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Tax Court holds that trusteebeneficiary's power to invade trust principal for her "welfare" is limited by an ascertainable standard and trust principal not includible in her estate under IRC 2041(b)(1)(a) estate of Ann R. Chancellor, et al. v. Commiss

Proskauer Rose LLP
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USA
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September 14 2011

Frequently, trust agreements ensure that the principal invasion power held by a trustee who is also a beneficiary is limited to distributions for the beneficiary's "health, education, maintenance and support"

U.S. government sues estate and donees of J. Howard Marshall II for unpaid gift taxes

Proskauer Rose LLP
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USA
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November 5 2010

The U.S. government is suing the estate and donees of J. Howard Marshall for a combined $85 million of unpaid gift and GST taxes

Crummey withdrawal notices recommended practices

Proskauer Rose LLP
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USA
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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

Private letter ruling 201203033 (january 20, 2012)

Proskauer Rose LLP
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USA
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March 6 2012

In PLR 201203033, the IRS ruled that a trust qualified as a designated beneficiary after a trust beneficiary released certain portions of a power of appointment

IRS announces notice and proposed regulations regarding Form TD F 90.22-1 Report of Foreign Bank and Financial Accounts (the FBAR) Notice 201023;

Proskauer Rose LLP
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USA
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April 16 2010

The IRS has recently announced further guidance in the area of reporting non-U.S. bank and financial accounts

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
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USA
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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

Tax Court finds taxpayers who employed Roth IRA conversion tax shelter were liable for excise tax and penalties Paschall v. Commissioner, 137 T.C. No. 2 (July 5, 2011); Swanson v. Commissioner, T.C. Memo 2011-156 (July 5, 2011)

Proskauer Rose LLP
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USA
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August 5 2011

In the companion cases of Paschall v. Commissioner and Swanson v. Commissioner, the Tax Court found that taxpayers who employed a Roth IRA conversion tax shelter were liable for excise taxes on account of excess contributions to the Roth IRAs and were also liable for failure to file penalties

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

Proskauer Rose LLP
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USA
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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”

Intra-family loans: a simple yet effective estate planning tool

Proskauer Rose LLP
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USA
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September 1 2011

An intra-family loan is a basic estate-planning technique which has a very low transaction cost

California Board of Equalization to release information to IRS

Proskauer Rose LLP
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USA
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February 2 2012

A California district court recently ruled that the IRS can serve "John Doe" summons on the California Board of Equalization in order to obtain a list of the names of California property owners who gifted real estate to family members between 2005 and 2010

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