The United States District Court, District of New Jersey, ruled that the IRS abused its discretion in denying an estate's extension request to file its tax return, and that the estate's extension request should have been granted for good and...
May 2010 Archives
The House Ways and Means Committee has released summaries of some components of the 'Extenders' Bill, H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010. The following is the text of the summaries: ...
Frank Berall of Copp & Berall LLP has submitted to Treasury comments in regards to carryover basis. He suggests that instead of assuming zero basis for collectibles, the IRS should provide means for determining their basis. See also Firm Suggests Guidance...
Continue reading "Guidance Suggested for Basis for Collectibles"
A qualifying taxpayer can choose to treat the cost of certain property as an expense instead of depreciating it over several years. Recent legislation extends the dates for expensing depreciable business assets. Posted by Joshua Hock, Associate Editor, Wealth...
This new program created by the Affordable Care Act will provide tax credits and grants to small firms that show significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness. Companies may submit applications for certification...
New guidance makes it easier to determine whether small businesses are eligible for the new health care tax credit and how large a credit they will receive. IR-2010-63 has more information. Posted by Joshua Hock, Associate Editor, Wealth Strategies...
Continue reading "Details on new small business health care tax credit "
Eligible employers can use the newly-revised Form 941 to claim the special payroll tax exemption that applies to many workers hired during 2010. IR-2010-64 has more information. Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal...
Continue reading "Form to claim payroll tax exemption now available "
Revenue Procedure 2010-22 provides the 2011 inflation adjusted amounts for health savings accounts under § 223 of the Code. According to the IRS, for Calendar year 2011, the annual limitations on deductions are as follows: For an individual with self-coverage only under...
Continue reading "IRS Releases inflation adjusted amounts for health savings accounts"
The 2010 IRS Nationwide Tax Forums are about to begin! The tax forums are three-day events that provide tax professionals with the most up-to-date information on federal and state tax issues presented by IRS experts and partner organizations. Special Edition...
The Texas Bar will be hosting the following webcast:A Look at the Current State of the Estate Tax: Massive ConfusionJune 2, 20101:30 - 2:30 EasternWith the failure of Congress to do something with respect to the one-year suspension of the...
In a recent post on the Wealth Report, Robert Frank discusses a prepaid estate tax. According to the article, Republican Senator Jon Kyl is considering a new estate tax proposal that would include a prepaid aspect. It is unclear how...
Continue reading "Wealth Report: Proposed Estate Tax: Pay Now, Die Later"
KYEstate has an interesting discussion on a Florida appellate court's decision in Miller v. Kresser. The Miller decision eliminates the uncertainties that many estate and asset protection planners face and clearly shows the strength of a Florida spendthrift trust.Posted by...
Continue reading "KYEstates: A Hurricane May Hit This House in the Keys, But Creditors Won't"
B'nai B'rith International will be hosting the following complimentary luncheon seminar:Developments in Grantor TrustsJeanne L. NewlonJune 2, 201011:45 AM - Lunch and Registration12:00 - PresentationTo register, call (202) 857-6565 or email plannedgiving@bnaibrith.org. Registration is required by 5/27/10 (tomorrow).Posted by Wesley...
Continue reading "June 2nd Seminar: Developments in Grantor Trusts"
WTAS has published it's May 2010 newsletter. Articles include the following:2009 Tax Law in ReviewFixed Income: Opportunities & ThreatsFundamentals of ESOPs for S CorporationsIRS Committed to Requiring Taxpayer Disclosure of Uncertain Tax PositionsAdditional Hospital Tax-Exempt Status Requirements Effective SoonState Tax...
In ILM 201020009, the IRS concluded that Section 2035(b) does not apply to a non-resident, non-U.S.citizen's payment of gift tax within three years of his death, and the amount of the payment is thus not includable in his U.S. estate. ...
Tax Notes has published an article by Robert J. Jackson and William B. Weatherford of PricewaterhouseCoopers LLP. The article examines issues that arise regarding the IRS's allowance of some tax-exempt entities and investment partnerships to avoid unrelated business taxable income...
