According to the Wall Street Journal, "The Bipartisan Policy Center is proposing an overhaul of the U.S. tax system that would lower income and corporate tax rates and offset them with a 6.5% national sales or "consumption" tax [and] an excise...
Continue reading "Wall Street Journal: Poll Asks for Your Opinion on National Sales Tax"
In an article for Bloomerg, Ryan Donmoyer offered a comprehensive review of the current status of important unresolved tax questions which still face the current, lame-duck Congress.The article, "Return of Estate Tax Looms as Final Impediment to Extending Bush Tax Cuts," emphasises the importance of the...
The Wealth Strategies Journal has posted a new article entitled "Estate Analyst: Resurrecting the $20 Million Estate" by Estate Analyst columnist, Robert Moshman.Please find the article by clicking here....
Continue reading "Estate Analyst: Resurrecting the $20 Million Estate"
In Pollard v. Pollard, 316 S.W.3d 238 (Tex. App.--Dallas 2010, no pet. h.),Husband obtained an order from the trial court to require Wife's independent executor to account under Probate Code § 149A. The executor had resisted Husband's request arguing that Husband...
The National Business Institute is sponsoring a 90-minute national live video webcast on December 15 entitled Grantor Trusts in a Nutshell. The program description is below: Take your estate planning mastery a step beyond simple living trusts: explore the goals...
A new article is published Some Courts Could Allow the Dead to Become Guardians of the Living, ElderLawAnswers, Nov. 1, 2010.The Senate Special Committee on Aging requested that the Government Accountability Office (GAO) report on how well the courts are...
Continue reading "Courts Aren't Monitoring Guardians Successfully"
Ron Lieber, published an article in the New York Times entitled, "A Dying Banker's Last Instructions." The article examines a book written by a banker who is dying of cancer. Specifically, the book advises against active trading investment portfolios. Posted...
Continue reading "Ron Lieber: A Dying Banker's Last Instructions"
Geraldine Fabrikant published an article in the New York Times entitled, "Family's Fall From Affluence Is Swift and Hard." The article examines a family who was given a windfall of $14 million and in just a decade lost their entire...
Continue reading "Geraldine Fabrikant: Family's Fall From Affluence Is Swift and Hard"
Yahoo! Finance has a handy tool for state income and estate tax planning. Users can easily view each state's income, sales, property, estate, and other tax laws. Click here to access the tool.Hat tip: Wills, Trust & Estates Prof Blog...
Continue reading "Useful Tool for State Income and Estate Taxes"
Joe Luby recently published a new article Qualified Disclaimers in 2010, Trusts & Estates, Oct. 20, 2010.Among the many concerns surrounding the estate, gift, and GST tax uncertainty, some people fear that Congress will enact retroactive legislation that could destroy estate planning...
Continue reading "Using Qualified Disclaimers as a Hedge for Tax Uncertainty"
Steven Merkel recently published a new article Estate Planning: 16 Things to do Before You Die, Investopedia, Nov. 2, 2010.If you've procrastinated on your estate planning, the following 16-item list will get you going in the right direction1. Take inventory...
Bernie Wilson recently published a new article Attorney: Minority Stake of Chargers for Sale for Estate-Planning Purposes, The Canadian Press, Nov. 16, 2010.Drayton McLane selling the Astros for estate planning reasons. Now Alex Spanos, minority owner of the San Diego...
The Treasury Inspector General for Tax Administration issued a report assessing policies and guidelines concerning information gathered with filings of Report of Foreign Bank and Financial Accounts (FBAR) and "to determine how the IRS is monitoring and improving compliance with...
Continue reading "Treasury Inspector General Issues Report on Foreign Accounts"
The IRS has concluded that it cannot require "payment of the sum that otherwise would be applied to junior real estate transfer taxes" as a condition for the issuance of a certificate of discharge in a short sale scenario.See "IRS...
Continue reading "IRS Can't Condition Discharge on Payment in Short Sale"
In a July 20 legal memorandum, the IRS ruled that beneficiaries of an estate were not entitled to the use of capital loss carryovers unused by the estate because they are not "beneficiaries succeeding to the property of the estate"...
Continue reading "Beneficiaries Can't Use Estate's Unused Loss Carryovers"
Jay A. Soled, professor at Rutgers University School of Business, wrote a one-page letter to the editor to resolve estate tax legislation. Soled proposes limiting or eliminating current deduction and capping the estate tax rate at 40% with a $4...
In a recent article, Diana Furchtgott-Roth, senior fellow at the Hudson Institute and former chief economist at the Department of Labor, argued that Congress must provide tax certainty especially in the areas of individual income tax rates, taxes on capital,...
