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Results: 1-10 of 191

New York significantly changes its estate tax no decrease in estate tax for the wealthy

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • April 3 2014

The New York State legislature has passed, and New York Governor Andrew M. Cuomo has signed, the Executive Budget for 2014-2015, which significantly

Crummey withdrawal notices recommended practices

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

Creating a "GRAT": heads you win, tails you break even

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • September 1 2011

Creating a grantor retained annuity trust (commonly referred to as a "GRAT") is a relatively simple way to transfer property to your children at virtually no gift tax cost

Nassau Surrogate's Court issues opinion on decanting under New York EPTL 10-6.6

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • December 12 2013

With In Re Kroll, 971 N.Y.S.2d 863, the Nassau Surrogate Court has issued what may be the first opinion dealing with the amended decanting statute

Late GST exemption allocation PLR 201313003

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • May 1 2013

The IRS exercised its discretion to allow a taxpayer to make a late allocation of GST exemption. Over a six-year period, the taxpayer made transfers

Recharacterizing Roth IRA conversions

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • December 15 2011

Beginning in 2010, many of our clients became eligible for the first time to convert their traditional individual retirement accounts or other qualified retirement plans ("Traditional IRAs") to Roth individual retirement accounts ("Roth IRAs") as a result of changes enacted under the Tax Increase Prevention and Reconciliation Act of 2005 ("TIPRA"

New York considers raising estate tax exemption, reinstating gift tax, eliminating GST tax and closing the resident trust loophole

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • January 9 2014

On November 14, 2013, the New York State Tax Reform and Fairness Commission presented its final report to the Governor containing various

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

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

No estate tax apportionment against payable on death accounts

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

Schwab v. Commissioner, 111 AFTR-2d 2013-667 (April 24, 2013)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • June 3 2013

The Court of Appeals for the 9th Circuit held that the "amount actually distributed" when taxpayers received ownership of life insurance policies was