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We didn't (quite) fall off the cliff, but we still have to clean up the mess!

Proskauer Rose LLP
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USA
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January 8 2013

When the clock struck midnight on December 31, 2012, estate planning practitioners said "good night" to an unprecedented period of working with clients to

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

Proskauer Rose LLP
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USA
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December 7 2012

The December 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2, which is a slight increase from last month's rate of 1.0

Estate of Bates v. Commissioner, T.C. Memo. 2012-314, November 7, 2012

Proskauer Rose LLP
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USA
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December 7 2012

The Tax Court ruled that the cost of settlement could not be deducted as an administrative expense on an estate tax return, because the claim was for a beneficiary's distributive share and not for a creditor's claim against the estate

Estate of Thouron v. United States, E.D. Pa., no. 2:11-CS-04058 (11082012)

Proskauer Rose LLP
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USA
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December 7 2012

The U.S. District Court for the District of Pennsylvania held that relying on the advice of a tax attorney was not reasonable cause for the late payment of estate taxes

Towbin v. Towbin, 36 Misc. 3d 1236(a) (N.Y. Sup., August 22, 2012)

Proskauer Rose LLP
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USA
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December 7 2012

A New York court ruled that a transfer to a grantor retained interest trust ("GRIT") was not a completed gift, since title on the underlying property was never formally transferred

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

Proskauer Rose LLP
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USA
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December 7 2012

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

Windsor v. United States, 2d Cir. no. 12-2335-CV(l) (10182012)

Proskauer Rose LLP
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USA
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December 7 2012

The U.S. Court of Appeals for the Second Circuit held that Section 3 of the Defense of Marriage Act ("DOMA") is unconstitutional because it violates equal protection

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

Proskauer Rose LLP
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USA
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November 15 2012

The November 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.0, which is a reduction from last month's rate of 1.2

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

Proskauer Rose LLP
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USA
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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

Hastings v. PNC Bank NA, Md. No. 109 (09272012)

Proskauer Rose LLP
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USA
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November 15 2012

The Maryland Court of Appeals holds for PNC in a suit by the beneficiaries of a testamentary trust created under the will of a Maryland resident where the beneficiaries claimed that PNC breached its fiduciary duty in requiring them to sign a release agreement arguably too favorable to PNC before distributing assets to them

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