Proskauer Rose LLP | USA | 5 Nov 2010
In this case, a disclaimant's parents set up Qualified Personal Resident Trusts ("QPRTs") that passed to the disclaimant, Craig, and his sister after the QPRT terms expired.
Proskauer Rose LLP | USA | 5 Nov 2010
After Decedent’s death, his trust borrowed $1.5 million from Decedent’s Foundation to pay his estate tax liabilities (aka a “Graegin” loan).
Proskauer Rose LLP | USA | 5 Nov 2010
This case involves credits for tax on prior transfers under IRC §2013.
Proskauer Rose LLP | USA | 5 Nov 2010
The November applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.
Proskauer Rose LLP | USA | 15 Oct 2010
Two changes to the Federal wealth transfer system that were enacted pursuant to the Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Act") during President Bush's first year in office create, at least in the absence of retroactive legislation, a favorable environment in 2010 for gift planning.
Proskauer Rose LLP | USA | 1 Jul 2010
In Miller v. Kresser, --- So.3d ---, 2010 WL 1779899 (Fla. 4th DCA May 5, 2010), the Florida Court of Appeal, Fourth District, ruled that a creditor cannot invalidate a trust's spendthrift provision to reach the trust assets so long as the language of the trust agreement meets statutory requirements.
Proskauer Rose LLP | USA | 1 Jul 2010
The July applicable federal rate (“AFR”) for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.8%, the lowest rate so far this year.
Proskauer Rose LLP | USA | 1 Jul 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.
Proskauer Rose LLP | USA | 18 Jun 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).
Proskauer Rose LLP | USA | 7 Jun 2010
The June applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3.2%, slightly lower than the March rate.