The Internal Revenue Service has announced that interest rates for the calendar quarter beginning July 1, 2010, will remain the same. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation];four (4) percent...
Continue reading "Interest Rates Remain the Same For the Third Quarter of 2010 "
The Commissioner of the Internal Revenue Service has made the following statement:Now that the May 17 filing deadline has passed, it appears that many small tax-exempt organizations have not filed the required information return in time. These organizations are vital...
The Internal Revenue Service has announced issuing newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal ...
Continue reading "Form to Claim Payroll Tax Exemption for Hiring New Workers Now Available "
The Internal Revenue Service has announced new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The...
Continue reading "IRS Offers Details on New Small Business Health Care Tax Credit"
Trust Advisor has an update on the progress, or lack thereof, being made in the Senate to resolve the estate tax mess. The article sums up the delay by stating "while Baucus and other leading Democrats have been ready to...
Continue reading "Trust Advisor: Bickering Senators Delay Estate Tax Fix"
Carolyn Dessin has posted an article titled "Should Attorneys Have a Duty to Report Financial Abuse of the Elderly?" on SSRN. The abstract is below: Exploitation of older persons is a growing problem in America. As a result, our legal...
In PLR 201020001, the IRS ruled on the estate, gift, and generation-skipping transfer tax effects of judicial reformation of two testamentary trusts.See also IRS Addresses Estate, Gift, GST Tax Consequences of Trust Reformations, 2010 TNT 99-37, May 24, 2010.Posted by...
Continue reading "PLR 201020001: IRS Rules on Consequences of Judicial Reformation of Trusts"
The Wall Street Journal has posted an article titled "Congress's Carried Interest Tax Folly: The Latest Soak-the-Rich Scheme Will Mean Less Capital Investment and Fewer New Jobs." The article highlights proposed legislation in both the House and Senate that will...
In PLR 201020002, the IRS granted an executor an extension under 2056(b)(7) to make a qualified terminable interest property election.See also Extension Granted to Make QTIP Election, 2010 TNT 99-37, May 24, 2010.Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies...
Continue reading "PLR 201020002: IRS Grants Extension to Make QTIP Election"
Barron's has published an article, titled "Fending Off Health Taxes," discussing the tax implications of the new health care law. The article examines the $250 billion in tax increases that individuals will face under the new law and warns that...
Steve Akers, Associate Fiduciary Counsel, Bessemer Trust, provides the following summary of Pierre v. Commissioner, T.C. Memo. 2010-106 (May 13, 2010) - "Pierre II": In "Pierre I", the court held that gifts and sales of interests in a single member LLC treated...
McGuire Woods will be hosting the following complimentary webinar:Senate Financial Reform Package - Securities Law AspectsThursday, May 27, 201012:30 PM - 1:45 PM - EasternTo register, visit https://www.mcguirewoods.com/registrationnew/default.aspx?evt=1086. Registration is until May 26, 2010.Posted by Wesley J. Bailey, Associate Editor,...
Ray Dalio, the billionaire manager of the hedge fund Bridgewater Associates, has posted an 85 page manual entitled "Principles," which spells out Mr. Dalio's rules for success, which may be downloaded here. Posted by Lewis J. Saret, General Editor, Wealth Strategies...
The Center on Budget and Policy Priorities opined that a proposal in the Senate to further raise the estate tax exemption amount from $3.5 million to $5 million for an individual and lower the maximum rate from 45 percent to...
Americans for a Fair Estate Tax, a group consisting of a variety of organizations, in a letter to senators, argued that reducing the estate tax is the "wrong policy priority and the wrong fiscal policy." The following is the text...
Trusts & Estates, in an article titled "Marrying for the Money: A New Twist?" reports on a startling new way conartists are bilking the incapicatated elderly. In two companion cases, In re Berk, 2010 N.Y. Slip Op. 02139 (Supreme Court,...
Continue reading "Trusts & Estates: "Marrying for the Money: A New Twist?""
