Wesley J. Bailey

Investment News has published an article titled "Wealthy Might Have to Kiss Their GRATs Goodbye" by Hillary Johnson.  In her article, Johnson discusses how the Small Business and Infrastructure Jobs Tax Act of 2010 would make grantor-retained annu... Read More

Daniel Gross, a senior editor at Newsweek, wrote an article published in the latest issue of Columbia Law School Magazine titled "The Estate Tax Mess." In the article, Gross discusses the history of the estate tax and the factors leading... Read More

The Heritage Trust and Estates Newsletter published an article titled "The Art of Donating Art" by Joy Berus. In the article, Berus discusses the tax benefits that may arise when making a charitable contribution of art and provides twelve steps... Read More

Jeffery L. Kwall, professor at Loyola University Chicago School of Law, published an article in the upcoming issue of the Indiana Law Journal titled "When Should Asset Appreciation Be Taxed?: The Case for a Disposition Standard of Realization" (availab... Read More

Joshua C. Tate, assistant professor at Southern Methodist University, Dedman School of Law, published an interesting article in the Georgia Law Journal titled "Immortal Fame: Publicity Rights, Taxation, and the Power of Testation" (available on SSRN). ... Read More

Reuters has an interesting article on the U.S. investigation of UBS. The article outlines the negotiations between top UBS executives and the U.S. and provides details concerning the bank's financial situation which led to the settlement in which UBS a... Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated April 15, 2010. The current digest discusses the following:Manufacturing and service sectors expanding160,000 non-farm payroll jobs addedFed discusses shor... Read More

The American College of Trust and Estate Counsel Journal has published an article titled "The Preferred Partnership GRAT - A Way Around the ETIP Issues?" by N. Todd Angkatavanich and Karen E. Yates. The editor provides the following synopsis of... Read More

The current issue of Financial Advisor includes an article titled "Estate Tax Audits Tough As Ever." Despite the current state of confusion surrounding the estate tax, the article points out that the IRS continues to aggressively audit estate tax retur... Read More

In a Washington Post column titled "Goldman Sachs and the Revolt of the Lower Upper Class," Matt Miller discusses his view that the SEC's fraud case against Goldman Sachs may be the first sign of revolt by the "lower upper... Read More

NPR published an article titled "There May Be a Tax Upside To Dying in 2010." The article discusses the confusion surrounding the federal estate tax in 2010 and highlights the fact that as more time passes in 2010 it is... Read More

If you are one of the many lawyers who desire a better work-life balance then you should read "Making the Case for a Flexible Work Arrangement." The article provides advice and factors you should consider before asking your employer to... Read More

The April issue of Your ABA has an article discussing the benefits of conducting client feedback interviews and offers tips to consider when developing a client feedback program.Posted by Wesley J. Bailey, Associate Editor, Wealth Strategies Journal.... Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated April 28, 2010. The current digest discusses the following:New Home Sales SurgeMixed Results on Home PricesExcluding Aircraft, Durable Goods Orders RisePos... Read More

Business Week has published an article titled "Mind the Estate Tax Gap" by Amy Feldman. Some people assume that having no estate tax in 2010 is a good thing for the families of the ultra-rich who die in 2010. However,... Read More

The Wall Street Journal's Wealth Report has an interesting article on the impact the financial crisis had on America's most affluent citizens. The article discusses calculations by Edward Wolff, an economist at New York University, that indicate the to... Read More

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... Read More

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... Read More

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... Read More

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,... Read More

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... Read More

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 ... Read More

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 St... Read More

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... Read More

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... Read More

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... Read More

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,... Read More

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... Read More

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.... Read More

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... Read More

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... Read More

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... Read More

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 th... Read More

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... Read More

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 fe... Read More

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.... Read More

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 ca... Read More

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, Associat... Read More

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 o... Read More

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 w... Read More

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... Read More

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 mak... Read More

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 organiz... Read More

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... Read More

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 t... Read More

letting the viewer\'s mind make up the missing parts and form a whole Read More

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.    ... Read More

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... Read More

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... Read More

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 Congressi... Read More

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 m... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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 utilizationS... Read More

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... Read More

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... Read More

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 spendt... Read More

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... Read More

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... Read More

The Wills, Trusts & Estates Prof Blog recently posted on Washington Post's article discussing the mystery surrounding Hattie McDaniel's Oscar. When Hattie McDaniel was named Best Supporting Actress in 1940, she became the first African American to ... Read More

