On July 2, 2019, the North Carolina Department of Revenue issued a notice setting December 21, 2019, as the deadline for certain taxpayers to file amended returns or tax refund claims based on the U.S. Supreme Court decision...more
7/10/2019
/ Beneficiaries ,
Due Process ,
Estate Tax ,
Exclusive Control ,
Forum State ,
In-State Beneficiaries ,
Income Taxes ,
Minimum Contacts ,
North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust ,
SCOTUS ,
State Taxes ,
Trustees ,
Trusts
On June 24, 2019, Connecticut enacted HB 7104, adopting the Uniform Trust Act. One important provision of the act was the “Connecticut Qualified Dispositions in Trust Act,” permitting the establishment of self-settled...more
On April 9, 2019, the Indiana Legislature enacted S.B. 265 to amend the Indiana Code concerning trusts and fiduciaries. The Indiana governor signed the act May 5. One important provision of the act was the addition of a new...more
Aretha Franklin’s estate is back in the news, this time for a controversy surrounding recently discovered handwritten documents that may — or may not — be accepted by the court as her official will....more
On April 16, 2019, the U.S. Supreme Court heard arguments in Kaestner v. North Carolina Department of Revenue. The case will address the extent of the state’s authority to tax the income of certain trusts. The trustees of the...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following:...more
In an always-anticipated annual tradition, McGuireWoods partner Ronald Aucutt, with help from his McGuireWoods colleagues, has identified the top ten estate planning and estate tax developments of 2018. Ron is chair emeritus...more
For several years, the Capital Region jurisdictions (District of Columbia, Maryland and Virginia) were moving toward consistency. The D.C. estate tax exemption was scheduled to match the federal estate tax exemption on...more
In the first sentence of his master work on families, Anna Karenina, Leo Tolstoy wrote, “Happy families are all alike; every unhappy family is unhappy in its own way.” The passing of another great artist, Aretha Franklin, who...more
On August 8, the Internal Revenue Service (IRS) and the Department of the Treasury released proposed regulations on new section 199A, the 20 percent deduction for qualified business income, added to the Internal Revenue Code...more
In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: -
In re...more
The U.S. Treasury Department and the IRS announced on Friday, July 13, 2018, that they intend to issue regulations on the impact of new section 67(g) of the Internal Revenue Code of 1986 on certain deductions for estates and...more
In late March, the Georgia House of Representatives (by a vote of 103-56) and the Georgia Senate (by a vote of 43-6) passed HB 441, which would have made Georgia the 18th state to permit self-settled domestic asset protection...more
December 20, 2017 President Trump intends to sign into law H.R. 1 (the act), the most comprehensive change to the Internal Revenue Code since 1986. The text of the act numbers nearly 500 pages. What follows is a brief summary...more
The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...more
4/4/2016
/ Defined Value Gifts ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Installment Agreements ,
IRS ,
Stocks ,
Tax Court ,
Tax Penalties ,
Trusts ,
Valuation
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
After the American Taxpayer Relief Act of 2012, many in the estate planning community thought that tax law dealing with estates and trusts was settled for some time. President Obama’s earlier budget proposals calling for a...more