Paul L. Caron has posted an article titled "The Costs of Estate Tax Dithering," on SSRN. The abstract is below: President Obama was widely criticized for "dithering" over the decision of whether to add more troops in the Afghanistan War....
Continue reading "Paul Caron: The Costs of Estate Tax Dithering"
The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated May 20, 2010. The current digest discusses the following:Retail sales continue to improvePositive signs for industrial production and capacity utilizationSmall businesses still facing difficulty in...
A report by the U.S. Securities and Exchange Commission recommended twelve tax modifications. See also SEC Report Recommends Tax Modifications, 2010 TNT 95-31, May 18, 2010.Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal....
Ways and Means Committee Chairman Sander Levin and Senate Finance Committee Chairman Max Baucus released the text of the American Jobs and Closing Tax Loopholes Act. The Act goal is to achieve the following: Provide tax relief to businesses and State...
Continue reading "Levin and Baucus Will Release Text of American Jobs and Closing Tax Loopholes Act"
A bill that will increase the taxes paid by managers of hedge funds, private-equity funds, and other investment funds is expected to be released today as part of the multi-billion dollar jobs package. Since the downturn in the economy, hedge...
Continue reading "Progress Made On Bill That WIll Close Tax Loopholes For Fund Managers"
You've probably been hearing the old adage ever since you first met with a financial planner to discuss your retirement: there's more than one way to tax a retiree. Indeed, under the sometimes ludicrously complicated retirement savings provisions of the...
Marshall Kapp: "Medical Decision-Making for Incapacitated Elders: A 'Therapeutic Interests' Standard
Marshall B. Kapp has posted an article titled "Medical Decision-Making for Incapacitated Elders: A 'Therapeutic Interests' Standard," on SSRN. The abstract is below: Some older individuals lack sufficient present cognitive and/or emotional ability to make and express autonomous decisions personally....
John H. Langbein has published an article titled "Burn the Rembrandt? Trust Law's Limits on the Settlor's Power to Direct Investments," 90 B.U. L. Rev. 375 (2010). An excerpt from the introduction is below: In the December 2008 issue of...
Continue reading "Langbein: Trust Law's Limits on the Settlor's Power to Direct Investments"
It does not appear that we will have an estate tax bill anytime soon since there is widespread disagreement in the Senate on an appropriate tax rate and exemption amount. Senate Finance Republicans are pushing for a $5 million exemption...
Continue reading "NACS: Senate Disagreements Stymie Any Deal on Estate Tax"
At a May 19 House Ways and Means Committee Hearing on Internet gambling taxation, Charles M. Steele of Treasury's Financial Crimes Enforcement Network (FinCen), discussed the tax issues impacting the future of internet gambling. Please click here to view the testimony. Posted...
Continue reading "Treasury Rep Testifies on Future of Internet Gambling"
The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated May 13, 2010. The current digest discusses the following:Job gains widespread across industriesWorkers return to labor marketManufacturing sector continues expansionPosted by Wesley J. Bailey, Associate...
Continue reading "JEC Weekly Economic Digest: Labor Market Conditions Continue to Improve"
The News Tribune has an article discussing a book written by estate planning attorneys Danielle B. and Andrew W. Mayoras titled "Trial & Heirs: Famous Fortune Fights!" In the book, the authors highlight errors in the estates of celebrities, such...
Continue reading "News Tribune: Celebrity Estate Fights Can Offer Lessons for the Rest of Us"
An article in the New York Times reports that the literary work of Chaim Grade may soon be available to the public after being kept from the public for more than two decades after the writer's death. The Bronx public...
Continue reading "NYT: In Yiddish Author's Papers, Potential Gold"
The plot of a recent episode of Law & Order revolved around the estate tax. In the episode, a daughter kills her ill father in order to take advantage of the 2010 federal estate tax repeal.See All Things Law and...
Revenue Ruling 2010-15 provides various prescribed rates for federal income tax purposes for June 2010 (the current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt...