In a letter dated May 28, 2010, the American Bar Association urges the IRS to withdraw recent proposals that would require certain business taxpayers to disclose uncertain tax positions. The ABA is concerned that the proposals, requiring disclosure of ... Read More

McGuire Woods has included Karo v. Wachovia Bank in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Karo v. Wachovia Bank, the U.S. District Court for the Eastern District of Virginia grated summary judgment in... Read More

McGuire Woods has included Bank of America v. Carpenter in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Bank of America v. Carpenter, the Illinois Appellate Court reversed the trial court's ruling that accelera... Read More

McGuire Woods has included First Charter Bank v. American Children's Home in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In First Charter Bank v. American Children's Home, the North Carolina Court of Appeals affi... Read More

McGuire Woods has included N.K.S. Distributors Inc. v. Tigani in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In N.K.S. Distributors Inc. v. Tigani, the Delaware Court of Chancery rejected the successor beneficiar... Read More

Elder Law Answers (ELA) recently posted an article examining the Wealth Counsel's 3rd Annual Industry Trends Survey. For the survey, Wealth Counsel asked estate planners what practice area they would most like to add to their business model. The second... Read More

The Spring 2010 issue of ACTEC Journal includes an article by Benjamin H. Pruett titled "Tales from the Dark Side: Drafting Issues from the Fiduciary Perspective." In the article, Pruett offers drafting advice based on issues he encountered after leavi... Read More

Mark E. Powell, adjunct professor at Chapman University School of Law, has posted an article titled "The Generation-Skipping Transfer Tax: A Quick Guide" on SSRN. Below is the SSRN abstract of the article:Sooner or later, every estate planner comes fac... Read More

Referral Programs are so effective to promote any web business that it even may cut in half your advertisement budget. Bsically you members do the promotion and make it viral. Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated June 07, 2010. The current digest discusses the following:Payrolls are boosted by census hiringUnemployment edged down in MaySigns point to continued econo... Read More

The May 2010 issue of Private Wealth includes an article by Diana S.C. Zeydel titled "A Phantom Estate Tax." In the article, Zeydel discusses the current estate tax situation and explains why the absence of the estate tax in 2010... Read More

The New York Times recently published an intriguing article detailing the fight over C.C. Wang's $50 million estate. When C.C. Wang moved to New York in 1949 he brought with him ancient works of art that he had been collecting... Read More

According to a Business Week article, Blackstone Group LP and other investment partnerships plan on protesting the carried interest tax included in the jobs bill based on an exemption for family farmers. (For our previous coverage on the carried intere... Read More

An article published by the New York Times shows the real-life implications of the federal estate tax repeal in 2010. When Dan L. Duncan, a Texas energy magnate, died several months ago with an estate worth $9 billion his heirs... Read More

The Mirror has published an article reporting on Michael Jackson's estate. According to the article, Jackson's estate has earned almost $1 billion since the singer's death.Posted by Wesley J. Bailey, Associate Editor, Wealth Strategies Journal.... Read More

The battle over Gary Coleman's estate continues. The dispute involves Coleman's ex-wife, Shannon Price, and Coleman's former manger, Dion Mial. A 1999 will, filed for probate in Utah's 4th District Court, names Mial as the executor of Coleman's estate ... Read More

The Wealth Counsel will be hosting the following free webcast:Planning for Physicians: How to Attract Physician Clients and What to Do When You Get ThemJuly 14, 20101:00 - 2:00 EasternTo register, click here.Posted by Wesley J. Bailey, Associate Editor... Read More

An article published by the New York Times discusses the estate of Dan L. Duncan, a Texas energy tycoon, and shows the real-life implications of the federal estate tax repeal in 2010. When Mr. Duncan met with his estate planners... Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated June 14, 2010. The current digest discusses the following:Economic growth is widespread, although modest, according to Beige BookRetail sales slow with dro... Read More

Forbes has published a helpful article titled "How to Pass Down Your Family Vacation Retreat." The article looks at Qualified Personal Resident Trusts (QPRTs) and discusses when QPRTs can be used to help reduce gift or estate tax on the... Read More

On June 15, 2010, the House passed the Small Business Jobs Tax Relief Act of 2010 (H.R. 5486) which provides tax incentives to small businesses and makes several other changes to the Internal Revenue Code of 1986. According to the... Read More

The Congressional Research Service has published a report titled "The Statutory Pay-As-You-Go Act of 2010: Summary and Legislative History." Earlier this year, President Obama established a budget enforcement mechanism by signing the Statutory Pay-As-Y... Read More

