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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

Estate of Giovacchini v. Commissioner, T.C. Memo 2013-27

Proskauer Rose LLP
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USA
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March 8 2013

The Tax Court redetermined values for estate and gift tax purposes of a large parcel of more than 2,500 acres of land near Lake Tahoe, California

September interest rates down 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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September 7 2010

The September applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4

New York Court of Appeals finds that legal fees incurred by fiduciaries in the defense of actions related to an estate or trust are to be equitably allocated among beneficiaries

Proskauer Rose LLP
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USA
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September 7 2010

In Matter of Hyde, 2010 NY Slip Op 05676 (June 29, 2010), the New York Court of Appeals held that New York Surrogate's Court Procedure Act ("SCPA") Section 2110 "grants the trial court discretion to allocate responsibility for payment of a fiduciary's attorney's fees for which the estate is obligated to pay either from the estate as a whole or from shares of individual estate beneficiaries."

Wealth management update - 2010 year-end review

Proskauer Rose LLP
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USA
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December 3 2010

This Tax Court decision provides guidance on the availability of the annual exclusion from gift tax under Section 2503(b) for gifts of interests in family limited partnerships

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

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

Private Letter Ruling 201236022 (09112012)

Proskauer Rose LLP
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USA
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November 15 2012

In this PLR, the Internal Revenue Service ("IRS") ruled that amounts paid to charities from the residue of the decedent's estate pursuant to a settlement agreement qualified for the charitable deduction for federal estate tax purposes because the charities had an enforceable right under state law to receive a portion of the residuary estate due to the undue influence by the drafting attorney (who was also a beneficiary

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