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Florida Supreme Court limits charging order protection of florida LLCs

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • July 13 2010

On June 24, 2010, the Florida Supreme Court issued its opinion in the case of Shaun Olmstead, et. al., v. Federal Trade Commission holding that a court may order an owner of a single-member Florida Limited Liability Company (“LLC”) to surrender its ownership interest in an LLC to satisfy an outstanding judgment

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
  • -
  • USA
  • -
  • 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

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

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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

House votes to amend GRAT rules

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 26 2010

On March 24, 2010, the House of Representatives approved the Small Business and Infrastructure Jobs Tax Act of 2010 (H.R. 4849) (the “SBIJT Act”), which provides in part for changes to the rules governing grantor retained annuity trusts (“GRATs”) which would require all new GRATs to have a minimum ten-year term

The Ninth Circuit holds that an IRA's named beneficiaries, rather than the decedent’s wife, were entitled to the IRA funds after his death, even though some of the funds in the IRA had been rolled over from a 401(k) plan

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 10 2010

The Ninth Circuit held that the named beneficiaries of an IRA, rather than the IRA owner's wife, were entitled to the IRA funds after his death, even though some of the funds in the IRA had been rolled over from a 401(k) plan subject to ERISA's surviving spouse provisions

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
  • -
  • USA
  • -
  • April 16 2010

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

Federal Court of Claims holds that primary executor of estate was not entitled to reissuance of $10 million refund when check was previously issued to and negotiated by an ancillary executor

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • April 16 2010

The Federal Court of Claims recently denied a U.S. executor’s claim for a federal tax refund when the IRS had previously issued a refund check to a non-U.S. ancillary executor