The May issue of American Bankers Association Trust & Investments includes an article by Wendy S. Goffe titled "Gun Trusts in Estate Planning." Below is an excerpt from the article:When an estate includes firearms, the executor must be careful to...
Laura Cunningham, professor at Cardoza School of Law, published an article titled "The FLP, the Transfer Taxes, and the Income Tax." In the article, Cunningham examines the current state of law in the Tax Court on family limited partnerships ("FLP"),...
Continue reading "Laura Cunningham: The FLP, the Transfer Taxes, and the Income Tax"
Senate Finance Chair Max Baucus (D-MT), said on May 18 that Democrats and Republicans have yet to reach a compromise on the future of the estate tax. Baucus said, "there's no agreement on the estate tax on either the substance...
Continue reading "Senator Baucus: No Agreement Yet On Estate Tax Bill"
The Hill and Talk Radio News Service, which includes an audio quote from Senator Kyl, are reporting that a tentative agreement on estate tax legislation has fallen apart. Senate Minority Whip Jon Kyl (R-Ariz.) said the agreement began to dissolve Monday night...
Continue reading "Senate Estate Tax Deal Reportedly Falls Apart"
Named China's richest man in 2008, Huang Guangyu did not receive good news today when he was sentenced to 14 years in prison after a Beijing court convicted him of insider trading, bribery, and other crimes. Huang, the former chairman...
Alan Einhorn, on behalf on the American Institute of Certified Public Accountants, corresponded with the Treasury's Financial Crimes Enforcement Network ("FinCEN") in regards to foreign bank account reporting requirements. Einhorn specifically requested that FinCEN clarify exceptions to filing a Form...
Continue reading "AICPA Comments on Revised Proposed Rules on FBAR Reporting Requirements"
Gary True of Summers Compton Wells requested guidance from the IRS on "handling estates of decedents dying during 2010 and prior to the reenactment of the estate tax, if that occurs." Mr. True specifically requested guidance on how to "record...
Senate Finance Committee Member John Kyl said that he reached an agreement with Finance Committee Chair Max Baucus on some of the details of a proposal for estate tax reform. Kyl said that they have agreed that the top rate...
The May issue of American Bankers Association Trust & Investments includes an article by Alan Armstrong titled "Integrity and Honesty in Wills." In the article, Armstrong talks about the importance of integrity which can be extremely difficult to maintain in...
In PLR 201019012, the IRS ruled that Sections 2702(a)(1) and 2702(a)(2) will not apply to a proposed amendment and restatement of trusts. It also ruled that upon executing the amendment and restatement of the trust, the grantor's daughters will effect...
Continue reading "PLR 201019012: Restatement of Trusts; Transfers of Property by Gift Results"
Conrad Teitell, attorney at Cummings & Lockwood and adjunct professor at University of Miami School of Law, wrote a letter urging the members of the Senate Finance Committee to take immediate action to "calm the troubled waters created by Congressional...
Continue reading "Teitell: Letter to Congress Urging Action on Estate Tax"
In PLR 201019006 and PLR 201019007, the IRS ruled that Sections 2702(a)(1) and 2702(a)(2) will not apply to a proposed amendment and restatement of trusts. It also ruled that upon executing the amendment and restatement of the trust, the grantors'...
Citizens for Tax Justice issued a release that argued that extending the 2001 and 2003 tax cuts would help the richest taxpayers but would not assist job creation.Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal....
In PLR 201019002, the IRS granted an extension to an estate's executor to make an alternate valuation election under Section 2032.Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal....
Continue reading "PLR 201019002: IRS Grants Extension to Make Alternate Valuation Election "
The IRS has released the Spring 2010 issue of the Statistics of Income Bulletin. Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal....
Continue reading "IRS Releases Statistics of Income Bulletin"
Lobbyists told Tax Analysts that Congressmen are searching for at least $60 million in savings from the "estate tax code" to offset lower estate tax rates and a higher exemption amount. The article also mentions that John Kyl, Chuck Grassley,...
