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Results: 1-10 of 92

IRS extends interim relief to trusts and estates on investment advisory costs - Notice 2010-32

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • May 7 2010

The IRS recently issued Notice 2010-32, which extends for another year interim relief for trusts and estates on the treatment of investment advisory costs subject to the 2 floor under 67(a), so that taxpayers will not be required to determine the portion of a bundled fiduciary fee that is subject to the 2 floor for any taxable year beginning before January 1, 2010

August interest rates for grats, sales to defective grantor trusts, intra-family loans and split interest charitable trusts continue decline

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

The August applicable federal rate (“AFR”) for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.2

IRS Notice 2012-21 (352012)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • April 2 2012

In order for a surviving spouse to retain use of a deceased spouse's unused estate tax exemption, he or she must make a portability election on a timely filed federal estate tax return for the deceased spouse, even if no federal return needs to be filed because the decedent's assets were below his or her remaining federal estate tax exemption amount

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

Federal district court finds transfer of interests in LLC to children does not qualify for the annual gift tax exclusion Fisher v. Commissioner, No. 1:08-CV-00908 (March 11, 2010)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • May 7 2010

A U.S. District Court in Indiana found the transfer of interests in a LLC to children did not qualify for the annual gift tax exclusion because the interests were considered “future” rather than “present” interests in property due to operating agreement restrictions on the children’s rights relating to the property

Wealth management update

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • June 18 2010

Yesterday, the New York Court of Appeals issued a decision in Estate of Schneider v. Finmann (citation pending), a case involving the applicability of New York's strict privity defense in an estate planning malpractice claim that was previously discussed in our Wealth Management Update Newsletter (June 2010

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

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • February 2 2012

The February 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4

Chief Counsel Advice Memorandum 201208026 (9282011)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • April 2 2012

In a recently released Memorandum, the IRS Office of Chief Counsel concludes that contributions made by Settlors to a discretionary trust for their descendants were taxable gifts, since (1) the Settlors had not retained any rights that would make the gifts incomplete and (2) the withdrawal powers granted to the beneficiaries were unenforceable in state court and thus illusory

PLR 201131006 (Apr. 13, 2011)

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

The IRS has ruled that an amendment of a qualified personal residence trust (“QPRT”) did not cause the trust to lose its special valuation status under I.R.C. 2702

Spendthrift provision of trust not invalidated despite control by beneficiary

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • July 1 2010

In Miller v. Kresser, --- So.3d ---, 2010 WL 1779899 (Fla. 4th DCA May 5, 2010), the Florida Court of Appeal, Fourth District, ruled that a creditor cannot invalidate a trust's spendthrift provision to reach the trust assets so long as the language of the trust agreement meets statutory requirements