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Results: 11-20 of 160

Wealth management update
  • Proskauer Rose LLP
  • USA
  • June 18 2010

Yesterday, the New York Court of Appeals issued a decision in Estate of Schneider v. Finmann (citation pending), a case involving the applicability of New York's strict privity defense in an estate planning malpractice claim that was previously discussed in our Wealth Management Update Newsletter (June 2010


Keller v. United States, 5th Cir., No. 10-41311 (092512)
  • Proskauer Rose LLP
  • USA
  • November 15 2012

In Keller, the Fifth Circuit Court of Appeals ruled that an estate was entitled to an estate tax refund for the discounted value of a family limited partnership ("FLP") that was created during the decedent's lifetime but not fully funded until after the decedent's death


No estate tax apportionment against payable on death accounts
  • Proskauer Rose LLP
  • USA
  • July 1 2010

In Estate of Sheppard v. Schleis, 2010 WI 32 (Wis. May 4, 2010), the Wisconsin Supreme Court ruled that, in the absence of any tax apportionment directions by the decedent, a beneficiary of a payable-on-death account is not liable for any estate tax imposed on the decedent's estate


Disclaimer not qualified where disclaimed property passed to disclaimant by intestacy
  • Proskauer Rose LLP
  • USA
  • December 6 2010

In Estate of Tatum, Jr. v. U.S., 106 AFTR 2d 2010-6556 (S.D. Miss. 1062010), the Southern District of Mississippi held that a disclaimer was not qualified where the disclaimed property passed to the disclaimant by intestacy


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


Court rescinds nonqualified disclaimer and denies gift tax liability
  • Proskauer Rose LLP
  • USA
  • November 5 2010

In this case, a disclaimant's parents set up Qualified Personal Resident Trusts ("QPRTs") that passed to the disclaimant, Craig, and his sister after the QPRT terms expired


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"


Nevada passes restrictive “charging order” legislation to increase asset protection afforded by business entities Nevada SB 405 (June 16, 2011)
  • Proskauer Rose LLP
  • USA
  • August 5 2011

Nevada Senate Bill 405, which was signed into law by the Governor on June 16, provides that a “charging order” is the exclusive remedy of a judgment creditor against interests in Nevada limited liability companies, limited partnerships and corporations


Creating a "GRAT": heads you win, tails you break even
  • Proskauer Rose LLP
  • USA
  • September 1 2011

Creating a grantor retained annuity trust (commonly referred to as a "GRAT") is a relatively simple way to transfer property to your children at virtually no gift tax cost