Continue reading "Furchtgott-Roth: Congress Needs to Provide Tax Certainty"
Writing for the ABA Journal, Debra Cassens Weiss has reported that Thomson Reuters seems to be indicating that it may divest itself of its legal education operations as part of a new "strategic vision" that appears to emphasize the company's concentration on the...
Continue reading "ABA Journal: Thomson Reuters Likely to Shift Focus from Education to Outsourcing"
Robert W. Wood published an article in Forbes entitled, "Ghoulish Estate Planning Before New Year's?" The article discusses the perverse dilemma some face in deciding life and death decisions. Moreover, the article provides estate planning advice.Posted by Shahzeb Gaziani, Senior...
Continue reading "Robert W. Wood: Ghoulish Estate Planning Before New Year's?"
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Continue reading "Dennis Hopper Trust Suit Poses Great Risk to His Estate"
In its opinion in Schilling v. Schilling, 695 S.E.2d 181 (Va. 2010), the Virginia Supreme Court reiterated the usual rule that validity of a will is governed by the statutes in effect when a testator dies. The court therefore reversed...
Continue reading "Statutes in Effect at Time of Testator's Death Govern Will Validity"
In D.N. v. United States, the Ninth Circuit Court of Appeals affirmed a district court decision finding the secondary beneficiary of the decedent's 401(k) account was liable for taxes on the account. The beneficiary was the minor son of the...
Continue reading "9th Circuit Affirms Secondary Beneficiary Tax Liability"
In remarks at the National Tax Association's annual conference in Chicago, Congressional Budget Office Director Douglas Elmendorf said that specific policies that narrow budget deficits must be enacted before the fiscal outlook of the nation improves. Elmendorf noted a disconnect...
In a November 18 C-SPAN interview, House Democratic Whip James E. Clyburn (D-SC) said he favored extending tax cuts for middle-income taxpayers, but noted deficit reductions if the cuts expired.See "Newsmakers with Representative James Clyburn," (November 18, 2010) found at...
Continue reading "House Democratic Whip Favors Extending Cuts AND Watching Them Expire"
Bloomberg has published an article reporting that the DOJ has indicted a Californian man with filing false tax returns and conspiracy to defraud the IRS for hiding assets in a UBS bank account from 1992 to 2008.Posted by Joseph Siegmann, Associate...
Continue reading "DOJ Indicts Californian for Hiding Assets with UBS "
Reuters has published an article quoting Chief Budget Office Director Douglas Elmendorf as saying that any permanent tax cuts or spending increases may provide short term economic relief but would cause long term negative economic effects.Posted by Joseph Siegmann, Associate Editor,...
Continue reading "CBO Director Warns Against Permanent Tax Cuts or Spending Increases"
In Private Letter Ruling 201046004, the IRS ruled that a distribution of property to the surviving spouse pursuant to a property settlement agreement among the decedent's heirs will be treated as a distribution from the decedent to the spouse for...
The Tax Court has approved a method of valuing discounts using both the estimated future value and the projected long term capital gain.For more information, please see the article, "New Guidance on Valuation Discounts for Built-In LTCG Tax," on the...
Continue reading "Tax Court provides new guidance on valuation discounts for LTCG in Estates"
Paul Sullivan published a new article Planning for Income and Estate Taxes in an Uncertain Time, N.Y. Times, Nov. 12, 2010. Leiha Macauley, an attorney in Boston, has a client who died in May, leaving his $20 million estate to...
Joseph P. McMenamin (attorney, Richmond, VA), Dana G. Fitzsimons Jr. (attorney, Richmond, VA), and Adam M. Damerow (attorney, Chicago, IL) recently published their article entitled The Attack Incapacity Suit--A Self-Fulfilling Prophecy?, 24 Prob. & Prop. 23 (Nov./Dec. 2010). The conclusion...
Susan Henderson Montgomery, descendant of Josephine Newcomb, the founding benefactor of Newcomb College, has announced her plans to ask the Louisiana Supreme Court to hear an appeal in Montgomery v. Tulane. The Future of Newcomb College issued this press release:...
Continue reading "Newcomb College Case to be Appealed to Louisiana Supreme Court"
The Tax Policy Center released a report analyzing the effects of a tax reform proposal issued by the Bipartisan Policy Center. Under the proposal, the alternative minimum tax, the standard deduction, itemized deductions and several tax credits are eliminated.See "Distribution...
Continue reading "Tax Policy Center Reviews Bipartisan Policy Tax Center Reform Proposal"
In recent comments, House Majority Leader Steny H. Hoyer (D-MD) promised a vote on extending the expiring tax cuts to just middle-income taxpayers. A spokesman for Senate Majority Leader Harry Reid (D-NV) said that extending the tax cuts for middle-income...
