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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


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


Homestead exemption allowed for separated (but not divorced) taxpayer
  • Proskauer Rose LLP
  • USA
  • December 6 2010

In Wells v. Haldeos, Fla. Dist. Ct. App., 2nd Dist., Dkt. No. 2D09-4250 (10222010), an appeal by the property appraiser of Pasco County, Florida of a final judgment in favor of the taxpayer, the Florida District Court of Appeals for the 2nd Circuit held that a separated (but not divorced) taxpayer was eligible to receive a homestead exemption for his property in Florida despite the fact that his wife receives a residency-based property tax exemption on a separate property in New York


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


Tax Court finds that life insurance proceeds were estate tax includible on account of decedent’s retained incidents of ownership, that annuities were estate tax includible, and that estate was liable for failure to file timely penalty Estate of Coaxum v
  • Proskauer Rose LLP
  • USA
  • August 5 2011

In Coaxum v. Commissioner, the Tax Court found that the decedent retained incidents of ownership in six life insurance policies, rendering their values includible in the gross estate, that the value of the annuities owned by the decedent was includible in the gross estate, and that the estate was liable for a failure to file timely penalty


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"


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


6th Circuit finds regulation reasonable on generation-skipping transfer tax Estate of Timken, 2010 WL 1253627 (April 2, 2010)
  • Proskauer Rose LLP
  • USA
  • May 7 2010

The 6th Circuit found that Treasury Regulation 26.2601-1(b)(1)(v)(A), stipulating that the grandfathering exemption to the generation-skipping transfer tax (“GST”) does not apply when there is a post-statute exercise of lapse of a general power of appointment, is reasonable


May interest rates increase slightly for GRATs, split interest charitable trusts, sales to defective grantor trusts and intra-family loans
  • Proskauer Rose LLP
  • USA
  • May 7 2010

The May applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3


New estategiftgst tax exemption amounts for 2012
  • Proskauer Rose LLP
  • USA
  • December 5 2011

IRS Revenue Procedure 2011-52 announced the new estate, gift, and GST tax exemption amounts as adjusted for inflation for 2012