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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


2016 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan
  • Proskauer Rose LLP
  • USA
  • December 14 2015

As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent: (1) the reunification of the estate and


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


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 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"


Using charitable giving techniques to offset income tax from Roth IRA conversions
  • Proskauer Rose LLP
  • USA
  • October 15 2010

In our June 2009 issue of Personal Planning Strategies, we explained that, beginning in 2010, all taxpayers, regardless of their income levels, will be eligible to take advantage of the opportunity to convert some or all of their traditional individual retirement accounts or other qualified retirement plans ("IRAs") to one or more Roth IRAs


Like-kind exchange of life insurance policies PLR 201304003
  • Proskauer Rose LLP
  • USA
  • May 1 2013

The IRS privately ruled that the exchange by an irrevocable trust of a second-to-die life insurance policy for a new first-to-die policy would


Recharacterizing Roth IRA conversions
  • Proskauer Rose LLP
  • USA
  • December 15 2011

Beginning in 2010, many of our clients became eligible for the first time to convert their traditional individual retirement accounts or other qualified retirement plans ("Traditional IRAs") to Roth individual retirement accounts ("Roth IRAs") as a result of changes enacted under the Tax Increase Prevention and Reconciliation Act of 2005 ("TIPRA"


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


Towbin v. Towbin, 36 Misc. 3d 1236(a) (N.Y. Sup., August 22, 2012)
  • Proskauer Rose LLP
  • USA
  • December 7 2012

A New York court ruled that a transfer to a grantor retained interest trust ("GRIT") was not a completed gift, since title on the underlying property was never formally transferred