Proskauer Rose LLP | USA | 1 Aug 2017
The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4%, up slightly from 2.2% in July. The August…
Proskauer Rose LLP | USA | 1 Nov 2013
In Steinberg v. Commissioner, 141 T.C. No. 8 (September 30, 2013), a mother (the "Parent") gave cash and securities to her daughters (the…
Proskauer Rose LLP | USA | 8 Mar 2013
The Tax Court redetermined values for estate and gift tax purposes of a large parcel of more than 2,500 acres of land near Lake Tahoe, California…
Proskauer Rose LLP | USA | 8 Mar 2013
The Tax Court held that a surviving spouse's sale of substantial entity interests to trusts for her children in exchange for a 10-year deferred…
Proskauer Rose LLP | USA | 7 Dec 2012
The Tax Court ruled that the cost of settlement could not be deducted as an administrative expense on an estate tax return, because the claim was for a beneficiary's distributive share and not for a creditor's claim against the estate.
Proskauer Rose LLP | USA | 10 Sep 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.
Proskauer Rose LLP | USA | 15 Nov 2011
The Tax Court has held that (a) assets contributed to a family limited partnership (“FLP”) were includable in a decedent’s gross estate under section 2036(a) of the Internal Revenue Code of 1986, as amended (“I.R.C.”), and (b) premiums paid directly to a carrier on behalf of an insurance trust qualified for the annual gift tax exclusion as present interest gifts.
Proskauer Rose LLP | USA | 14 Sep 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".
Proskauer Rose LLP | USA | 5 Aug 2011
At issue in Giustina was the valuation of a minority interest in a limited partnership that owned approximately 48,000 acres of timber property.
Proskauer Rose LLP | USA | 5 Aug 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.