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Results: 11-20 of 166

Tax Court holds that trusteebeneficiary's power to invade trust principal for her "welfare" is limited by an ascertainable standard and trust principal not includible in her estate under IRC 2041(b)(1)(a) estate of Ann R. Chancellor, et al. v. Commiss
  • Proskauer Rose LLP
  • USA
  • September 14 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"


U.S. government sues estate and donees of J. Howard Marshall II for unpaid gift taxes
  • Proskauer Rose LLP
  • USA
  • November 5 2010

The U.S. government is suing the estate and donees of J. Howard Marshall for a combined $85 million of unpaid gift and GST taxes


Florida Third District Court of Appeals withdrew its opinion in Habeeb v. Linder that a husband and wife can waive homestead rights merely by signing a joint warranty deed - Habeeb v. Linder, 3D10-1532 (Fla. 3d DCA 2011)
  • Proskauer Rose LLP
  • USA
  • July 5 2011

On February 9, 2011, the Florida Third District Court of Appeals held that a husband and wife waived their post-death homestead rights merely by signing a joint warranty deed transferring the homestead property to the wife


Private Letter Ruling 201236022 (09112012)
  • Proskauer Rose LLP
  • USA
  • November 15 2012

In this PLR, the Internal Revenue Service ("IRS") ruled that amounts paid to charities from the residue of the decedent's estate pursuant to a settlement agreement qualified for the charitable deduction for federal estate tax purposes because the charities had an enforceable right under state law to receive a portion of the residuary estate due to the undue influence by the drafting attorney (who was also a beneficiary


U.S. v. Blake, E.D.N.Y, No. 12-cv-02577
  • Proskauer Rose LLP
  • USA
  • June 3 2013

The U.S. District Court for the Eastern District of New York abstained from jurisdiction in a claim by the government to collect estate taxes because


Knappe v. U.S., 111 AFTR-2d 2013-1531 (9th Cir.)
  • Proskauer Rose LLP
  • USA
  • June 3 2013

The executor relied on the advice of his accountant that the time period for both extending the time to file an estate tax return as well as the time


Estate of Liftin v. U.S., 111 AFTR-2d 2013-1426 (Ct. Fed. Cl.)
  • Proskauer Rose LLP
  • USA
  • June 3 2013

The Court of Federal Claims held that an estate was not entitled to a refund of a late-filing penalty because the estate lacked reasonable cause for


Wealth management update
  • Proskauer Rose LLP
  • USA
  • April 8 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


February interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
  • Proskauer Rose LLP
  • USA
  • February 12 2013

The February 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2, which is a slight increase from


IRS issues Revenue Procedure 2013-15
  • Proskauer Rose LLP
  • USA
  • February 12 2013

In Revenue Procedure 2013-15, the IRS announced the 2013 inflation adjustments, including the income tax rate schedules, and other tax changes