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Results: 1-10 of 94

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


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"


Proposed Treas. Reg. 1.67-4
  • Proskauer Rose LLP
  • USA
  • November 15 2011

Treasury has issued new proposed Regulations in connection with what costs incurred by estates or non-grantor trusts are subject to the 2 floor for miscellaneous deductions under I.R.C. 67(a


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


New York expands EPTL 10-6.6 to further liberalize trust "decanting"
  • Proskauer Rose LLP
  • USA
  • September 14 2011

On August, 17, 2011, New York Governor Andrew Cuomo signed into law Bill A8297 which expands the State's decanting statute (Estates, Powers and Trust Law 10-6.6


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


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


Federal Court of Claims holds that primary executor of estate was not entitled to reissuance of $10 million refund when check was previously issued to and negotiated by an ancillary executor
  • Proskauer Rose LLP
  • USA
  • April 16 2010

The Federal Court of Claims recently denied a U.S. executor’s claim for a federal tax refund when the IRS had previously issued a refund check to a non-U.S. ancillary executor


IRS announces notice and proposed regulations regarding Form TD F 90.22-1 Report of Foreign Bank and Financial Accounts (the FBAR) Notice 201023;
  • Proskauer Rose LLP
  • USA
  • April 16 2010

The IRS has recently announced further guidance in the area of reporting non-U.S. bank and financial accounts


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