Andrew Zuckerman, director of rulings and agreements for employee plans in the IRS Tax-Exempt and Government Entities Division, said that the first guidance on in-plan rollovers allowed under the Small Business Jobs Act of 2010 (P.L. 111-240) should become available...
Jeffrey Chatfield, a San Diego client of UBS, plead guilty to filing a false tax return in the U.S. District Court for the Southern District of California. The plea related to income from Swiss bank accounts maintained at UBS.See "California...
Continue reading "UBS Client Pleads Guilty to Filing False Tax Return"
The U.S. Court of Appeals for the 2nd Circuit has ruled that a company may not indemnify its CEO or CFO for any compensation or stock sale profits that the officers are required to disgorge under Section 304. The case...
Continue reading "In re: DHB Industries, Inc. Derivatives Litigation"
James M. Lindsay wrote an article for the Council on Foreign Relations entitled, "The Lame-Duck Congress Returns." The article discusses what issues the lame-duck congress will address including the Bush tax cuts, extension of unemployment benefits, and the estate tax....
Continue reading "James M. Lindsay: The Lame-Duck Congress Returns"
Writing for Forbes Magazine, Claire O'Connor has identified non-profits that have invited members of the Forbes 400 to sit on their boards of directors. O'Connor explains that "having wealthy, well-connected board members is critical to fundraising success;" she reports that some...
Continue reading "Forbes: Billionaires On Board -- Nonprofits With The Wealthiest Directors"
Forbes Magazine has released the 2011 Investment Guide. According to the the magazine: What 2011 has in store nobody can say. However it turns out, this Investment Guide offers strategies aimed at helping you increase your wealth, protect it, stretch...
Forbes Magazine has released its 12th annual ranking of the largest public charities in the United States. The "Forbes Charity 200" ranks the largest charities by private donations from among the 1.4 million non-profits currently registered in the country. The magazine reported that, this year, "with...
In 2003, Indiana abrogated the stranger to the adoption rule as to trusts and to include as beneficiaries persons adopted before age 21 and before the settlor's death. The statute also contains a provision which makes its rules applicable to...
Continue reading "Abolition of Stranger to the Adoption Rule Applies Retroactively"
The American College of Trust and Estate Counsel's Legal Education Committee is organizing the fourth in a series of academic symposia financially supported by the ACTEC Foundation. The next symposium, The Uniform Probate Code: Remaking of American Succession Law, will...
Continue reading "Call for Papers -- The Uniform Probate Code: Remaking of American Succession Law"
Kristine S. Knaplund (Professor of Law, Pepperdine University School of Law) recently published her article entitled Charity for the "Death Tax": The Impact of Legislation on Charitable Bequests, 45 Gonzaga L. Rev. 713 (2010). Alyssa DiRusso, a contributing editor to...
Continue reading "The Impact of Legislation on Charitable Bequests"
Carrie Coolidge published an article Alleged Swindler Scammed Out of $800,000 by New York City Limo Driver, Luxist, Nov. 15, 2010.A New York City limo driver allegedly made almost $800,000 in fraudulent charges on the credit card of celebrity feng...
Continue reading "Near Billionaire Allegedly Forged Billionaire's Will"
United for a Fair Economy has released a press release stating that only 100 of the approximately 5,500 estate tax returns filed for 2009 had a majority of their assets tied up in small businesses. The press release goes on...
Continue reading "UFE: "Small Business Owners Say Yes to the Estate Tax""
Congressman David Camp (R-MI) has published an article discussing his views regarding U.S. tax policy. Congressman Camp would like to repeal many of President Obama's tax hikes and extend the Bush Tax cuts, among other things.Posted by Joseph Siegmann, Associate Editor,...
Revenue Ruling 2010-29 provides various prescribed rates for federal income tax purposes for December 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...
In the article by Patrick J. Lamb titled "Lawyers Have Incredible Lack of Interest in Changing Legal Marketplace" and published in the ABA Journal, Mr. Lamb discusses major changes that are taking place in the legal profession. The new...
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As 2010 draws to a close, Moses and Singer wants to highlight several planning opportunities that might have a very short shelf life remaining. While the firm's leaders have discussed many of these ideas in prior client communications, now may...
In the article published by The Trust Advisor Blog and titled "New Hampshire Sets Sights on Becoming the New Delaware of the East," the Blog discusses a role of New Hampshire as an interstate trust company destination. Until recently, Delaware...
Continue reading "New Hampshire Sets Sights on Becoming the New Delaware of the East"
In the article written by Binyamin Appelbaum titled "Investors Put Money on Lawsuits to Get Payouts" and published in The New York Times, Mr. Appelbaum discusses the new investment opportunities that large banks, hedge funds and private investors are investing...