The Portland Press Herald has published a helpful article titled "Estate Plan Can Avoid Family Feud." The article warns of the ugly family feuds that can arise when a parent dies without an estate plan, or with a poorly drafted...
The Trust Advisor Blog has posted an article discussing the confusion caused by the U.S. Supreme Court's decision in Knight v. Commissioner. In Knight, the Supreme Court held that investment management fees must be kept separate from trustee fees to...
Continue reading "Trust Advisor: Fed Orders Trust Firms to Unbundle Fees"
The Section on Trusts & Estates, Association of American Law Schools has published its Spring 2010 Trust & Estates Newsletter. Posted by Wesley J. Bailey, Associate Editor, Wealth Strategies Journal. ...
Continue reading "AALS: Spring 2010 Trusts & Estates Newsletter"
The Tax Court issued a memorandum that held that the step transaction doctrine applied in a situation in which a donor transferred interests in an LLC. The Court also determined valuation discounts.See also Step Transaction Doctrine Applies in Gift Tax...
According to House Ways and Means Committee member Chris Van Hollen, Congress may consider temporarily extending the 2001 and 2003 tax cuts for those taxpayers with incomes under $250,000. See Eric Kroh, "Middle-Income Tax Extension May Be Temporary, Top House...
HR 5029, the Economic Freedom Act of 2010, if enacted will offer numerous tax breaks. Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal....
Continue reading "Economic Freedom Act of 2010 Would Provide Tax Breaks"
The Tax Court has issued a memorandum that held that a group of warehouse companies are not includible in a decedent's estate. Though the decedent help run the companies, which his brother owned, he had neither the financial burdens of,...
Continue reading "Tax Court: Companies Not Included in the Decedent's Estate"
Paul Fisher, Fisher Mediation, published an article titled "The Power Tools of Estate Conflict Management: Recharging the Culture of Estate Conflicts" in the ABA's Probate & Property Magazine. Below is the Magazine's write-up of the article: From the wreckage of...
The Financial Times published an interesting article titled "Fans of Tintin Cry Foul." The article provides an in depth account of what it is like to manage an estate that includes a famous comic book series. Posted by Wesley...
Terri Lynn Helge, associate professor at Texas Wesleyan University School of Law, has posted an article titled "The Taxation of Cause-Related Marketing" on SSRN. Below is the SSRN abstract of the article: With the economy in turmoil, charitable organizations are...
Continue reading "Helge: The Taxation of Cause-Related Marketing"
Tax Notes has published an article that discusses a recent conclusion drawn by the Internal Revenue Service in partially redacted program manager technical assistance. The IRS addressed the temporary pooling of funds on a non-pro-rata basis and the appointment of a...
Continue reading "IRS Addresses Tenant-in-Common Structures With Bankrupt Master Tenants"
Tax Notes has published an article by Erich Kroh, a member of the correspondence staff for Tax Analysts. The article discusses a statement from Senate Finance Committee member Jon Kyl (R-AZ), who said on May 11 that details of an estate tax proposal he...
Continue reading "Senator Kyl Readies Estate Tax Proposal As Congress Considers Larger Tax Package "
The Illinois State Bar Association has published an article titled "Personal Liability of an Executor or Trustee - Time for Change" by Timothy L. Bertschy. The following is the Journal's description of the article: Illinois' common law, which often makes...
Continue reading "Bertschy: Personal Liability of an Executor or Trustee - Time for Change"
Victims of severe storms, tornadoes, straight-line winds and flooding beginning April 24 in Alabama may qualify for tax relief from the Internal Revenue Service. The President has declared DeKalb and Marshall counties federal disaster areas qualifying for individual assistance. As...
The Internal Revenue Service has accepted an offer of consent to suspension from bond attorney Michael W. McCall. Under the terms of the settlement agreement, McCall will be suspended from practice before the IRS for at least 24 months for...
On May 7, the Internal Revenue Service released an interim report summarizing responses to compliance questionnaires sent to 400 public and private colleges and universities in October 2008. Colleges and universities make up one of the largest nonprofit segments in...