The Center on Budget and Policy Priorities recently published a report examining the federal estate tax titled "Policy Basics: The Estate Tax." According to the report, a permanent repeal of the estate tax would increase the federal deficit by $698... Read More

A recent Wall Street Journal article reports on an IRS ruling requiring same-sex couples to be treated the same as heterosexual couples under California tax law. Pursuant to California community property law, registered domestic partner as well as marr... Read More

Jeffery A. Cooper, associate professor at Quinnipiac University School of Law, has posted an article on SSRN titled "Ghosts of 1932: The Lost History of Estate and Gift Taxation." In the article, Cooper examines the specific estate and gift tax... Read More

The U.S. Court of Appeals for the First Circuit has released its decision in the Estate of Noordin M. Charania v. Commissioner of IRS. The First Circuit agreed with the Tax Court decision holding that Citigroup stock acquired by the... Read More

In Zeffie Surgick v. Acquanetta Cirella, the U.S. District Court for the District of New Jersey dismissed a suit filed against the IRS by two siblings seeking tax records regarding their late father's estate. In dismissing the action, the court... Read More

Dennis I. Leonard, attorney with Ramsbacher Prokey LLP, and Alison I. Brosnan, law clerk for the Taxation Section of the State Bar of California, recently presented the U.S. Department of Treasury with a proposal titled "Section 4941's Self-Dealing Tra... Read More

As part of the Taxation Section of the California State Bar's Annual Washington D.C. Delegation, Patrick W. Martin presented his article titled "Proposed Guidance on FBARs and Foreign Persons" to the U.S. Department of Treasury. In the article, Martin ... Read More

The New York Times has published an article titled "Confusion Over the Dormant Estate Tax Keeps Advisers Busy." The article reports that the uncertainty in the areas of trusts and estate tax has created more business for tax professionals. No... Read More

The New York Times recently published an article reporting on the deal struck between Swiss lawmakers and U.S. authorities in the UBS case. According to the article, Swiss lawmakers have agreed to disclose information on thousands of individuals with a... Read More

Bloomberg has published an article reporting that the IRS has frozen or denied about $1.22 billion of the $12.6 billion in claims for the first-time homebuyer tax credit after audits uncovered a large number of erroneous or fraudulent filings. Accordin... Read More

Charles Rotblut, editor of the AAII Journal, has published an article with Forbes considering the tax code changes that could be expected in the next year. Unless Congress act, capital gains, dividends, and estate taxes will revert to 2002 levels... Read More

Tax Analysts has reported that Senator Bernie Sanders is lobbying support for estate tax reform legislation that he plans to introduce on June 24. Yesterday, Sanders sent a letter to colleagues detailing the Responsible Estate Tax Act and asking for... Read More

Tax Notes has published an article by Robert Michaelsen, professor emeritus of accounting at University of North Texas. The article examines the arguments for and against a federal estate tax and determines that a continuation of the estate tax is... Read More

Investment News has published a list of the "nastiest celebrity estate battles in recent years." The list discusses the litigation involving the estates of John Wayne, Anna Nicole Smith, Jimi Hendrix, Farrah Fawcett, and Michael Jackson.Posted by Wesle... Read More

Investment News has published an article titled "Coleman's Death Highlights Problems with Multiple Wills." As we have seen many times before, the existence of more than one will often leads to confusion as to the decedent's true intentions as well... Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated June 28, 2010. The current digest discusses the following:New and existing home sales drop in May, after expiration of Homebuyers' Tax credit.Excluding tra... Read More

The American Bar Association has published it's June 2010 Your ABA Newsletter. The Newsletter contains the following articles:Secrets of Internet search: Insider tips, little-known resources backgrounding experts, moreEleven steps to protect client dat... Read More

Lily L. Batchelder, associate professor at New York University School of Law, has published an article on SSRN titled "Reform Options for the Estate Tax System: Targeting Unearned Income, Testimony Before the U.S. Senate Committee on Finance." The arti... Read More

U.S. News & World Report has published an article titled "The Dangers of DIY Estate Planning." The article examines the pros and cons of do-it-yourself estate planning and concludes that while a DIY estate plan is often better than no... Read More

Forbes has published an article titled "Using Life Insurance to Make Charitable Donations." The article discusses the benefits of using insurance policies when making charitable donations and examines the different methods available as well as the adva... Read More