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Sociologist G. William Domhoff of the University of California at Santa Cruz has published an article titled "Wealth, Income, and Power" on his blog Power in America. The article divulges and discusses several important statistics on the distribution of wealth...
Jonah Lehrer published an article in the Wall Street Journal entitled, "Are We Hardwired to Love Taxes?" The article presents a study conducted at Caltech which found that humans are naturally predisposed to wealth inequity. The study goes on to...
Continue reading "Jonah Lehrer: Are We Hardwired to Love Taxes?"
Paul Sullivan published an article for the New York Times entitled, "Planning for Income and Estate Taxes in an Uncertain Time." The article examines what may happen to the estate, income, and capital gains taxes should congress not act in...
Continue reading "Paul Sullivan: Planning for Income and Estate Taxes in an Uncertain Time"
The New York Times has created an interesting puzzle that challenges readers to fix the Federal budget deficit by exploring the hypothetical consequences of certain policy options (i.e. funding slashes, tax hikes, etc.). To confront this stimulating task, see "You Fix the...
Continue reading "New York Times Budget Puzzle: You Fix the Budget"
The National Commission on Fiscal Responsibility and Reform has received mixed reviews on its recently issued draft proposal. Senate Majority Leader Harry Reid (D-NV) said he did not agree with everything in the proposal but that the draft was a...
Continue reading "Debt Commission Recommendations Get Mixed Reviews"
President Obama, in response to comments made by senior advisor David Axelrod, clarified that he did not endorse a full extension of the expiring tax cuts. Axelrod's comments to the Huffington Post were interpreted as a willingness of the Obama...
Continue reading "Obama Emphasizes Extension of Middle Class Tax Cuts"
Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, introduced a bill that would repeal newly enacted 1099 reporting requirements. The requirements came under scrutiny for the compliance burden it would place on businesses in a struggling economy. Senator...
Continue reading "Baucus Introduces Bill to Repeal 1099 Reporting Requirements"
The Wealth Strategies Journal has posted a new article, entitled "IRS VALUATION WIN UPHELD IN HOLMAN APPEAL," by Hempstead & Co.You may find the article by clicking here....
Continue reading "IRS VALUATION WIN UPHELD IN HOLMAN APPEAL"
The Wealth Strategies Journal has just posted a new article, entitled "Estate Planning at All Levels of Wealth: Don't the Wealthy Deserve As Much Attention to Competence Planning As Those Who Seek Medicaid Planning?" by By: Patricia M. Annino of...
Stacy K. Mullaney (Trust Counsel, Boston, MA) recently published her article entitled Complex Securities Laws and the Eligibility of Trusts to Make Alternative Investments, 24 Prob. & Prop. 38 (Nov./Dec. 2010). The introduction is below:With the adoption of the Uniform...
Continue reading "Eligibility of Trusts to Make Alternative Investments"
The Wall Street Journal has published an article discussing the Internal Revenue Service's new unit called the "Global High Wealth Industry Group". The Global High Wealth Industry Group is comprised of very experienced IRS auditors and will focus its audits...
Venable LLP published an article entitled, "Mid-Term Elections Yield Split Congress, Leadership Changes." The article highlights the leadership changes that will be taking place and the impact that will have on various congressional committees. It also discusses the impact of...
Continue reading "Venable: Mid-Term Elections Yield Split Congress, Leadership Changes"
Joshua S. Rubenstein published an article entitled, "Election Results Are In...So Where Does That Leave the Estate Tax." The article examines what the likely result will be for the lame-duck session of congress and how it will address the expiration...
In the article by Jackie Calmes published by The New York Times and titled "Tax Cut Timing is Proving Problematic for Democrats," Ms. Calmes discusses the ever present issue of Bush tax cuts and its upcoming expiration. The Congressional Democratic...
Continue reading "NYT: Tax Cut Timing Is Proving Problematic for Democrats"
The Washington Post has published an article that Democractic supporters are criticizing President Obama being willing to extend the Bush Tax Cuts for taxpayers making over $250,000 per year.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal. ...
Laura Saunders published a new article New IRS Rules for Investors, W.S.J., Oct. 23, 2010. Short of an audit, the IRS has no way to know whether taxpayers calculated gains and losses on investment sales correctly, which prompted Congress to...
The National Business Institute is sponsoring a 90-minute national teleconference entitled Estate Planning for Vacation Homes on December 7. The program description is below:Vacation home estate planning is no longer just for the wealthiest of your clients. Summer homes and...
Tara Siegel Bernard in a NY Times article titled "Become the Guardian of a Parent With Alzheimer's" gives a good discussion of preparing for and becoming a guardian of an aging relative. The article addresses temporal, physical and emotional concerns...
