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Surviving spouse is not treated as the payee of the decedent’s IRA and therefore could not take the IRA and roll it over into an IRA in her own name

Proskauer Rose LLP
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USA
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March 10 2010

In this PLR, the IRS found that the decedent's surviving spouse was not treated as the payee of the decedent's IRA, and therefore she could not take the IRA and roll it over into an IRA in her own name

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

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

Federal district court finds transfer of interests in LLC to children does not qualify for the annual gift tax exclusion Fisher v. Commissioner, No. 1:08-CV-00908 (March 11, 2010)

Proskauer Rose LLP
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USA
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May 7 2010

A U.S. District Court in Indiana found the transfer of interests in a LLC to children did not qualify for the annual gift tax exclusion because the interests were considered “future” rather than “present” interests in property due to operating agreement restrictions on the children’s rights relating to the property

Spendthrift provision of trust not invalidated despite control by beneficiary

Proskauer Rose LLP
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USA
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July 1 2010

In Miller v. Kresser, --- So.3d ---, 2010 WL 1779899 (Fla. 4th DCA May 5, 2010), the Florida Court of Appeal, Fourth District, ruled that a creditor cannot invalidate a trust's spendthrift provision to reach the trust assets so long as the language of the trust agreement meets statutory requirements

6th Circuit finds regulation reasonable on generation-skipping transfer tax Estate of Timken, 2010 WL 1253627 (April 2, 2010)

Proskauer Rose LLP
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USA
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May 7 2010

The 6th Circuit found that Treasury Regulation 26.2601-1(b)(1)(v)(A), stipulating that the grandfathering exemption to the generation-skipping transfer tax (“GST”) does not apply when there is a post-statute exercise of lapse of a general power of appointment, is reasonable

Step transaction doctrine applies to aggregate gifts and sales to trusts

Proskauer Rose LLP
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USA
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July 1 2010

In Pierre v. Commissioner, T.C. Memo 2010-106 (May 13, 2010), the Tax Court held that the step transaction doctrine applied to collapse the taxpayer's gifts and sales of LLC membership interests to trusts

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