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Differing results regarding IRA rollover extensions Private Letter Ruling 201130013 (July 29, 2011) and Private Letter Ruling 201130014 (July 29, 2011)
  • Proskauer Rose LLP
  • USA
  • September 14 2011

Two Private Letter Rulings regarding requests for extension of the 60-day IRA rollover period arrive at different results based on emotional and financial difficulties faced by the taxpayers



Hirchert Family Trust v. Johnee Ann Alle Hirchert (District Court of Appeal of Florida, Fifth District, June 17, 2011)
  • Proskauer Rose LLP
  • USA
  • September 14 2011

The District Court of Appeal of Florida upheld an exception to the Florida homestead exemption in a case where a trusteedeceased husband of the defendant breached his fiduciary duty as trustee in California, and the defendant later used the proceeds resulting from this breach to purchase real property in Florida


IRS issues Notice 2011-76 modifying filing due date for Form 8939 and automatic extension rule for Form 706 for decedents dying in 2010
  • Proskauer Rose LLP
  • USA
  • September 14 2011

On September 13, 2011 the IRS issued Notice 2011-76 which modified certain dates for IRS forms for decedents who died in 2010


New York clarifies same-sex marriage effect on tax filings
  • Proskauer Rose LLP
  • USA
  • September 14 2011

The New York State Department of Taxation and Finance issued its initial guidance on the new same-sex marriage laws to clarify the law's impact on state income, estate, withholding and sales taxes


New York expands EPTL 10-6.6 to further liberalize trust "decanting"
  • Proskauer Rose LLP
  • USA
  • September 14 2011

On August, 17, 2011, New York Governor Andrew Cuomo signed into law Bill A8297 which expands the State's decanting statute (Estates, Powers and Trust Law 10-6.6


Former trustee of private foundation found not to be a "disqualified person" for the purpose of subsequent sale to foundation - Private Letter Ruling 201130008 (July 29, 2011)
  • Proskauer Rose LLP
  • USA
  • September 14 2011

In PLR 200130008, a former trustee of a private foundation, who was also the spouse of another former trustee of the private foundation, was determined not to be a disqualified person under IRC 4941(a) upon her and spouse's resignations as trustees


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
  • USA
  • 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"


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


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