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 | 7 Jun 2017
The June § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4%, which is the same rate as in May. The June…
Proskauer Rose LLP | USA | 10 Aug 2016
On August 2, 2016, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations under section 2704 (the "Proposed…
Proskauer Rose LLP | USA | 8 Apr 2014
The April applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.2%, the same rate as March…
Proskauer Rose LLP | USA | 19 Dec 2013
On November 27, 2013, the Internal Revenue Service updated the series of Questions and Answers (the Q&A) explaining the basics of the new 3.8 percent…
Proskauer Rose LLP | USA | 12 Feb 2013
The IRS ruled that the surviving spouse could disclaim her interest in an Individual Retirement Account ("IRA") even though she had received…
Proskauer Rose LLP | USA | 15 Nov 2012
The Maryland Court of Appeals holds for PNC in a suit by the beneficiaries of a testamentary trust created under the will of a Maryland resident where the beneficiaries claimed that PNC breached its fiduciary duty in requiring them to sign a release agreement arguably too favorable to PNC before distributing assets to them.
Proskauer Rose LLP | USA | 5 Dec 2011
In Estate of Vincent J. Duncan Sr. v. Commissioner, T.C. Memo 2011-255, No. 7549-10 (October 31, 2011), the Tax Court upheld a Section 2053 deduction for interest on a loan taken to pay estate tax.
Proskauer Rose LLP | USA | 15 Nov 2011
The IRS has ruled that an amendment of a qualified personal residence trust (“QPRT”) did not cause the trust to lose its special valuation status under I.R.C. § 2702.
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.