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Results: 11-20 of 139

Tax court finds transfer of an interest in a limited partnership and timberland to an FLP was not includible in the decedent’s gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration

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

This Tax Court decision provides another Section 2036 victory for the taxpayer by holding that assets transferred to an FLP were not includible in the decedent's gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration

2014 estate, gift and GST tax update: what this means for your current will, revocable trust and estate plan

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • December 19 2013

As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent: (1) the reunification of the estate and

Liability of a trust protector at issue in McLean v. Ponder

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

The Missouri Court of Appeals recently issued an opinion involving the liability of a Trust Protector for not exercising his powers to remove and

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

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

Rush University Medical Center v. Sessions, 2012 IL 112906 (09202012)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • December 7 2012

In Rush, an estate tried to enforce a self-settled spendthrift trust without a state statute protecting it

Garcia v. Andonie, Fla. No. SC11-554 (1042012)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • November 15 2012

The Florida Supreme Court ruled that a Honduran couple's condominium in Miami-Dade County qualified for the Florida homestead property tax exemption because the couple's minor children were US citizens and permanent residents of the state

Trust cannot claim charitable deduction for fair market value of appreciated property donated to charity, despite fact that property was purchased with trust gross income

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

In Chief Counsel Advice 201042023 (10222010), IRS has held that a trust cannot claim an income tax charitable deduction for the fair market value of appreciated property donated to charity, despite the fact that the property was purchased with the trust's gross income from prior years and was traceable to that income

Delaware Supreme Court offers guidance on when Delaware law applies to a trust originally subject to another state's law

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

In a series of three opinions, all relating to trusts created for the benefit of members of the Peierls Family, the Delaware Supreme Court has

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