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Results: 1-10 of 131

December interest rates down for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
  • Proskauer Rose LLP
  • USA
  • December 6 2010

The December applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.8, a new record low rate


Value of New York real property not entitled to discount based on will’s creation of life estate in property
  • Proskauer Rose LLP
  • USA
  • December 6 2010

In New York Advisory Opinion No. TSB-A-10(5)M (10212010), the New York Department of Taxation and Finance held that the estate of a decedent filed a petition to determine whether, in calculating the value of New York real property included in its gross estate, the estate should factor in a discount for a life estate in the property created by the decedent’s Will


Insurance policy in pension plan will be treated as ordinary life insurance contract and death benefits considered incidental if less than 50 of the participant’s total contributions to the plan are applied to pay premiums on the life insurance contract
  • Proskauer Rose LLP
  • USA
  • December 6 2010

In Private Letter Ruling 201043048 (10292010), IRS ruled that an insurance policy in a pension plan will be treated as an ordinary life insurance contract and the death benefits will be considered incidental, as less than 50 of the participants' total contributions to the plan were applied to pay premiums on the life insurance contract


Trust cannot claim charitable deduction for fair market value of appreciated property donated to charity, despite fact that property was purchased with trust gross income
  • Proskauer Rose LLP
  • USA
  • December 6 2010

In Chief Counsel Advice 201042023 (10222010), IRS has held that a trust cannot claim an income tax charitable deduction for the fair market value of appreciated property donated to charity, despite the fact that the property was purchased with the trust's gross income from prior years and was traceable to that income


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


The Ninth Circuit holds that an IRA's named beneficiaries, rather than the decedent’s wife, were entitled to the IRA funds after his death, even though some of the funds in the IRA had been rolled over from a 401(k) plan
  • Proskauer Rose LLP
  • USA
  • March 10 2010

The Ninth Circuit held that the named beneficiaries of an IRA, rather than the IRA owner's wife, were entitled to the IRA funds after his death, even though some of the funds in the IRA had been rolled over from a 401(k) plan subject to ERISA's surviving spouse provisions


Adams v. Comm’r, T.C. Memo 2010-72 (April 13, 2010).
  • Proskauer Rose LLP
  • USA
  • June 7 2010

In this case, the Tax Court held that a beneficiary was permitted to claim a mortgage interest deduction for trust property


Estate of Schneider v. Finmann, 2009 NY Slip Op 2319 (App. Div. Mar. 24, 2009) (appeal pending before Court of Appeals)
  • Proskauer Rose LLP
  • USA
  • June 7 2010

This case was argued before the Court of Appeals on May 4, 2010, and has not yet been decided by the Court


Ludwick v. Comm’r, T.C. Memo. 2010-104 (May 10, 2010)
  • Proskauer Rose LLP
  • USA
  • June 7 2010

In this case, the Tax Court held that a contribution of a tenancy-in-common interest in a personal residence to a qualified personal residence trust was entitled to a 17 marketability discount from its full fair market value


$5 million gift tax exemption still alive and kicking
  • Proskauer Rose LLP
  • USA
  • November 22 2011

Before the Joint Select Committee on Deficit Reduction, otherwise known as the Super-committee, failed to come to any bipartisan agreement to cut the deficit earlier this week, rumor had it that the committee would propose legislation to reduce the gift tax exemption from $5 million to $1 million