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Results: 1-10 of 132

Year-end planning strategies
  • Proskauer Rose LLP
  • USA
  • December 15 2011

We have experienced yet another year of financial instability, both here and across the shores, which continues to engender some degree of anxiety among our clients


Use it or lose it - increased gift and GST exemption amounts expire on 123112
  • Proskauer Rose LLP
  • USA
  • September 1 2011

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


Intra-family loans: a simple yet effective estate planning tool
  • Proskauer Rose LLP
  • USA
  • September 1 2011

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


Decedent's partnership interest in a partnership holding New York real property is not subject to New York estate tax
  • Proskauer Rose LLP
  • USA
  • December 5 2011

On October 12, 2011, the New York Department of Taxation and Finance issued an Advisory Opinion building upon its previous April 8, 2010 Advisory Opinion (TSB-A-11(1)M and TSB-A-10(1), respectively) regarding the conversion of real property interests into intangibles for New York estate tax purposes, in both cases ruling that a Florida decedent holding an interest in New York real property via an interest in a partnership (or an LLC) held by her revocable trust did not own an interest in the underlying real property for New York estate tax purposes


New estategiftgst tax exemption amounts for 2012
  • Proskauer Rose LLP
  • USA
  • December 5 2011

IRS Revenue Procedure 2011-52 announced the new estate, gift, and GST tax exemption amounts as adjusted for inflation for 2012


Discount for family limited partnership fails
  • Proskauer Rose LLP
  • USA
  • December 5 2011

In Estate of Paul H. Liljestrand v. Commissioner, T.C. Memo 2011-259, No. 29397-08 (November 2, 2011), the Tax Court held that discounts for a Hawaiian family limited partnership failed and the total value of the partnership assets were included in the decedent's estate for estate tax purposes


Private letter ruling 201143002 (October 28, 2011)
  • Proskauer Rose LLP
  • USA
  • December 5 2011

The IRS ruled that a taxpayer's proposed exercise of his power of appointment will not cause assets of split trusts, combined trusts or sprinkle trusts to be includible in his gross estate under Section 2041, or to be subject to the GST tax


Last call for lifetime gifts to charities from individual retirement accounts?
  • Proskauer Rose LLP
  • USA
  • December 15 2011

As we reported in earlier issues of Personal Planning Strategies, the Pension Protection Act of 2006 included a provision that permits a person aged 70 or older to direct distributions of up to $100,000 per year directly from an Individual Retirement Plan ("IRA") to charity


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


New York State changes personal income tax rates
  • Proskauer Rose LLP
  • USA
  • February 2 2012

New York has modified the personal income tax rate schedule for tax years 2012 through 2014