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Crummey withdrawal notices recommended practices
  • Proskauer Rose LLP
  • USA
  • 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


Late GST exemption allocation PLR 201313003
  • Proskauer Rose LLP
  • USA
  • May 1 2013

The IRS exercised its discretion to allow a taxpayer to make a late allocation of GST exemption. Over a six-year period, the taxpayer made transfers


Wealth management update
  • Proskauer Rose LLP
  • USA
  • June 11 2015

The June 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2, up 0.2 from May. The June applicable federal


Nassau Surrogate's Court issues opinion on decanting under New York EPTL 10-6.6
  • Proskauer Rose LLP
  • USA
  • December 12 2013

With In Re Kroll, 971 N.Y.S.2d 863, the Nassau Surrogate Court has issued what may be the first opinion dealing with the amended decanting statute


Tax Court refused to admit appraisal into evidence when taxpayer failed to qualify the appraiser as an expert witness
  • Proskauer Rose LLP
  • USA
  • January 9 2014

In Tanenblatt v. Commissioner, the Tax Court made clear that it would not allow a taxpayer to circumvent the Federal Rules of Evidence or the Court's


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"


Hastings v. PNC Bank NA, Md. No. 109 (09272012)
  • Proskauer Rose LLP
  • USA
  • November 15 2012

The Maryland Court of Appeals holds for PNC in a suit by the beneficiaries of a testamentary trust created under the will of a Maryland resident where the beneficiaries claimed that PNC breached its fiduciary duty in requiring them to sign a release agreement arguably too favorable to PNC before distributing assets to them


Income tax is payable on proceeds from surrender of a life insurance policy used to repay a loan against the policy
  • Proskauer Rose LLP
  • USA
  • January 9 2014

In a recent income tax case, the Tax Court affirmed the principal that the proceeds received from surrender of an insurance policy in excess of the


Schwab v. Commissioner, 111 AFTR-2d 2013-667 (April 24, 2013)
  • Proskauer Rose LLP
  • USA
  • June 3 2013

The Court of Appeals for the 9th Circuit held that the "amount actually distributed" when taxpayers received ownership of life insurance policies was


Estate of Liftin v. U.S., 111 AFTR-2d 2013-1426 (Ct. Fed. Cl.)
  • Proskauer Rose LLP
  • USA
  • June 3 2013

The Court of Federal Claims held that an estate was not entitled to a refund of a late-filing penalty because the estate lacked reasonable cause for