Continue reading "Thoughts on Preparing for and Becoming a Guardian"
The Peterson-Pew Commission, a private advocacy group, has published an document with recommendations on how the United States should balance its budget. Among the recommendations are capping the national debt at 60% of GDP by 2018, requiring budgets be multi-year, and...
Continue reading "Peterson-Pew Commission recommendations to reduce US deficit"
ABC News has published an article discussing the proposal from the Co-Chairs of the National Commission on Fiscal Reform and Responsibility which offers suggested budget cuts, tax cuts, and removal of tax deductions to reduce the United States deficit by almost...
John Schwartz, Gay Couples to Sue Over U.S. Marriage Law, N.Y. Times, Nov. 8, 2010.In an attempt to save the couple hundreds of dollars a month, Ms. Pederson tried to enroll her spouse in her federal health insurance but...
Continue reading "ACLU Fights Estate Tax Bill for Gay Couple"
In Dolby v. Dolby, 694 S.E.2d 635 (Va. 2010), the decedent and his wife owned their home as tenants by the entireties. At his death, the decedent was the sole obligor on the promissory note securing the mortgage on the...
Continue reading "Exoneration: Testator's Estate is Liable for a Mortgage on Entireties Property"
The TaxProf Blog has posted a video of comedian and televison host Stephen Colbert discussing the Bush tax cuts on his program, "The Colbert Report." Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal...
A recent reorganization of the Virginia Code confirms that out-of-state banks or trust companies will not be treated differently than in-state institutions with respect to a statutory exemption from providing security on their bond when serving as executor or trustee...
Continue reading "Security for Certain Out-of-State Banks and Trust Companies Serving in Virginia"
Robert Frank published an article for the Wall Street Journal entitled, "Giving by the Rich: Altruism or Just a Tax Write-Off." The article notes a study that charitable giving by the wealthy is done for altruistic reasons. However, the study...
Continue reading "Robert Frank: Giving by the Rich: Altruism or Just a Tax Write-Off?"
John D. Mckinnon published an article with the Wall Street Journal entitled, "Extending Tax Cuts but with a Catch." The article discusses a proposal by Sen. Conrad (D-ND) and Sen. Bayh (D-IN) where the Bush tax cuts would be temporarily...
Continue reading "John D. McKinnon: Extending Tax Cuts but with a Catch"
JACKIE CALMES published a new article Panel Weigns Deep Cuts in Tax Breaks and Spending on New York Times on November 10, 2010. The chairman of Obama's bipartisan commission on reducing the national debt outlined a politically provocative and economically...
Continue reading "Panel Weighs Deep Cuts in Tax Breaks and Spending"
Jerry Cooper published a new article Trust Firm Pulls in $70 Million with "Directed Trusts Made Simple" Campaign, The Trust Advisor Blog, Oct. 7, 2010.The report, Directed Trust Made Simple, which is distributed exclusively by email, pulled in $70 million...
Continue reading "Directed Trusts Made Simple" Pulls in $70 Million"
Julius Giarmarco published a new article How to Handle Carryover Basis in 2010 on Producersweb.com, Oct. 7, 2010. Under the 2010 carryover basis rules, property passing from a decedent may be stepped up by an aggregate of $1.3 million and...
Carter G. Bishop (Professor of Law, Suffolk University Law School) recently published his article entitled Forgotten Trust: A Check-the-Box Achilles' Heel, 43 Suffolk Univ. L. Rev. 529 (2010). The abstract available on SSRN is below:The 1997 check-the-box regulations largely ignored...
A new article is published Medicaid Agency May Include Guardianship Expenses in Determining Eligibility, ElderLawAnswers, Oct. 4, 2010.After Deanna W. was found to be an incapacitated person, the court appointed a guardian of her estate, directing the guardian to set...
In a letter to IRS Commissioner Douglas Shulman, leaders from both parties on the House Ways and Means and Senate Finance Committees promised to enact alternative minimum tax relief for 2010. In response, Commissioner Shulman cited the need for quick...
The Congressional Research Service has recently issued a state-by-state report on the alternative minimum tax for 2007, 2008 and estimates for 2010.See "CRS Provides AMT Statistics by State," 2010 TNT 217-21 (November 8, 2010).Posted by James G. Haskell, Senior Associate...
In response to a letter from Congressman Wm. Lacy Clay(D-MO), Treasury Secretary Timothy Geitner said that the Treasury would "carefully consider" guidance from legislators concerning the implementation of FATCA. The letter specifically cites concerns regarding compliance burdens.See "Treasury Will Consider...
Continue reading "Treasury to Consider Lawmakers' Suggestions on FATCA"
Scott Martin published an article entitled, "Wilmington Trust's Sale to M&T Bank Beginning to Show Signs of Defections." The article examines the sales price of purchasing Wilmington Trust and discusses why the deal may not be as lopsided as initially...
