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Results: 1-10 of 89

Wealth management update

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • September 4 2014

The September 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.2, the same rate as August. The September

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

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

Florida Third District Court of Appeals withdrew its opinion in Habeeb v. Linder that a husband and wife can waive homestead rights merely by signing a joint warranty deed - Habeeb v. Linder, 3D10-1532 (Fla. 3d DCA 2011)

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

On February 9, 2011, the Florida Third District Court of Appeals held that a husband and wife waived their post-death homestead rights merely by signing a joint warranty deed transferring the homestead property to the wife

Favorable "DING trust" rulings PLRs 201310002 201310006

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

In five related rulings, the IRS issued favorable holdings addressing the income and gift tax consequences of so-called "DING trusts." The acronym

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

Sale of assets for fair market value between a marital trust and a nonmarital trust to settle a dispute between beneficiaries and trustees of the trusts was neither a taxable gift nor a transfer of an income interest in a QTIP Priv. Ltr. Rul. 201119003

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

In this private letter ruling, the issue was whether the transfer of assets for fair market value between a marital trust and a nonmarital trust resulted in a taxable gift or a disposition of an income interest in qualified terminable interest property (“QTIP”

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

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

Wealth management update

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • May 7 2014

The May 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4, up 0.2 from April. The May applicable