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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


Use it or lose it - increased gift and GST exemption amounts expire on 123112
  • Proskauer Rose LLP
  • USA
  • September 10 2012

On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Act") was signed into law, making significant modifications to the estate, gift and generation-skipping transfer ("GST") taxes


Income tax deductions for charitable donations may be denied without a qualified appraisal Mohamed v. Commissioner, T.C. Memo 2012-152
  • Proskauer Rose LLP
  • USA
  • September 10 2012

Obtaining a qualified appraisal is an essential requirement for claiming an income tax deduction for charitable donations of property worth more than $5,000


Estate of Fujishima (Tax Court memorandum, January 9, 2012)
  • Proskauer Rose LLP
  • USA
  • March 6 2012

The Tax Court held that a decedent, not his mother, was the owner of two life insurance policies on his life


Gaughen v. U.S. (M. D. Pennsylvania, January 31, 2012)
  • Proskauer Rose LLP
  • USA
  • March 6 2012

In a tax refund action, a U.S. District Court in Pennsylvania denied a taxpayer's motion for summary judgment


Rosenkrantz v. Feit (Fla. Dist. Ct. App., December 14, 2011)
  • Proskauer Rose LLP
  • USA
  • March 6 2012

A Florida intermediate appellate court held that co-agents under a power of attorney are subject to the same fiduciary principles that apply to co-trustees and that a co-agent under a power of attorney had both the right and duty to seek an accounting from the co-agent


2011-2012 Priority Guidance Plan
  • Proskauer Rose LLP
  • USA
  • March 6 2012

The IRS has updated its 2011-2012 Priority Guidance Plan for the plan year ending June 2012


In re Grube (January 19, 2012)
  • Proskauer Rose LLP
  • USA
  • March 6 2012

The U.S. Bankruptcy Court for the Central District of Illinois held that a debtor's explanation of estate planning as a rationale for asset transfers made prior to bankruptcy is sufficient to survive the Bankruptcy Trustee's motion for summary judgment


January interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
  • Proskauer Rose LLP
  • USA
  • January 9 2012

The January applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4


IRS issues Revenue Ruling 2011-28
  • Proskauer Rose LLP
  • USA
  • January 9 2012

On December 5, 2011, the IRS issued Revenue Ruling 2011-28, holding that a grantor's retention of the power, exercisable in a non-fiduciary capacity, to acquire a life insurance policy held in a trust by substituting other assets of equal value will not cause inclusion of the policy in the grantor's gross estate under IRC Section 2042, as long as certain guidelines are met