We use cookies to customise content for your subscription and for analytics.
If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.
In cooperation with Association of Corporate Counsel
  Request new password

Search results

Order by most recent / most popular / relevance

Results: 1-10 of 92

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

IRS issues an inconsistent ruling on whether a grantor trust can hold an IRA - Priv. Ltr. Rul. 201117042 (April 29, 2011)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • July 5 2011

In 2006, the IRS issued Private Letter Ruling 200620025 in which the IRS approved of the transfer of an Inherited IRA to a special needs trust (“SNT”) that was a grantor trust for income tax purposes

Homestead exemption allowed for separated (but not divorced) taxpayer

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • December 6 2010

In Wells v. Haldeos, Fla. Dist. Ct. App., 2nd Dist., Dkt. No. 2D09-4250 (10222010), an appeal by the property appraiser of Pasco County, Florida of a final judgment in favor of the taxpayer, the Florida District Court of Appeals for the 2nd Circuit held that a separated (but not divorced) taxpayer was eligible to receive a homestead exemption for his property in Florida despite the fact that his wife receives a residency-based property tax exemption on a separate property in New York

Nevada passes restrictive “charging order” legislation to increase asset protection afforded by business entities Nevada SB 405 (June 16, 2011)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • August 5 2011

Nevada Senate Bill 405, which was signed into law by the Governor on June 16, provides that a “charging order” is the exclusive remedy of a judgment creditor against interests in Nevada limited liability companies, limited partnerships and corporations

Nevada Governor signed into law S.B. 221 with an effective date of October 1, 2011, which makes Nevada’s asset protection trust laws even stronger S.B. 221, 76th Sess., Reg. Sess.

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • July 5 2011

On June 4, 2011, Nevada Governor Brian Sandoval signed into law S.B. 221 with an effective date of October 1, 2011

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

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

Now is the time to take advantage of changes to the federal gift and generation-skipping transfer taxes in 2010

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • October 15 2010

Two changes to the Federal wealth transfer system that were enacted pursuant to the Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Act") during President Bush's first year in office create, at least in the absence of retroactive legislation, a favorable environment in 2010 for gift planning

Electing out of the application of the estate tax and allocating basis step-up for 2010 decedents

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • August 9 2011

The legislation enacted in December 2010 retroactively reinstated the federal Estate tax for 2010 decedents but allows an applicable Executor to “opt out” of the Estate tax regime by making a “Section 1022 Election”

Use it or lose it - increased gift and GST exemption amounts expire on 123112

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • September 10 2012

On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Act") was signed into law, making significant modifications to the estate, gift and generation-skipping transfer ("GST") taxes