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Florida Governor signed into law H.B. 253, which amended Florida Statute 608.433 to explicitly provide that a charging order is the “sole and exclusive remedy” against LLC membership interests H.B. 253, 2011 Leg., (Fla. 2011)
  • Proskauer Rose LLP
  • USA
  • July 5 2011

On May 31, 2011, Florida Governor Rick Scott signed into law H.B. 253, which amended Florida Statutes 608.433 to explicitly provide that a charging order is the “sole and exclusive remedy” against limited liability company (“LLC”) membership interests


IRS issues an inconsistent ruling on whether a grantor trust can hold an IRA - Priv. Ltr. Rul. 201117042 (April 29, 2011)
  • Proskauer Rose LLP
  • USA
  • July 5 2011

In 2006, the IRS issued Private Letter Ruling 200620025 in which the IRS approved of the transfer of an Inherited IRA to a special needs trust (“SNT”) that was a grantor trust for income tax purposes


July interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
  • Proskauer Rose LLP
  • USA
  • July 5 2011

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


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
  • USA
  • 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


Sale of assets for fair market value between a marital trust and a nonmarital trust to settle a dispute between beneficiaries and trustees of the trusts was neither a taxable gift nor a transfer of an income interest in a QTIP Priv. Ltr. Rul. 201119003
  • Proskauer Rose LLP
  • USA
  • July 5 2011

In this private letter ruling, the issue was whether the transfer of assets for fair market value between a marital trust and a nonmarital trust resulted in a taxable gift or a disposition of an income interest in qualified terminable interest property (“QTIP”


$5 million gift tax exemption still alive and kicking
  • Proskauer Rose LLP
  • USA
  • November 22 2011

Before the Joint Select Committee on Deficit Reduction, otherwise known as the Super-committee, failed to come to any bipartisan agreement to cut the deficit earlier this week, rumor had it that the committee would propose legislation to reduce the gift tax exemption from $5 million to $1 million


January interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
  • Proskauer Rose LLP
  • USA
  • January 9 2012

The January applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4


IRS issues Revenue Ruling 2011-28
  • Proskauer Rose LLP
  • USA
  • January 9 2012

On December 5, 2011, the IRS issued Revenue Ruling 2011-28, holding that a grantor's retention of the power, exercisable in a non-fiduciary capacity, to acquire a life insurance policy held in a trust by substituting other assets of equal value will not cause inclusion of the policy in the grantor's gross estate under IRC Section 2042, as long as certain guidelines are met


Private letter ruling 201144040 (November 4, 2011)
  • Proskauer Rose LLP
  • USA
  • January 9 2012

In PLR 201144040, the IRS waived the 60-day deadline for a rollover where the plan administrator gave the participant incorrect tax information


IRS issues proposed Treasury Regulations 20.2032-1
  • Proskauer Rose LLP
  • USA
  • January 9 2012

The IRS withdrew and reissued proposed Treasury Regulations Section 20.2032-1 on November 18, 2011