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Results: 11-20 of 155

New York significantly changes its estate tax no decrease in estate tax for the wealthy
  • Proskauer Rose LLP
  • USA
  • April 3 2014

The New York State legislature has passed, and New York Governor Andrew M. Cuomo has signed, the Executive Budget for 2014-2015, which significantly


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


Homestead exemption allowed for separated (but not divorced) taxpayer
  • Proskauer Rose LLP
  • USA
  • December 6 2010

In Wells v. Haldeos, Fla. Dist. Ct. App., 2nd Dist., Dkt. No. 2D09-4250 (10222010), an appeal by the property appraiser of Pasco County, Florida of a final judgment in favor of the taxpayer, the Florida District Court of Appeals for the 2nd Circuit held that a separated (but not divorced) taxpayer was eligible to receive a homestead exemption for his property in Florida despite the fact that his wife receives a residency-based property tax exemption on a separate property in New York


Estate of Schneider v. Finmann, 2009 NY Slip Op 2319 (App. Div. Mar. 24, 2009) (appeal pending before Court of Appeals)
  • Proskauer Rose LLP
  • USA
  • June 7 2010

This case was argued before the Court of Appeals on May 4, 2010, and has not yet been decided by the Court


Tax court finds transfer of an interest in a limited partnership and timberland to an FLP was not includible in the decedent’s gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration
  • Proskauer Rose LLP
  • USA
  • March 10 2010

This Tax Court decision provides another Section 2036 victory for the taxpayer by holding that assets transferred to an FLP were not includible in the decedent's gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration


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"


Gift Tax Update
  • Proskauer Rose LLP
  • USA
  • December 14 2015

In 2016, the gift tax annual exclusion amount per donee will remain $14,000 for gifts made by an individual and $28,000 for gifts made by a married


Wealth management update
  • Proskauer Rose LLP
  • USA
  • April 22 2015

The Obama Administration has recently announced its Fiscal Year 2016 Revenue Proposals in its annual "Greenbook." The Greenbook sets forth the


Windsor v. United States, 2d Cir. no. 12-2335-CV(l) (10182012)
  • Proskauer Rose LLP
  • USA
  • December 7 2012

The U.S. Court of Appeals for the Second Circuit held that Section 3 of the Defense of Marriage Act ("DOMA") is unconstitutional because it violates equal protection


Personal planning strategies
  • Proskauer Rose LLP
  • USA
  • March 7 2014

Under Proposed changes to New York's Estate, Gift and Generation-Skipping Transfer Tax Rules, There Are Advantages to Making Gifts Before April 1