U.S. Senator Orrin Hatch recently sent a letter to Paul A. Volcker, Chairman of the President's Economic Recovery Advisory Board, urging him not to consider a value-added tax (VAT) when formulating the final report on tax reform. The President's Econom... Read More

Daphna Hacker, professor of law at Tel-Aviv University, has posted an article on SSRN titled "The Gendered Dimensions of Inheritance: Empirical Food for Legal Thought." In the article, Hacker discusses gender and inheritance and examines data on women ... Read More

Smart Money has published an article titled "Negotiating Estate Tax Gridlock." The article discusses pitfalls of the estate tax lapse and looks at how provisions commonly included in estate plans may now have unintended results due to the estate tax... Read More

As we have previously reported, the Small Business Jobs Tax Relief Act of 2010, passed by the House on June 15, 2010, included provisions that would make grantor retained annuity trusts (GRATs) less attractive to wealthy individuals. As the S... Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated July 2, 2010. The current digest discusses the following:Private payrolls expand, but gains are offset by expected census layoffsUnemployment edges down in... Read More

John Prebble, professor at Victoria University of Wellington, has published an article on SSRN titled "The New Zealand Offshore Trust Regime." In the article, Prebble explains why New Zealand, despite being considered a high tax country, has a robust o... Read More

The IRS is seeking public comment on nonresident alien estate tax return Form 706-NA.See, 75 F.R. 38874-38875.Posted by Wesley J. Bailey, Associate Editor, Wealth Strategies Journal.... Read More

The IRS is seeking public comment on final regulations on the section 2632(c)(5)(A)(i) election to opt out of having the deemed allocation of unused generation-skipping transfer tax exemption apply to certain transfers to a generation-skipping transfer... Read More

The IRS explains that section 6104(b) does not protect a trust's name in response to a suggestion that the filers of Form 5227 (Split-Interest Information Return) should be allowed to omit the name of the split-interest trust or the IRS... Read More

McGuire Woods has included Dolby v. Dolby in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Dolby v. Dolby, the Virginia Supreme Court reversed the trial court and held that the debt owed solely by... Read More

McGuire Woods has included Schilling v. Schilling in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Schilling v. Schilling, the Virginia Supreme Court reversed the trial court and held that Virginia's statute tha... Read More

McGuire Woods has included Smith v. Mountjoy in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Smith v. Mountjoy, the Virginia Supreme Court held that a wife exceeded her authority under her husband's power of... Read More

McGuire Woods has included Ladysmith Rescue Squad v. Newlin in its latest update on "Recent Fiduciary Cases of Interest to Corporate Fiduciaries." In Ladysmith Rescue Squad v. Newlin, the Virginia Supreme Court found that the standard for division and ... Read More

Foley & Lardner has published a Legal News Alert titled "IRS to Require Uncertain Tax Position Disclosures in 2010." Since announcing proposals that would require certain business taxpayers to disclose uncertain tax position (UTP), the IRS has rece... Read More

Financial Advisor has published an article titled "Donations Can Help Offset Roth IRA Bill." The article discusses how to offset the increase in taxable income that results when rolling pre-tax retirement accounts into a Roth IRA and suggests using don... Read More

Tax Notes has published a letter written by James Q. Riordan in response to Robert Michaelson's article on the estate tax. In the letter, Riordan disagrees with the premise of Michaelson's article and believes that the estate tax is the... Read More

In PLR 201027031, the IRS ruled that the assignment of two IRAs to a foundation in satisfaction of its share of the residue of an estate and a trust is not considered a transfer with the meaning of section 691(a)(1)... Read More

In PLR 201027016 and PLR 201027027, the IRS granted an estate an extension to file a qualified physician's certification under reg section 26.2601-1(b)(3) because the decedent was under a mental disability for a period of time prior preceding her death... Read More

In PLR 201027034, the IRS ruled that a decedent will be deemed to have made a timely allocation of he unused generation-skipping transfer tax exemption with respect to her transfers to trusts for the benefit of her two grandchildren and... Read More

Ray D. Madoff, professor at Boston College Law School, has written an op-ed piece for the New York Times titled "America Builds an Aristocracy." In the article, Madoff makes the case against dynasty trusts and proposes that Congress could fix... Read More

It appears that the Small Business Jobs Act of 2010 (H.R. 5297) has been put on the back burner while the Senate focuses on the financial reform bill. According to Tax Analysts, the Senate will hopefully finalize the financial reform... Read More

