. As a part of the Surface...more

New Basis Reporting Requirements for Executors and Others Who File Estate Tax Returns

Statutes imposing new reporting requirements on executors and others who file estate tax returns were tacked onto a transportation and veteran's healthcare bill passed by Congress and signed into law last July. The new...more

New Federal Tax Legislation Impacts Executors AND Beneficiaries

This summer, new federal legislation was enacted which requires executors of decedents' estates to file information statements with the Internal Revenue Service ("IRS") as well as with estate beneficiaries, or face penalties....more

Form 8971: Consistent Basis Reporting Between Estate and Persons Acquiring Property From a Decedent

Recent changes to the law have imposed upon executors of a decedent’s estate new reporting obligations with regard to a decedent’s property. In short, the changes require executors, and others if necessary, to file with the...more

Account Transcript May Serve As Estate Tax Closing Letter

An estate tax closing letter is meant to evidence that the IRS has accepted the filing of an estate tax return and that the federal tax liabilities are satisfied, allowing the executor of the estate to close out the estate...more

Health Alert (Australia) - November 2, 2015

In This Issue: -Judgments; Legislation; and Reports -Excerpt from Judgments Australian Capital Territory 29 October 2015 - In the matter of ER (Mental Health and Guardianship and...more

Wealth Management Update - October 2015

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

Wealth Management Update - September 2015

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,...more

Staffing Your Estate Plan

A good estate plan can significantly reduce taxes, streamline transfers of assets after your death, sidestep costly public probate proceedings and minimize family squabbles over inheritance. But if you don’t have the...more

New Duty of Consistency and Basis Reporting Requirement

Under IRC §1014(a), the income tax basis of property acquired from a decedent is generally its fair market value on the date of death, or alternate valuation date if the executor makes an election under IRC §2032. Under Treas...more

47 Results
|
View per page
Page: of 2
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.
×