The IRS has released the following reminder: A crucial filing deadline of May 17 is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal...
The Internal Revenue Service has released the following message: Notice 2010-43, the Department of Treasury and IRS invite public comments on recommendations for items that should be included on the 2010-2011 Guidance Priority List. Taxpayers may submit recommendations for guidance...
Continue reading "IRS asks for public comments for the 2010-11 Guidance Priority List"
As we reported earlier this week, the Wisconsin Supreme Court recently held that the estate, not the heir, is responsible for paying state and federal estate taxes. The Wisconsin case was the focus of an article published in Financial Advisor...
Continue reading "Financial Advisor: Estate Tax Pitfalls Seen In Wisconsin Case"
The Los Angeles Times has a great article discussing the difficulties married same-sex couples find when they move to states that do not recognize their marriage. The article highlights the uncertainty and extra legal bills that same-sex couples face when...
Conrad Teitell, principal at Cummings & Lockwood LLC, in a letter to the Senate Finance Committee, expressed his concern regarding, and provided specific examples of, the uncertainty of the current state of the estate and gift tax law. He also...
Russell E. Haddleton, attorney at Haddleton & Associates in Hyannis, Massachusetts, has published an article titled "The Durable Power of Attorney Is On the Way." In the article, Haddleton, discusses the evolution of the durable power of attorney over the...
Continue reading "Haddleton: The Durable Power of Attorney Is On the Way"
The New York Times has an eye-opening article that illustrates the complications that can arise as a person's health deteriorates and emphasizes the importance of planning for the unexpected and updating those plans.Posted by Wesley J. Bailey, Associate Editor, Wealth...
The U.S. Tax Court has issued a memorandum. In the memorandum, the tax court determines the value of a couple's interests in a vacation home transferred to a qualified personal residence trust, and it agrees with the IRS that the...
Continue reading "Tax Court: Tax Court Values Couple's Interest in Home Transferred to QPRT"
According to James Hogan, Branch 4 Chief, IRS Office of Associate Chief Counsel (Passthroughs and Special Industries, who spoke at a Fiduciary Income Tax session at the meeting of the ABA Tax Section, the IRS and Treasury is close to...
Bloomberg recently published an article highlighting the confusion real people are dealing with now that the federal estate tax is gone for 2010. Blanche Christerson, who is responsible for managing her ailing mother's estate, fears that she will be caught...
Continue reading "Bloomberg: Capital Gains Tax a Bigger Issue Now That Estate Tax Is Gone"
A May 5, 2010 Congressional Research Service report by Maxim Shvedov, Analyst in Public Finance, examined the expiration and extension of 2001 and 2003 individual income tax cuts. The report "traces the legislative history of the tax cuts, shows their...
Continue reading "Congressional Research Service Reviews 2001 and 2003 Tax Cuts"
Heritage Foundation analyst Curtis S. Dubay, in testimony before the Committee on Small Business, U.S. House of Representatives, mentioned that small businesses could be assisted through cuts in capital gains taxes, estate tax repeal, and permanent extensions of expiring tax...
Continue reading "Heritage Foundation Analyst Testimony: Tax Reform Necessary"
The Associated Builders and Contractors sent a letter dated May 5, 2010, to the House Small Business Committee. The letter claimed that small businesses could expand jobs through many means including tax cuts, estate tax repeal,and extension of 15-year depreciation. ...
Ranking minority member Sam Graves, R-Mo., spoke at a May 5, 2010, House Small Business Committee hearing. In the statement, Graves supported estate tax repeal and the permanent extension of the 2001 and 2003 tax cuts, but opposed a compliance...
HR 5109, the Small Business Bill of Rights, if passed, will provide small business many types of tax relief, including capital gain and alternative minimum tax relief, benefits for start-up companies, postponement of estate tax elimination, and tax incentives for...
Senate Finance Committee Ranking Member Chuck Grassley expressed concern that the compliance burden for many business will be increased by healthcare reform, by IRS asssessment of the penalty for failure to include reportable transaction information with a return under Section...