The Journal of Accountancy has published an article titled "Valuing Art for Tax Purposes" by Alan Breus. In the article, Breus discusses tax-related art appraisals and highlights common situations that necessitate a professional art appraisal.Posted by... Read More

William Thomas Worster, professor at The Hague University, has posted an interesting article on SSRN titled "The Constitutionality of the Taxation Consequences for Renouncing U.S. Citizenship." In the article, Worster argues that the special tax regime... Read More

U.S. Representative Linda Sanchez has introduced legislation to restore the estate tax. In a press release, Rep. Sanchez introduces the Responsible Estate Tax Act and explains that the bill will ensure that millionaires and billionaires are paying thei... Read More

Nancy J. Altman, co-director of Social Security Works, testified before the House Ways and Means Committee on the importance of Social Security. In her testimony, Altman proposes for the estate tax to be reinstated at its 2009 level and to... Read More

The IRS's special voluntary disclosure program for taxpayers with unreported offshore accounts was such a success that the IRS is having difficulty handling the cases in a timely manner. According to Tax Analysts, almost 15,000 taxpayers took advantage... Read More

The ABA Journal has published an article discussing George Steinbrenner's death and the windfall that his heirs will likely receive. Steinbrenner, the long-time owner of the New York Yankees, suffered a heart attack last week and died with an estimated... Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated July 19, 2010. The current digest discusses the following:Declining energy prices keep inflation subduedJEC 2010 Annual Report highlights need for targeted... Read More

In Revenue Ruling 2010-19, the IRS provides various rates for federal income tax purposes for August 2010.Below is the text of Revenue Ruling 2010-19: Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ tab... Read More

The Congressional Research Service has prepared a report for members of Congress that reviews the numerous bills introduced in the first session of the 111th Congress that affects the estate tax.Below is the text of "Estate Tax Legislation in the... Read More

As we have previously blogged, several wealthy individuals have died this year and their estates will pass to their heirs free from the federal estate tax due to congressional inaction.The Los Angeles Times has published "Heirs of the Wealthy Escape... Read More

The U.S. Senate on July 21 rejected a proposal offered by Sen. Jim DeMint that would have abolished the federal estate tax.See, Smart Money, U.S. Senate Rejects Effort to Repeal Estate Tax (July 21, 2010).Posted by Wesley J. Bailey, Associate... Read More

Tax Notes has published an article by Wendy C. Gerzog, professor of law at University of Baltimore School of Law. The article examines the Tax Court decision in Estate of Morgens v. Commissioner which ruled in favor of the government... Read More

Forbes recently published an interesting article titled "Billionaires Battle on Estate Tax." According to the article, former Treasury Secretary Robert Rubin was joined by hedge fund billionaire Julian Robertson and Disney heir Abigail Disney in a tele... Read More

The Department of the Treasury has submitted several Forms and Regulation to the Office of Management and Budget for review and requests comments by August 23, 2010.   See, 75 F.R. 42821-42823 (July 16, 2010).   Posted by Wesley J.... Read More

The Department of the Treasury requests public comment on Valuation Tables provided in final regulations (T.D. 8540) under section 7520. See, 75 F.R. 42832-42833 (July 22, 2010).   Posted by Wesley J. Bailey, Associate Editor, Wealt... Read More

According to Tax Notes, the estate tax proposal offered by Sen. Jon Kyl and Sen. Blanche Lincoln has lost momentum in the Senate. Kyl and Lincoln hoped to have the Small Business Jobs Act of 2010 (H.R. 5297) sent back... Read More

The New York Times recently published an interesting article titled "Nightmare In Apt. 9B" which details a nasty estate battle. The article tells the story of a family fighting over an apartment at 300 Central Park West and includes... Read More

Forbes recently posted an article titled "Lapsed Federal Estate Tax Creates Couples Trap." The article warns that A-B trust provisions, a common estate planning technique, may now have the unintended consequence of leaving a surviving spouse with an un... Read More

The American Institute of Certified Public Accountants will be hosting the following CLE:AICPA Advanced Estate Planning ConferenceJuly 26-28, 2010JW Marriott, Washington, DCPosted by Wesley J. Bailey, Associate Editor, Wealth Strategies Journal.... Read More

Elder Law Answers recently posted an article on client maintenance programs. The article discusses a training course offered by Family Estate Planning Law Group that helps estate planning law firms create and implement client development programs.Poste... Read More

Producers Web has published an article by Christopher P. Hill titled "How Avoiding Estate Taxes Can Actually Create More Taxes." In the article, Hill discusses how irrevocable life insurance trusts can be used to avoid estate and generation skipping tr... Read More

