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Tax Court holds that trusteebeneficiary's power to invade trust principal for her "welfare" is limited by an ascertainable standard and trust principal not includible in her estate under IRC 2041(b)(1)(a) estate of Ann R. Chancellor, et al. v. Commiss

Proskauer Rose LLP
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USA
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September 14 2011

Frequently, trust agreements ensure that the principal invasion power held by a trustee who is also a beneficiary is limited to distributions for the beneficiary's "health, education, maintenance and support"

Crummey withdrawal notices recommended practices

Proskauer Rose LLP
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USA
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September 10 2012

Under current tax law, an individual is entitled to make gifts of up to $13,000 per donee per year without being subject to gift tax

No estate tax apportionment against payable on death accounts

Proskauer Rose LLP
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USA
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July 1 2010

In Estate of Sheppard v. Schleis, 2010 WI 32 (Wis. May 4, 2010), the Wisconsin Supreme Court ruled that, in the absence of any tax apportionment directions by the decedent, a beneficiary of a payable-on-death account is not liable for any estate tax imposed on the decedent's estate

U.S. government sues estate and donees of J. Howard Marshall II for unpaid gift taxes

Proskauer Rose LLP
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USA
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November 5 2010

The U.S. government is suing the estate and donees of J. Howard Marshall for a combined $85 million of unpaid gift and GST taxes

Private letter ruling 201203033 (january 20, 2012)

Proskauer Rose LLP
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USA
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March 6 2012

In PLR 201203033, the IRS ruled that a trust qualified as a designated beneficiary after a trust beneficiary released certain portions of a power of appointment

IRS announces notice and proposed regulations regarding Form TD F 90.22-1 Report of Foreign Bank and Financial Accounts (the FBAR) Notice 201023;

Proskauer Rose LLP
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USA
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April 16 2010

The IRS has recently announced further guidance in the area of reporting non-U.S. bank and financial accounts

Tannen v. Tannen

Proskauer Rose LLP
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USA
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February 2 2012

The Supreme Court of New Jersey affirmed the Appellate Division's holding that, for purposes of determining alimony, it was not appropriate to impute income to a wife based on her beneficial interest in an irrevocable trust created and funded by her parents

Florida Governor signed into law C.S.H.B. 325, which establishes that there is no fiduciary exception to the attorney client privilege C.S.H.B. 325, 2011 Leg. (Fla. 2011)

Proskauer Rose LLP
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USA
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July 5 2011

On June 21, 2011, Florida Governor Rick Scott signed C.S.H.B. 325 into law

In the matter of Ranftle, 2008-4585, NYLJ 1202515287643, at 1 (N.Y. Surr. Ct., N.Y. Sounty, Sept. 14, 2011)

Proskauer Rose LLP
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USA
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November 15 2011

The New York County Surrogate’s Court has held that a decedent reestablished his domicile in New York

Estate of Schneider v. Finmann, 2009 NY Slip Op 2319 (App. Div. Mar. 24, 2009) (appeal pending before Court of Appeals)

Proskauer Rose LLP
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USA
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June 7 2010

This case was argued before the Court of Appeals on May 4, 2010, and has not yet been decided by the Court

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