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Results: 1-10 of 195

Wealth management update

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • April 22 2015

The Obama Administration has recently announced its Fiscal Year 2016 Revenue Proposals in its annual "Greenbook." The Greenbook sets forth the

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

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

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

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

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
  • -
  • USA
  • -
  • 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"

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

Estate of Turner v. Comm’r, T.C. Memo 2011-209 (Aug. 30, 2011)

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

The Tax Court has held that (a) assets contributed to a family limited partnership (“FLP”) were includable in a decedent’s gross estate under section 2036(a) of the Internal Revenue Code of 1986, as amended (“I.R.C.”), and (b) premiums paid directly to a carrier on behalf of an insurance trust qualified for the annual gift tax exclusion as present interest gifts

Estate of Nancy P. Young v. United States (D. Mass., No. 1:11-cv-11829-RWZ, 121712)

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

In Estate of Nancy P. Young v. United States, the District Court upheld a latefiling penalty against an estate whose accountants advised it to file

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

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

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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