Tax Notes has published an article by Carlyn S. McCaffrey and Pam H. Schneider titled "Time Traveling and Generation-Skipping in 2010 and Beyond." The article discusses the generation-skipping transfer (GST) tax and looks at the complications caused by... Read More

Tax Notes has published a letter sent to the IRS by Beth Shapiro Kaufman, Douglas Siegler, Howard Zaritsky, and Richard Franklin of Caplin & Drysdale commenting on PLR 201025021. In the letter, the authors applaud the IRS's decision to grant... Read More

The Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution, has published a report titled "Analysis of the Expiration of the 2001-2003 Tax Cuts." The report discusses the expiration of the 2001-2003 tax cuts and compares... Read More

The Trust Advisor Blog has published a report titled "Who's Charging What for Trust Services." In the report, Trust Advisor examines the results of its quarterly trust industry survey and compares the fee structure and services offered by independent t... Read More

Elder Law Answers recently posted an article titled "New Approach Reduces Unwanted Medical Treatments at End of Life." The article argues that advance directives are not consistently followed and often have little impact on end-of-life decisions and re... Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated July 25, 2010. The current digest discusses the following:New homebuilding still showing signs of stressExisting home sales fell in JuneFed Chairman Bernan... Read More

Bloomberg recently published an article titled "Democrats Relish Battle Over High-Income Tax Cuts" by Albert Hunt. In the article, Hunt discusses the upcoming battle over extending the Bush tax cuts and points out that, while Republicans usually win wh... Read More

In the Ask Dow Jones section, the Wall Street Journal responds to questions regarding the procedure and the timeframe for revising the estate tax. The answer shows that there is still a lot of uncertainty surrounding estate tax reform and not... Read More

In Private Letter Ruling 201030016, the IRS ruled that income from a trust created by a school board to provide health benefits for eligible retired employees is excludable from gross income under section 115.   Posted by Wesley J. Bailey,... Read More

In Private Letter Ruling 201030015, the IRS ruled that the judicial reformation of a trust will not violate section 664, that the trust qualifies as a charitable remainder unitrust under section 664(d)(2) from the date it was created, and that... Read More

In Private Letter Ruling 201030020, the IRS ruled that a national banking association may serve simultaneously as both a qualified intermediary and a trustee of a qualified trust for one of its customers without being considered a disqualified person u... Read More

In ECC 201030029, the IRS responded to a taxpayer's concern that a gift to a trust was not properly reported and advised he individual to file an amended gift tax return for the year in question with the additional information... Read More

In ECC 201030029, the IRS responded to a taxpayer's concern that a gift to a trust was not properly reported and advised he individual to file an amended gift tax return for the year in question with the additional information... Read More

Gregory Alexander, professor at Cornell University Law School, recently sent a letter to the Department of the Treasury regarding the generation-skipping tax. In the letter, Alexander urges the Treasury Department to support pending legislation that wo... Read More

Senator Harry Reid recently sent a letter to the Department of Treasury regarding valuations used for estate tax purposes. Along with his letter, Sen. Reid included a letter from one of his constituents requesting that estate appraisers be required to... Read More

Senator Mark Udall recently introduced the American Family Farm and Ranchland Protection Act of 2010 (S. 3640). If passed the bill would increase the limitations on the amount excluded from the gross estate with respect to land subject to a... Read More

The Center for American Progress Action Fund recently published a report titled "Republicans' $10 Trillion Giveaway". The report calls into question the Republican's plan to cut taxes and states that the plan would overwhelmingly benefit the same wealt... Read More

McGuire Woods has published a legal update titled "Inheritance Tax: India, Pakistan, Italy & France." In the update, McGuire Woods advises individuals domiciled in India, Pakistan, France and Italy to contact a tax professional to take advantage of... Read More

Dirk Suringa, partner at Covington & Burling, sent the IRS a letter in response to Announcement 2010-22 requesting that the IRS exclude from the reporting requirements imposed by section 6038D foreign financial assets held by an individual solely i... Read More

A U.S. citizen living in Canada sent the IRS a letter in response to Announcement 2010-22 which requests comments on the Foreign Account Tax Compliance Act of 2009 (FATCA). In the letter, the individual outlines the implications of FATCA, such... Read More

The Wall Street Journal recently published an article titled "Looking a Gift Horse in the Mouth." The article examines the implications of the estate tax lapse in 2010 and notes that the lapse may be a good thing for extremely... Read More