An editorial on Freep.com was published entitled, "Extend Federal Tax Cuts for Just One Year." The article examines the ramifications of not extending any of the Bush tax cuts and concludes that the best possible solution would be a one-year...
Continue reading "Freep.com: Extend Federal Tax Cuts for Just One Year"
Martin A. Sullivan published an article in Tax Analysts entitled, "Fiscal Crisis, Part 2: Catastrophe." The article examines the problems with governmental debt and describes how the resulting crisis will look. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies...
Continue reading "Martin A. Sullivan: Fiscal Crisis, Part 2: Catastrophe"
Christopher W. Yugo, a Crown Point attorney, recently published an article entitled, "ESTATE PLANNING: Having Fun with EGTRRA." The article addressed the impact that the expiration of the Bush tax cuts will have on the estate tax. Specifically, Yugo concludes...
Continue reading "Christopher W. Yugo: Estate Planning: Having Fun with EGTRRA"
Paul Krugman published a post in the New York Times entitled, "Wag The Me." The post examines a quote written by Richard Thaler on the impending expiration of the estate tax rate that was enacted under President George W. Bush. ...
Paul Sullivan recently published an article in the New York Times entitled, "Exploring Trusts for the Disabled." The article examines two types of special-needs trusts and describes the challenges involved in administering them. Posted by Shahzeb Gaziani, Senior Associate...
Continue reading "Paul Sullivan: Exploring Trusts for the Disabled"
Lori Montgomery published an article in the Washington Post entitled, "White House, Congress Poised for Battle Over Tax Breaks in Lame-Duck Session." The article examines two issues that will be pressing for congress to handle before this session of congress adjourns: the expiration...
Kathy Loden, Joel Deuth & Brendan Mohoney, members of Deloitte Tax LLP's Tax Policy Group, published a memo entitled, "GOP Tightens Grip on Tax Policy as Republicans Win House, Make Gains in Senate." The memo examines changes that will happen on the various...
The Tax Policy Center has issued a new report analyzing an extension of the Bush tax cuts for all those making less than $1 million a year. The full report can be found at http://www.taxpolicycenter.org/publications/url.cfm?ID=1001462.Posted by James G. Haskell, Senior...
Continue reading "What About a New Tax Bracket for Millionaires?"
TD Bank Financial Group commented on preliminary guidance issued regarding the Foreign Account Tax Compliance Act. In the comments submitted, TD Bank sought an exception to the reporting and withholding requirements for accounts in countries subject to high tax rates...
Richard H. Thaler, professor of economics and behavioral science at the Booth School of Business at the University of Chicago, has published an article in the New York Times discussing the policy choices the congress has in addressing the Estate...
Continue reading ""Estate Tax Offers Quick Test for Congress""
In a recent letter (LTR 201044021), the IRS revoked a trust's tax exempt status citing its lack of charitable activity and the structure that benefits the organization's insiders.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
Diane Freda recently published an article CPAs Blitz IRS with Letters for Relief from Proposed Tax Preparer Rules on BNA Software on November 3, 2010. The Internal Revenue Service Nov. 2 released a raft of comment letters it received from...
Continue reading "CPAs Blitz IRS With Letters for Relief From Proposed Tax Preparer Rules"
In United States v. Malcolm C. Winsper, the U.S. District Court for the Western District of Kentucky refused the government's foreclosure on a property jointly owned by a taxpayer and his wife. The government sought to foreclose to satisfy a...
Continue reading "Tax Lien Foreclosure Denied on Jointly Held Property"
Analyzing the effect of the GOPs large gains in Congress, Jeremy Scott of Tax Analysts argues that the tone of the debates may change, but there will be little substantive difference in legislative outcomes. Scott argues that 2011 will be...
Joshua C. Tate (Associate Professor of Law, SMU Dedman School of Law) recently published his article entitled Should Charitable Trust Enforcement Rights be Assignable?, 85 Chi.-Kent. L. Rev. 1045 (2010). A summary is below:In recent years, scholars have given much...
Evalynn J. Saeyang published an article recently Robert Reldan's Settlement: Killer Forfeits Millions to Susan Reeve's Family, Gather, Oct. 10, 2010.Robert Reldan, now 70 years old, was convicted of murdering two women in the 1970s. While serving his life sentence...
Continue reading "Killer Forfeits $9 Million Inheritance to Victim's Family"
A new article has been published Hard to Face Up to Estate Planning, Private Wealth, Nov. 4, 2010. Although it can be difficult for estate planning attorneys to create complex plans, sometimes the biggest challenge is helping clients get...
