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Results: 1-10 of 147

Personal planning strategies: July 2015
  • Proskauer Rose LLP
  • USA
  • July 21 2015

Gifting assets during life will reduce the size of your taxable estate at death and, correspondingly, reduce your estate tax liability. But with each


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"


Wealth management update
  • Proskauer Rose LLP
  • USA
  • December 1 2014

The December Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.0, down 0.2 from November. The


New York considers raising estate tax exemption, reinstating gift tax, eliminating GST tax and closing the resident trust loophole
  • Proskauer Rose LLP
  • USA
  • January 9 2014

On November 14, 2013, the New York State Tax Reform and Fairness Commission presented its final report to the Governor containing various


Nassau Surrogate's Court issues opinion on decanting under New York EPTL 10-6.6
  • Proskauer Rose LLP
  • USA
  • December 12 2013

With In Re Kroll, 971 N.Y.S.2d 863, the Nassau Surrogate Court has issued what may be the first opinion dealing with the amended decanting statute


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


New York significantly changes its estate tax no decrease in estate tax for the wealthy
  • Proskauer Rose LLP
  • USA
  • April 3 2014

The New York State legislature has passed, and New York Governor Andrew M. Cuomo has signed, the Executive Budget for 2014-2015, which significantly


Personal planning strategies
  • Proskauer Rose LLP
  • USA
  • December 3 2014

As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent: (1) the reunification of the estate and


Wealth management update
  • Proskauer Rose LLP
  • USA
  • June 11 2015

The June 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2, up 0.2 from May. The June applicable federal