We recently posted on the New York Times article "America Builds an Aristocracy" which discusses the drawbacks of dynasty trusts and points out that the state's repeal of the Rule Against Perpetuities led to the widespread use of dynasty... Read More

The Fiscal Times has published an article titled "The Estate Tax: Can George Steinbrenner Change the Debate." The article examines the estate tax lapse in 2010 and notes that Steinbrenner's death is bring more awareness to the windfall Congress handed... Read More

The Tax Policy Center, a joint venture of the Urban Institute and the Brookings Intuition, recently published an interesting article titled "Philanthropy and the Estate Tax." The article discusses the effect the estate tax lapse has on charitable contr... Read More

 The New York Times recently posted an article titled "In a Crumbling Estate, Creativity and History Meet." The article discusses the difficulty many families encounter when they inherit property that comes with a lot of history and sentimental va... Read More

Paul Fisher has published his article titled "The Power of Tools of Estate Conflict Management: Recharging the Culture of Estate Conflicts." The article discusses the alternative methods and tools to address and manage conflicts that may arise during t... Read More

Tax Notes has published an article by Jeffrey N. Pennell, professor at Emory University School of Law, titled "Wealth Transfer Taxation: 'Transfer' Defined." The article discusses the estate, gift, and generation-skipping taxes and notes that the lack ... Read More

In Estate of Margot Stewart v. Commissioner, the Second Circuit vacated the U.S. Tax Court decision that held a gift by a decedent was includable in her taxable estate because the decedent has retained the possession or enjoyment of the... Read More

The IRS has provided the following penalty information on its intranet. Penalties   The mission of Servicewide Penalties is to provide coordination of policy and procedures concerning the administration of all IRS civil Penalty programs. &nbs... Read More

The Joint Economic Committee of the U.S. Congress has published its Weekly Economic Digest dated August 9, 2010. The current digest discusses the following: Private patrolls grow for seventh straight month Gradual manufacturing recovery Unemployment ra... Read More

Senator Dianne Feinstein has introduced the Family Farm Estate Tax Deferral Act of 2010 (S. 3664) which would provide an exclusion for certain farmland from the estate tax on the condition that the property continues to be used for farming.... Read More

The American Bar Association Section of Real Property has published its August 2010 Trust & Estate Law eReport. The eReport includes the following articles: Federal Estate Tax Update and Planning Considerations for 2010 by Sharon Klein State Death ... Read More

The Joint Committee on Taxation has published a report titled "Description of Revenue Provisions Contained in the President's Fiscal Year 2011 Budget Proposal."   Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. &nbs... Read More

  The Congressional Research Service recently updated its report titled "Major Tax Issues in the 111th Congress." The report examines the major tax issues under consideration during the 111th Congress.   Posted by Wesley J. Bailey, Senior Ass... Read More

In Estate of Sarah M. Davenport v. United States, the United States District Court for the Eastern District of Michigan dismissed an estate's refund suit for lack of jurisdiction due to the estate's failure to file a refund claim after... Read More

Investment News recently published an article titled "Where will the needle land on the estate tax?" The article discusses the uncertainty surrounding the estate tax and examines recent proposals being considered in Congress.     Posted ... Read More

The Congressional Budget Office recently published a report titled "The Budget and Economic Outlook: An Update." In the report, Congressional Budget Office Director Douglas Elmendorf said that extending the Bush tax cuts would provide an immediate boos... Read More

In Proposed Regulation 138637-07, the IRS withdraws proposed regulations issued in 2007 and modifies the standard for tax returns.   Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal.  ... Read More

In D. Charles Dickow v. United States, the U.S. District Court for the District of Massachusetts held that an estate's refund suit was untimely under section 6511(b)(2)(A) because the IRS lacked authority to grant a second extension of the time... Read More

In Janice D. Green v. United States, the U.S. District Court for the Northern District of Oklahoma held that a wife lacked standing to bring an estate tax refund suit because she failed to pay taxes for her late husband's... Read More

House Ways and Means Committee member Fortney Pete Stark introduced the Investing in Our Future Act of 2010 (H.R. 5783). The bill would impose an excise tax on currency transactions.   Posted by Wesley J. Bailey, Senior Associate Editor, Wealth... Read More

In 75 F.R. 51882, the Department of Treasury seeks public comment on information collections pursuant to final regulations under section 2056A on the restrictions on the estate and gift tax marital deduction when the surviving spouse is not a U.S.... Read More