Continue reading "Getting Clients to Face Mortality is Difficult"
A Live Two-Hour Webinar from CCHThursday, November 4, 2010 - 1 PM Eastern; Noon Central; 11 AM Mountain; 10 AM PacificRegister Today for Only $249 Per Site and Have an Unlimited Number of Users Participate!Failure to effectively liquidate an entity...
Continue reading "Understanding Taxable and Tax-Free Liquidations"
In Rolfs et ux. v. Commissioner, Judge Gale of the U.S. Tax Court ruled that the IRS, on audit, properly disallowed a charitable deduction a donation of a residence to the local fire department for the sole purpose of burning...
Continue reading "Disallowed Charitable Deduction for Donation of Residence to Fire Department "
Bloomberg News has published an article quoting President Obama as hoping to extend the tax cuts for middle-class families. If nothing is done to extend the tax cuts, tax rates "will increase to 15, 28, 31, 36, and 39.6 from...
Continue reading "Bloomberg: Obama willing to Negotiate with Republicans on Bush Tax Cuts"
The IRS has announced cost-of-living adjustments affecting dollar limitations for retirement-related items. Many limits remain unchanged; for additonal information, see the IRS COLA Table. Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal ...
Continue reading "IRS Announces 2011 COLA Limits for Retirement Plans "
Hani Sarji, who writes the "Estate of Confusion" blog for Forbes Magazine, has published an interesting post entitled "Estate Taxes Billionaires Would Have Owed". Citing a presentation by Investment News, Sarji provides estimates of the estate taxes that would have...
Continue reading "Forbes: Estate Tax Billionaires Would Have Owed"
Forbes Magazine has has published its annual list "The World's Most Powerful People". Ranking first on the list is the President of the People's Republic of China, Hu Jintao; following is U.S. President Barack Obama. Political and military leaders mostly account for the remaining 66, but some...
Continue reading "Forbes: The World's Most Powerful People "
Ray D. Madoff (Professor of Law, Boston College Law School) recently published her article entitled What Leona Helmsley Can Teach Us About the Charitable Deduction, 85 Chi.-Kent. L. Rev. 957 (2010). The author's summary is below: Leona Helmsley named a...
The ABA Section of Real Property, Trust & Estate Law is sponsoring a 90-minute teleconference and live audio webcast entitled Ethical Issues in Estate Planning for Pet Owners on November 9. The program information is below: The program will focus on...
David Mildenberg and Zachary R. Mider recently published an article M&T to Acquire Wilmington Trust for $351 Million on Bloomberg, Nov. 1, 2010. Wilmington Trust, the 107-year-old bank that financed companies during the Great Depression, agreed to sell itself to New York-based...
Continue reading "Delaware's Wilmington Trust Company Agrees to Sell Itself for $351 Million"
Kenneth Jimenez, a CPA with Jones & Kolb wrote a letter to the Treasury seeking guidance on how IRC Section 1022 interacts with Section 469 for suspended passive losses under the estate tax laws of 2010. The letter also sought...
Continue reading "CPA Seeks Guidance on Suspended Passive Loss Rules Under 2010 Estate Tax Law"
In the article by Janet Novack titled "Should Congress Let The Next Mark Zuckenberg Prepay His Estate Taxes?" and published in Forbes, Ms. Novack discusses intriguing proposal by Senate Finance Committee member Maria Cantwell (D-WA), which would allow the taxpayers...
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This will come as no surprise to the most elder law attorneys, but the Survey conduced by the Elder Law Answers revealed that most of them do in fact work more than 40 hours a week. According to the survey,...
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Scott Martin recently published an article Who's Charging What for Trust Services? Part 3, The Trust Advisor Blog, Oct. 2, 2010. The Trust Advisor Blog conducted its trust industry survey for the third quarter of 2010. It found that providers charge about...
Morgan Kirkland Wood (2011 J.D. Candidate, University of Georgia Law) recently published a note entitled It Takes a Village: Considering the Other Interests at Stake When Extending Inheritance Rights to Posthumously Conceived Children, 44 Ga. L. Rev. 87 (2010). An...
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Brenda Sapino Jeffreys, WWJO'QD? As Executor of Friend's Estate, T. Gerald Treece Asks Himself "What Would John O'Quinn Do?", Texas Lawyer, Nov. 1, 2010. T. Gerald Treece, a professor at South Texas College of Law, has spoken out about the...
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A new article recently is published Annuity Purchased Post-Eligibility Determination is Available Resource on ElderLawAnswers, Oct. 4, 2010. After Glenda Morris applied for Medicaid, Oklahoma told her that she needed to spend down her share of assets to $2,000. She purchased...
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Megan McArdle wrote an article for the Atlantic entitled, "Why We Should Eliminate the Corporate Income Tax." In the article, McArdle argues that the corporate tax is not the best vehicle for serving the social purpose it was originally intended...
