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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


2016 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan
  • Proskauer Rose LLP
  • USA
  • December 14 2015

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


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 Raises Basic Exclusion Amount to $5,250,000
  • Proskauer Rose LLP
  • USA
  • December 8 2016

On April 1, 2017, the amount of property that can pass free of New York State estate tax is set to rise to $5.25 million. Approximately three years


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


Wealth Management Update - December 2016
  • Proskauer Rose LLP
  • USA
  • December 15 2016

The December 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.8, up 0.2 from November. The December


Liability of a trust protector at issue in McLean v. Ponder
  • Proskauer Rose LLP
  • USA
  • December 12 2013

The Missouri Court of Appeals recently issued an opinion involving the liability of a Trust Protector for not exercising his powers to remove and


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


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"


Nevada passes restrictive “charging order” legislation to increase asset protection afforded by business entities Nevada SB 405 (June 16, 2011)
  • Proskauer Rose LLP
  • USA
  • August 5 2011

Nevada Senate Bill 405, which was signed into law by the Governor on June 16, provides that a “charging order” is the exclusive remedy of a judgment creditor against interests in Nevada limited liability companies, limited partnerships and corporations