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We didn't (quite) fall off the cliff, but we still have to clean up the mess!

Proskauer Rose LLP
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USA
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January 8 2013

When the clock struck midnight on December 31, 2012, estate planning practitioners said "good night" to an unprecedented period of working with clients to

Estate of Kite v. Commissioner, T.C. Memo 2013-43

Proskauer Rose LLP
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USA
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March 8 2013

The Tax Court held that a surviving spouse's sale of substantial entity interests to trusts for her children in exchange for a 10-year deferred

New Form 1041, U.S. Income Tax Return for Estates and Trusts for 2012, and instructions released

Proskauer Rose LLP
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USA
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March 8 2013

The IRS has released a final version of the Form 1041, U.S. Income Tax Return for Estates and Trusts for 2012, and the corresponding instructions

PLR 201303003

Proskauer Rose LLP
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USA
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March 8 2013

The IRS privately ruled that a marital trust that qualified as a QTIP trust under Internal Revenue Code Section 2056(b)(7) would still qualify as

March interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts

Proskauer Rose LLP
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USA
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March 8 2013

The March 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4, which is a slight increase from

IRS considering change in method used to determine AFRs

Proskauer Rose LLP
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USA
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March 8 2013

The IRS has announced that it is considering changes to the methodology used to determine the adjusted applicable federal rates (AFRs) and the

March interest rates decrease slightly for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts

Proskauer Rose LLP
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USA
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March 10 2010

The March applicable federal rate (“AFR”) for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3.2

Estate is not entitled to an estate tax charitable deduction for the amount received by a charitable trust pursuant to a settlement agreement

Proskauer Rose LLP
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USA
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March 10 2010

The IRS held that an estate was not entitled to an estate tax charitable deduction for the amount paid to a charitable trust pursuant to a settlement agreement

IRS alerts taxpayers that it intends to issue guidance under Section 2511(c)

Proskauer Rose LLP
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USA
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March 10 2010

Section 2511(c) provides that, notwithstanding any other provision of Section 2511 and except as provided in the regulations, a transfer in trust is treated as a transfer of property by gift unless the trust is treated as wholly owned by the donor or the donor's spouse under the grantor trust provisions

Haiti earthquake relief donations made before March 1, 2010 may be deducted on 2009 returns

Proskauer Rose LLP
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USA
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March 10 2010

On January 22, 2010, President Obama signed into law a provision which allows taxpayers to claim a charitable deduction in tax year 2009 for donations made after January 11, 2010 and before March 1, 2010 for the relief of victims of the Haiti earthquake

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