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Results: 1-10 of 155

Federal exclusion from gift, estate and generation-skipping transfer taxes increases to $5,340,000 in 2014
  • Proskauer Rose LLP
  • USA
  • November 1 2013

In Revenue Ruling 2013-35, the IRS announced certain inflation adjustments to tax exemptions and deductions. The IRS increased the basic exclusion


November interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
  • Proskauer Rose LLP
  • USA
  • November 1 2013

The November 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.0. This is down from October's 2.4


The Tax Court holds, in a summary judgment ruling, that the Beneficiaries of gifts who are obligated to pay any potential estate tax liability arising from the gifts may decrease the value of the gift by the actuarial value of that obligation
  • Proskauer Rose LLP
  • USA
  • November 1 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


Tax Court refused to admit appraisal into evidence when taxpayer failed to qualify the appraiser as an expert witness
  • Proskauer Rose LLP
  • USA
  • January 9 2014

In Tanenblatt v. Commissioner, the Tax Court made clear that it would not allow a taxpayer to circumvent the Federal Rules of Evidence or the Court's


Nassau Surrogate's Court issues opinion on decanting under New York EPTL 10-6.6
  • Proskauer Rose LLP
  • USA
  • December 12 2013

With In Re Kroll, 971 N.Y.S.2d 863, the Nassau Surrogate Court has issued what may be the first opinion dealing with the amended decanting statute


Reading the IRS Q&A on net investment income tax with a focus on estates and trusts
  • Proskauer Rose LLP
  • USA
  • December 19 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


Wealth management update
  • Proskauer Rose LLP
  • USA
  • September 4 2014

The September 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.2, the same rate as August. The September


Keller v. United States, 5th Cir., No. 10-41311 (092512)
  • Proskauer Rose LLP
  • USA
  • November 15 2012

In Keller, the Fifth Circuit Court of Appeals ruled that an estate was entitled to an estate tax refund for the discounted value of a family limited partnership ("FLP") that was created during the decedent's lifetime but not fully funded until after the decedent's death


Estate of Nancy P. Young v. United States (D. Mass., No. 1:11-cv-11829-RWZ, 121712)
  • Proskauer Rose LLP
  • USA
  • February 12 2013

In Estate of Nancy P. Young v. United States, the District Court upheld a latefiling penalty against an estate whose accountants advised it to file


Private Letter Ruling 201245004
  • Proskauer Rose LLP
  • USA
  • February 12 2013

The IRS ruled that the surviving spouse could disclaim her interest in an Individual Retirement Account ("IRA") even though she had received