A Focus on Energy: Royalty Trusts
What is an Irrevocable Trust?
Affluent families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking...more
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
Decanting refers to the distribution of trust property of one trust (the “first trust”) to another trust (the “second trust”). Over the past several years, the number of states specifically authorizing decanting by statute...more
In This Issue:
- A Contrarian View on Bypass Trusts
- Getting More Out of Trusts: The Total Return Unitrust
- Estate Planning for Your Eighteen Year Old: What You Need to Do Now May Surprise You
The annual filing imposed on trustees must be submitted by 15 June on new, dedicated forms published by the French tax authorities, and in the French language.
In this issue:
- Valuing LLC Interests: How To Lose In Tax Court
- Should You Keep Your Trust A Secret?
- Effort – A “Stretch IRA” Can Maximize Your IRA’s Benefits
- Estate Planning Red Flag – You...more
The revenue portion of the recently passed Executive Budget for 2014–2015 significantly changes New York’s estate tax and the way in which New York taxes the income of certain trusts.
New York has recently passed new laws that significantly reform its current estate, generation-skipping transfer (GST) tax and income tax scheme. This Private Client Group Client Alert provides a brief overview of New York’s...more
New York’s recently passed legislation, effective April 1, 2014, significantly changes its estate tax regime and income tax regime for certain trusts. This Alert discusses the implications of this legislation....more
As we noted in our recent client alert, New York Governor Andrew Cuomo announced in January that he would introduce legislation intended to reduce the estate tax incentive for New Yorkers to move out of the state shortly...more
We previously alerted you to proposed legislation affecting New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. This month Governor Cuomo signed final...more
On April 1, 2014, the New York state 2014–2015 budget (the "Budget") became effective. The Budget includes legislation (the "Budget Legislation") that makes several significant changes to New York's estate tax regime and to...more
Important legislation has been introduced by New York Governor Andrew Cuomo that, if passed, would substantially change the New York estate tax regime and would also significantly change the income tax rules regarding certain...more
If Governor Cuomo’s proposals are enacted, New Yorkers and non-residents with property located in New York may be facing new taxes this April Fools’ Day.
- New York Estate Tax First, the good news — under the...more
The New York State Legislature is considering some significant proposed changes to the New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. Some important...more
Asset protection trusts promise their settlors the best of many worlds. They allow a grantor to give away assets to a trust and remove them (and any future appreciation in the trust assets) from their taxable estate. However,...more
In your experience, what’s the most costly mistake people make when preparing estate plans, and what can they do to fix them? That’s the question we recently put to attorneys writing on JD Supra....more
In This Issue:
- The BDIT: A trust with a twist
- Thanks, Grandma and Grandpa! 3 estate-planning-friendly strategies to pay for a grandchild’s college education
- Power of attorney abuse: What can you do...more
Bill Ries has prepared a status report for the Pennsylvania Legislature’s current Trust & Estate matters. These tables summarize a number of bills that affect decedents’ estates laws and were introduced in the 2013-14...more
Under the Illinois Income Tax Act (“IITA”), an Illinois resident taxpayer is taxable on 100 percent of its income and a non-resident taxpayer is taxable only on Illinois source income. Until December 2013, whether a taxpayer...more
The constructive general inter vivos power of appointment is the product of the marriage of power of appointment doctrine and creditors’ rights doctrine. It is a topic that is taken up in §4.1.3 of Loring and Rounds: A...more
A regular part of planning for high net worth families are dynasty trusts – long term multi-generational trusts that are exempt from generation skipping tax. The trusts are more attractive than ever, with expanded generation...more
Federal Exclusion from Gift, Estate and Generation-Skipping Transfer Taxes Increases to $5,340,000 in 2014 -
In Revenue Ruling 2013-35, the IRS announced certain inflation adjustments to tax exemptions and deductions....more
I. Perpetual Calendar—Make Sure You Have Time for Reasoned Decisions—Stop trying to remember so much, reduce your stress, and avoid the risk of missing an important date. Every item that you can record onto a perpetual...more
Transfers to charitable lead trusts during lifetime can provide tax benefits to the donor, and can avoid inclusion of the transferred property in the gross estate of the donor for federal estate tax purposes at death....more
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