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Using charitable giving techniques to offset income tax from Roth IRA conversions

Proskauer Rose LLP
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USA
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October 15 2010

In our June 2009 issue of Personal Planning Strategies, we explained that, beginning in 2010, all taxpayers, regardless of their income levels, will be eligible to take advantage of the opportunity to convert some or all of their traditional individual retirement accounts or other qualified retirement plans ("IRAs") to one or more Roth IRAs

Petition No. M090929A, NYS Dep’t of Taxation & Finance Advisory Opinion, TSB-A-10(1)(M)

Proskauer Rose LLP
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USA
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June 7 2010

In this Advisory Opinion, New York State determined that a non-resident decedent's interest in a revocable trust that owned interests in several limited liability companies ("LLCs") that held New York real property was not subject to New York State estate tax

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

Proskauer Rose LLP
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USA
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June 7 2010

The June applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3.2, slightly lower than the March rate

Adams v. Comm’r, T.C. Memo 2010-72 (April 13, 2010).

Proskauer Rose LLP
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USA
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June 7 2010

In this case, the Tax Court held that a beneficiary was permitted to claim a mortgage interest deduction for trust property

April interest rates remain steady for GRATs and split interest charitable trusts and increase slightly for sales to defective grantor trusts and intra-family loans

Proskauer Rose LLP
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USA
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April 16 2010

The April applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3

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

Ludwick v. Comm’r, T.C. Memo. 2010-104 (May 10, 2010)

Proskauer Rose LLP
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USA
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June 7 2010

In this case, the Tax Court held that a contribution of a tenancy-in-common interest in a personal residence to a qualified personal residence trust was entitled to a 17 marketability discount from its full fair market value

Federal district court finds promoter of “Aegis” system of “trusts” guilty of conspiracy to defraud and aiding the filing of a false tax return

Proskauer Rose LLP
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USA
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April 16 2010

The defendant in Wasson was found guilty of conspiracy to defraud and of aiding in the filing of a false tax return

Wealth management update

Proskauer Rose LLP
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USA
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June 18 2010

Yesterday, the New York Court of Appeals issued a decision in Estate of Schneider v. Finmann (citation pending), a case involving the applicability of New York's strict privity defense in an estate planning malpractice claim that was previously discussed in our Wealth Management Update Newsletter (June 2010

IRS extends interim relief to trusts and estates on investment advisory costs - Notice 2010-32

Proskauer Rose LLP
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USA
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May 7 2010

The IRS recently issued Notice 2010-32, which extends for another year interim relief for trusts and estates on the treatment of investment advisory costs subject to the 2 floor under 67(a), so that taxpayers will not be required to determine the portion of a bundled fiduciary fee that is subject to the 2 floor for any taxable year beginning before January 1, 2010

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