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Donald B. Tobin wrote an article for RollCall entitled, "CEOs Shouldn't Use Corporate Treasury as Personal Piggy Bank." In the article, Tobin highlights how News Corp.'s recent contribution to the Republican Governors Association creates legal problems. First it creates an...
The Treasury Inspector General for Tax Administration recently released a report entitled, "Coordination and Procedures for Foreclosure Can Be Improved." The report found, among other things, that the IRS was inconsistent in how it processed foreclosure cases and coordinated with...
James Pethokoukis has written an article for Reuters entitled, "Is this the Tax Reform Obama and the New Congress Can Agree On?" The author notes that while the public is paying attention to which spending cuts President Obama's bipartisan deficit...
Jay A. Soled (Professor, Rutgers Business School) recently published his article entitled Implications of Discovering Unreported Income, Improper Deductions, and Hidden Assets Upon a Taxpayer's Death, 44 Ga. L. Rev. 697 (2010). The introduction is below:If, as this Article will...
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Anne Tergesen recently published an article Last Chance to Foil a Gift Tax, W.S.J., Oct. 30, 2010. In addition to the estate tax returning on January 1, the GST tax will return as well. The GST tax applies to gifts...
Arden Dale recently published Shielding an Estate From Unloved In-Laws, Financial Adviser, Sept. 30, 2010.When a child falls in love and plans to get married, the child's parents may not share the love--or want to share their wealth. A simple...
Aprill: Section 501(c)(4) Organizations, the Gift Tax, and the Disclosure Rules Professor Ellen P. Aprill (Loyola Law School L.A.) commented on Section 501(c)(4) Organizations, the Gift Tax, and the Disclosure Rules: Recent discussions of whether gifts to § 501(c)(4) organizations...
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November 11, 2010 Westminster Canterbury 250 Pantops Mountain Road Charlottesville, VA Schedule 8:30 a.m., Breakfast & Registration 9 a.m. - 1:30 p.m., Program & LunchJoin us for tips on addressing the legal and business challenges of today's regulatory environment. We...
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Brian Strachan recently published an article in Daily News Transcript on How to Smartly give away assets during your lifetime on October 31, 2010. If you want to engage in lifetime gifting of some of your assets, you should be...
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David Leonhardt posted an article for the New York Times entitled, "After the Elections, Options for a Tax Cut." In it Leonhardt looks at the possibilities on how a lame-duck congress may examine extending the Bush Tax Cuts and the...
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On Insurancenewsnet.com an article entitled, "La. Accounts Prep Cliets for Return Of Estate Tax" was published. The article analyzes issues pertaining to the estate tax plan if certain exemptions are not renewed by congress. Specifically, the article analyzes the issues...
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Ron Lieber recently wrote an article for the New York Times entitled, "What It Takes to Buy a House in Foreclosure." Lieber follows the journey of an Atlanta woman in her quest to purchase a foreclosed home and documents the...
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The New York State Bar Association has published an opinion allowing attorney's to store their clients' confidential information on third party servers provided certain criteria are met. Among other things the attorney must ensure that the third party server has...
Robert Foley of State Street Bank and Trust Company commented on Notice 2010-60 regarding the Foreign Account Tax Compliance Act. The letter emphasized the need for prompt guidance. See "Bank and Trust Company Voices Concerns With Preliminary Guidance on FATCA Reporting,"...
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Gary Hermann, partner in the San Fransisco office of Morgan, Lewis & Bockius LLP, commented on Notice 2010-60. Hermann wrote on behalf of Suva, an independent body established by the Swiss government and "the exclusive provider of mandatory accident insurance for employees...
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Carter Ruml recently published an article entitled, "One Small Latin Phrase Can Turn Your Heirs Into Mad Men (and Women)." The article analyzes a court case that discusses the importance of the phrases "per capita" and "per stirpes". Please...
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Deborah Jacobs has an article in the New York Times that discusses why it may be advantageous for large estate holders to shift their real estate assets to their children or heirs before the end of the year; she says: By shifting...
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The Wealth Strategies Journal has published a new article entitled, "Beyond High Net Worth: Insurance Needs of the Ultra Wealthy," by Carolyn Decker of Lake Street Advisors.The article may be found by clicking here....
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Trading Markets has published an article quoting Senator Olympia Snowe's (R-Maine) comments about the state of the US economy. Senator Snowe specifically pointed to the new requirement that businesses issue 1099s for every purchase over $600 and the uncertainty about the...
Continue reading "Olympia Snowe: Blames "Anti-Small Business" for the US' slow Economic Growth"
In PLR 201043041, the IRS determined that the income a CRUT receives from a solely owned foreign corporation is not taxable unrelated business income under sections 511 and 512(a) of the Internal Revenue Code. In addition, the IRS determined that the...
