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Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
  • Proskauer Rose LLP
  • USA
  • December 15 2010

On December 15, 2010, the Senate passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the "Bill"


Estate, gift and GST tax provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010
  • Proskauer Rose LLP
  • USA
  • December 13 2010

Late last Thursday night, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the "Bill"



Florida Governor signed into law H.B. 253, which amended Florida Statute 608.433 to explicitly provide that a charging order is the “sole and exclusive remedy” against LLC membership interests H.B. 253, 2011 Leg., (Fla. 2011)
  • Proskauer Rose LLP
  • USA
  • July 5 2011

On May 31, 2011, Florida Governor Rick Scott signed into law H.B. 253, which amended Florida Statutes 608.433 to explicitly provide that a charging order is the “sole and exclusive remedy” against limited liability company (“LLC”) membership interests


IRS issues an inconsistent ruling on whether a grantor trust can hold an IRA - Priv. Ltr. Rul. 201117042 (April 29, 2011)
  • Proskauer Rose LLP
  • USA
  • July 5 2011

In 2006, the IRS issued Private Letter Ruling 200620025 in which the IRS approved of the transfer of an Inherited IRA to a special needs trust (“SNT”) that was a grantor trust for income tax purposes


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 Stone v. Comm'r, T.C. Memo 2012-48 (2222012)
  • Proskauer Rose LLP
  • USA
  • April 2 2012

In Stone, a recent Tax Court case, the Court determined that the transfer of undeveloped woodlands to a family limited partnership (an "FLP") was a bona fide sale, since the record established that the FLP was created for legitimate non-tax reasons


August interest rates for grats, sales to defective grantor trusts, intra-family loans and split interest charitable trusts continue decline
  • Proskauer Rose LLP
  • USA
  • August 5 2011

The August applicable federal rate (“AFR”) for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.2