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Results: 11-20 of 161

Chief Counsel Advice Memorandum 201208026 (9282011)
  • Proskauer Rose LLP
  • USA
  • April 2 2012

In a recently released Memorandum, the IRS Office of Chief Counsel concludes that contributions made by Settlors to a discretionary trust for their descendants were taxable gifts, since (1) the Settlors had not retained any rights that would make the gifts incomplete and (2) the withdrawal powers granted to the beneficiaries were unenforceable in state court and thus illusory


Valuation Discounts for Transfers of Interests in Family Entities May Be Severely Curtailed - You May Want To Act Now
  • Proskauer Rose LLP
  • USA
  • August 10 2016

On August 2, 2016, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations under section 2704 (the "Proposed


Wealth management update
  • Proskauer Rose LLP
  • USA
  • November 11 2014

The November Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.2, unchanged from October. The


Estate not entitled to discount the value of three marital trusts for claims by ESOP members against the marital trusts’ assets Estate of Foster v. Comm’r, T.C. Memo 2011-95 (4282011)
  • Proskauer Rose LLP
  • USA
  • July 5 2011

In Foster, the Tax Court considered the following: (1) whether an estate was entitled to discount the value of assets in three marital trusts due to the potential for litigation; and (2) whether assets in the marital trusts could be discounted for lack of control over and lack of marketability of the marital trusts’ assets


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”


Estate of Nancy P. Young v. United States (D. Mass., No. 1:11-cv-11829-RWZ, 121712)
  • Proskauer Rose LLP
  • USA
  • February 12 2013

In Estate of Nancy P. Young v. United States, the District Court upheld a latefiling penalty against an estate whose accountants advised it to file


Private Letter Ruling 201245004
  • Proskauer Rose LLP
  • USA
  • February 12 2013

The IRS ruled that the surviving spouse could disclaim her interest in an Individual Retirement Account ("IRA") even though she had received


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