Catherine Hughes, attorney-adviser in the Treasury's Office of Tax Legislative Counsel, mentioned at an Estate and Gift Taxes session of the ABA Section of Taxation meeting that practitioners should be aware of changes that result in some provisions of the...
Evan Liddiard, senior tax policy advisor to Senator Orrin G. Hatch, said at the S Corporations session of the ABA Section of Taxation meeting that a proposal in the extenders package to categorize carried interest as ordinary income (instead of...
United Wealth Management Group's second Client Conference Call of 2010 will be The Second Quarter and Beyond - An Equity Perspective and will take place on Tuesday, May 18, 2010 from 4:00- 5:00 p.m. Eastern Time. Our expert panel will...
Continue reading "United Wealth Management Group Conference Call - May 18 "
Deborah L. Jacobs, lawyer and author of Estate Planning Smarts, has published an article titled "How To Stretch Out An IRA" in Forbes. In the article, Jacobs explains the often misunderstood financial strategy of "stretching" an IRA.Posted by Wesley J....
Forbes has published an article titled "How To Protect Your Family From Estate Tax Uncertainty." The article discusses the headache that the federal estate tax mess is causing estate planners and offers tips to consider when updating your estate plan.Posted...
Continue reading "Forbes: How To Protect Your Family From Estate Tax Uncertainty"
In the latest issue of the Alabama Law Review, William A. Drennan published an article titled "Surnamed Charitable Trusts: Immortality at Taxpayer Expense." Drennan's article examines the use of surnames for charitable trusts and argues that the "ability to surname...
Continue reading "Drennan: Surnamed Charitable Trusts: Immortality at Taxpayer Expense"
Business Week has published an article titled "Court: Estate, Not Heirs, Responsible for Taxes." The article discusses the recent Wisconsin Supreme Court decision which held that the personal estate, not the heir, is responsible for paying state and federal estate...
Continue reading "Business Week: Court: Estate, Not Heirs, Responsible for Taxes"
In June, Congress is expected to start work on legislation to renew the Bush tax cuts that are set to expire at the end of the year, according to House Majority Leader Steny Hoyer. However, the time-frame to fix the...
Continue reading "Congress Still Uncertain About Estate Tax Legislation"
In the latest issue of the Alabama Law Review, Lee-ford Tritt published an article titled "Technical Correction or Tectonic Shift: Competing Default Rule Theories Under the New Uniform Probate Code." Tritt's article examines the recent amendments to the Uniform Probate...
The Hill has posted an article titled "Baucus sees action on small business bill, estate tax soon," which reports on upcoming legislative action in the Senate. Senator Baucus has stated that he hopes to pass a small business assistance bill...
Continue reading "The Hill: Baucus sees action on small business bill, estate tax soon"
It's no secret that Nicolas Cage has IRS issues; the actor recently had to sell some of his real estate to satisfy a $6.7 million tax lien. However, it appears that Cage has regained control of his financial situation based...
The Wall Street Journal has an article titled "Leaving Your Roth IRA to the Kiddies" by Kelly Greene. In the article, Greene discusses the benefits of using Roth IRAs as inheritance vehicles, but suggests setting up a trust when leaving...
Continue reading "WSJ: Leaving Your Roth IRA to the Kiddies"
The American Bar Association Section of Real Property, Trust and Estate Law will be hosting the following teleconference and live audio webcast:Live From the Meeting: Hot Topics in Estate Planning 2010Friday, May 7, 201012:00 PM - 1:00 PM Eastern With...
Continue reading "May 7th Teleconference and Webcast: Hot Topics in Estate Planning 2010"
Best Practices in Legal Marketing will be hosting the following webinar:What Do I Say to a Prospective Client to Win Their Business?Thursday, May 13, 20101:00 p.m. to 2:15 p.m.Posted by Wesley J. Bailey, Associate Editor, Wealth Strategies Journal....
Continue reading "May 13th Webinar: What Do I Say to a Prospective Client to Win Their Business?"
