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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


Use it or lose it - increased gift and GST exemption amounts expire on 123112
  • Proskauer Rose LLP
  • USA
  • September 10 2012

On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Act") was signed into law, making significant modifications to the estate, gift and generation-skipping transfer ("GST") taxes


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


IRS announces it is reopening the offshore voluntary disclosure program
  • Proskauer Rose LLP
  • USA
  • February 2 2012

The IRS announced it is reopening the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes


February interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
  • Proskauer Rose LLP
  • USA
  • February 2 2012

The February 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4


IRS issues Notice 2011-101
  • Proskauer Rose LLP
  • USA
  • February 2 2012

In Notice 2011-101, the IRS announced that it is studying the tax implications of "decantings" when there is a change in the beneficial interests in a trust


House votes to amend GRAT rules
  • Proskauer Rose LLP
  • USA
  • March 26 2010

On March 24, 2010, the House of Representatives approved the Small Business and Infrastructure Jobs Tax Act of 2010 (H.R. 4849) (the “SBIJT Act”), which provides in part for changes to the rules governing grantor retained annuity trusts (“GRATs”) which would require all new GRATs to have a minimum ten-year term


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"


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


Disclaimer not qualified where disclaimed property passed to disclaimant by intestacy
  • Proskauer Rose LLP
  • USA
  • December 6 2010

In Estate of Tatum, Jr. v. U.S., 106 AFTR 2d 2010-6556 (S.D. Miss. 1062010), the Southern District of Mississippi held that a disclaimer was not qualified where the disclaimed property passed to the disclaimant by intestacy