Wealth Strategies Journal

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Month: October 2015

With Marriage on the Decline and Cohabitation on the Rise, What About Marital Rights for Unmarried Partners? by Lawrence W. Waggoner

Lawrence W. Waggoner, has made available for download his article, “With Marriage on the Decline and Cohabitation on the Rise, What About Marital Rights for Unmarried Partners?” to be published at 41 ACTEC L.J. (1 & 2, Jan. & Feb. 2016).  The Abstract is as follows:

Part I of this

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USA v. Enright et al, Judgment Attached to Assets Transferred to Trust

In United States  v. James M. Enright et al, No. 8:2014cv02189 – Document 50 (M.D. Fla. 2015), the US District Court for the Middle District of Florida, Tampa Division, reduced an individual’s unpaid taxes to judgment and further held that such judgment attached to properties transferred to trusts.

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Inheritance Equity: Reforming the Inheritance Penalties Facing Children in Non-Traditional Families by Danaya C. Wright

Danaya C. Wright has made available her article, “Inheritance Equity: Reforming the Inheritance Penalties Facing Children in Non-Traditional Families,” published in 25 Cornell J. of L. & Pub. Policy, 2015, Forthcoming.

The Abstract is as follows:

This Article examines how more than 50% of children living today may be disadvantaged

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A New Estate Tax: Eliminating the Step-Up in Basis at Death by Sean P. McElroy

Sean P. McElroy, Stanford University School of Law, has made available for download his article, “A New Estate Tax: Eliminating the Step-Up in Basis at Death,” published August 31, 2015 in Tax Notes, Vol. 148, No. 9.

The Abstract is as follows:

In this report, McElroy analyzes the practical ramifications

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2014 Developments in Connecticut Estate and Probate Law by Jeffrey A. Cooper, John R. Ivimey

Jeffrey A. Cooper,  Quinnipiac University School of Law, and John R. Ivimey, Reid and Riege, P.C., have made available for download their article, “2014 Developments in Connecticut Estate and Probate Law,” (September 18, 2015), published in 89 Connecticut Bar Journal (2015).

The Abstract is as follows:

This Article provides a

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Fiduciary Financial Advisers and the Incoherence of a ‘High-Quality Low-Fee’ Safe Harbor by Max M. Schanzenbach, Robert H. Sitkoff

Max M. Schanzenbach, Northwestern University – School of Law, and Robert H. Sitkoff, Harvard Law School, have made available for download their research paper, Fiduciary Financial Advisers and the Incoherence of a ‘High-Quality Low-Fee’ Safe Harbor, September 16, 2015. The Abstract is as follows:

Americans now hold trillions of dollars in

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Comments Submitted Re ABLE Account Regs

On June 22, 2015, the IRS issued proposed regulations under Code Sec. 529A that provide guidance regarding programs under the ABLE Act. Section 529A provides rules under which States or State agencies or instrumentalities may establish and maintain a new type of tax-favored savings program through which contributions may be … Continue reading

Steve Akers Summary: Steinberg v. Commissioner, 145 TC No. 7 – Net Net Gifts

Steve Akers, Senior Fiduciary Counsel, Southwest Region, Bessemer Trust, has made available for download his summary of Steinberg v. Commissioner, 145 TC No. 7, which deals with net, net gifts.  The abstract for Mr. Aker’s full report reads as follows:

In Steinberg v. Commissioner, (referred to as “Steinberg II”)

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PLR 201540006: Beneficiary’s Disclaimer of Right to Trust Distributions Not Taxable Gift If Made Within Nine Months of Marriage

In PLR 201540006 the IRS ruled that one spouse’s disclaimer of the right to trust distributions as the beneficiary’s spouse will be treated as made within a reasonable time and will not constitute a taxable gift if the disclaimer is made within nine month’s of the spouse’s marriage date.  In … Continue reading

IRS Requires Estates To Request Estate Closing Letter

Michel Kitces, on his website, notes that the IRS will cease automatically issuing closing letters for estate tax return filings.  Instead, taxpayers will have to request closing letters for estate tax returns.  Michael’s article begins as follows:

For those who are subject to Federal estate taxes, the estate closing

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