PLRs 201532008, 201532009, 201532010, 201532011, 201532012, 201532013: Service Rules on Trust Division Pursuant to Settlement Agreement

In PLRs 201532008, 201532009, 201532010, 201532011, 201532012, 201532013, the Service made the following rulings relating to a trust division pursuant to a  settlement agreement:

(1) The terms of the Settlement Agreement, including the Trust division and the construction of the phrase “by right of representation,” will not cause a distribution from or the termination … Continue reading

Steve Akers: Legislation Requiring Consistency of Basis with Estate Tax Values and Requiring Information Reporting

Steve Akers, Senior Fiduciary Counsel, Southwest Region, Bessemer Trust, has made available for download his summary of legislation enacted on July 31, 2015, which requires consistency of basis with estate tax values and information reporting.  The abstract for Mr. Aker’s full report reads as follows:

Legislation enacted on July 31,

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Proskauer Update:  Trustee’s Corpus Payment to Pooled Fund Impermissible; Delaware Court Denies Petition to Modify  Testamentary Trust To Be Directed Trust; Tax Court Rules PPL Disregarded With Income Taxable to Policy Owner and More

Proskauer’s Personal Planning Group has published its August 2015 update, which discusses the following items:

  • Florida 5th District Court of Appeals determines Trustee’s payment of trust corpus to a pooled trust fund was impermissible. Harrell v. Badger, Case Nos. 5D14-1145, 5D14-3469 (Fla. 5th DCA 2015).
  • Delaware Chancery Court denies a
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