In Estate of Alayon, decided on April 30, the Surrogate's Court of of King's County, New York held that the legal fees awarded by a Surrogate who was later removed from office should be returned until an accurate accounting of...
The ABA Commission on Law and Aging has now published its April 2010 issue of Bifocal. The latest issue includes the following:A Decade of Partnerships in Law and Aging: A Retrospective of the Innovative Grant Program Aimed at Increasing Awareness...
Continue reading "ABA Commission on Law and Aging: April Issue of Bifocal"
The Estates, Trusts and Probate Section of the DC Bar will be hosting the following program:Planning for the Solo or Small Firm Lawyer's Temporary or Permanent Exit from PracticeDate: Thursday, May 13, 2010Time: 6:00 p.m. to 8:00 p.m.Location: DC Bar,...
David Joulfaian, U.S. Department of the Treasury, has posted an article on SSRN titled "The Federal Estate Tax: History, Law, and Economics."Here is the SSRN abstract of the article:The estate tax is the only wealth tax levied by the Federal...
Continue reading "Joulfaian: The Federal Estate Tax: History, Law, and Economics"
Deborah L. Jacobs, lawyer and author of Estate Planning Smarts, has published an article titled "Six Ways to Leave Less for Uncle Sam" in Forbes. Given that the estate tax returns in 2011 with an exemption of $1 million, many...
Continue reading "Forbes: Six Ways to Leave Less for Uncle Sam"
Robert Flannigan, professor at University of Saskatchewan College of Law, has posted an article titled "Fact-Based Fiduciary Accountability in Canada" on SSRN.Here is the SSRN abstract of the article:The Supreme Court endeavored in Galambos v. Perez to reduce the confusion...
Continue reading "Flannigan: Fact-Based Fiduciary Accountability in Canada"
The Pass-throughs and Real Estate Committee of the Taxation Section of the DC Bar Association will host a luncheon program that will address the following subject: Government Views on Two Pieces of Recent Tax Legislation: New 3.8% Medicare Tax on Investment Income and Economic Substance...
CPA Kip Dellinger debuted a new Tax Notes column. In the first column, Dellinger examines the effects of disproportionately taxing wealthy taxpayers and proposes the enforcement of existing laws under Section 527 in regards to political organizations.See Kip Dellinger, "Taxes,...
Kristin Cole reports on a bill, introduced by New York State Assemblyman Richard Brodsky, that would make all New Yorkers organ donors, unless they affirmatively chose to opt out of organ donation.Posted by Wesley J. Bailey, Associate Editor, Wealth Strategies...
Continue reading "Cole: Proposal: All New Yorkers Become Organ Donors"
McGuire Woods has included Johnson v. Hart in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Johnson v. Hart, the Virginia Supreme Court held that a testamentary beneficiary may not maintain a malpractice action against...
McGuire Woods has included Lane v. Starke in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Lane v. Starke, the Virginia Supreme Court upheld a "gift of real property to decedent's children after the death...
Douglas A. Kahn, Paul A. Kauper Professor of Law at the University of Michigan Law School, submitted a letter to the editor of Tax Notes in response to a recent article (previously discussed in this journal) by Professor Stephen B....
McGuire Woods has included Idoux v. Helou in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Idoux v. Helou, the Virginia Supreme Court refused to allow amending of a complaint incorrectly filed against an estate,...
McGuire Woods has included Spry v. Gooner in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Spry v. Gooner, the Maryland Court of Special Appeals held that, under common law, the beneficiaries of a trust...
The Governor of New York, David Paterson, recently resolved a split in decisional law by signing a bill that allows the use of the "genetic marker test" to establish paternity for inheritance purposes. You can read the text of the...
Continue reading "New Law for Establishing Paternity for Inheritance in New York"
Jason C. Kirklin has posted an article on SSRN titled "Measuring the Testator: An Empirical Study of Probate in Jacksonian America." In the article, Kirklin examines how the probate process was used in a small Indiana county from 1840 through...