The IRS recently kicked off three initiatives in an attempt to reduce tax evasion by uncovering undisclosed offshore accounts. According to Tax Notes, the initiatives have already proven successful as the IRS has sent John Doe summonses ... Read More

In 75 F.R. 51877, the IRS requests public comment on Form 1041-ES  which is used to report the estimated income tax for estates and trusts.   Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal.  ... Read More

In Private Letter Ruling 201034008, the IRS granted a decedent and his widow an extension to allocate their generation-skipping transfer tax (GSTT) exemption to transfers to two trusts.   Posted by Wesley J. Bailey, Senior Associate Editor, W... Read More

The New York Times has published an article titled "Obama to Propose Tax Write-Off for Business." The article discusses President Obama's proposal to jump-start the economy by allowing businesses to take tax deductions for the full value of n... Read More

In Private Letter Ruling 201035001 and 201035008, the IRS granted an individual an extension to allocate a generation-skipping transfer tax exemption to transfers to several trusts.   Posted by Wesley J. Bailey, Senior Associate Editor, Wealt... Read More

Wendy C. Gerzog, professor at the University of Baltimore School of Law, has published an article titled "The Price of an FLP Annual Exclusion." In the article, Gerzog examines the Tax Court's decision in Price v. Commissioner which considers whether... Read More

In Private Letter Ruling 201036008, the IRS ruled that the income of a trust formed by a city-created corporation to provide postemployment benefits to its eligible employees is excludable from gross income under section 115(1) because it's derived fro... Read More

In Private Letter Ruling 201036013, the IRS ruled that a qualified terminable interest property (QTIP) election made for a decedent's estate is null and void for federal estate and generation-skipping transfer (GST) tax purposes.   Posted by ... Read More

In Private Letter Ruling 201036010 and 201036011, the IRS granted two individuals an extension to allocate their generation-skipping transfer tax exemption to transfers to trusts.     Posted by Wesley J. Bailey, Senior Associate Editor, Wealt... Read More

In ECC 201036021, the IRS advised a surviving spouse who was not appointed the personal representative of his wife's estate that he lacked authority to appoint a representative on Form 2848 for years in which the couple filed joint returns.... Read More

The Heckerling Institute on Estate Planning will be hosting the following program: 45th Annual Heckerling Institute on Estate Planning January 10 -14, 2011 The Heckerling Institute on Estate Planning is the nation's leading conference for estate planni... Read More

Senator Mitch McConnell introduced the Tax Hike Prevention Act of 2010 (S. 3773). If passed, the legislation would permanently extend the 2001 and 2003 tax cuts, raise the exemption for the alternative minimum tax, and lower the estate tax.  ... Read More

U.S. Representative Harry E. Mitchell issued a press release calling for Congress to extend the Bush tax cuts. The press release includes a letter signed by Mitchell urging the House to extend all of the income tax cuts included in the... Read More

The U.S. Senate passed the Small Business Jobs Act of 2010 yesterday by a vote of 61 to 38. The legislation which includes $12 billion in tax relief designed to help small businesses is expected to quickly pass the House.   Posted b... Read More

In LR Development Co. LLC v. Commissioner, the Tax Court held that a company that bought the assets of an S corporation is not liable as a transferee for taxes assesed against the S corporation based on a finding that... Read More

In 75 F.R. 56658, the IRS requests public comment on information collections under final regulations (T.D. 8779) on the qualified terminable interest property (QTIP) marital deduction.   Posted by Wesley J. Bailey, Senior Associate Editor, Wealth ... Read More

In 75 F.R. 56659, the IRS requests public comment on information collections under final and temporary regulations (T.D. 8696) on the definitions and the special rule in section 1377 concerning S corporations.   Posted by Wesley J. Bailey, Senior ... Read More

In a September 10th Report, the Treasury Inspector General for Tax Administration recommended that the IRS Office of Chief Counsel issue private letter rulings in a more timely manner and suggested that by offering more broadly applicable guidance... Read More

In Rayford L. Keller v. United States, the U.S. District Court for the Southern District of Texas held that an estate is entitled to more than $60 million in administrative expense deductions for loan interest, attorney fees, and other miscellaneous... Read More

The Heritage Foundation, a conservative think tank, recently published a report titled "Obama Tax Hikes: The Economic and Fiscal Effects." The article praises the Bush tax cuts and urges Congress to take steps to reduce its spending rather than ra... Read More

Democratic leaders still plan on addressing the expiring Bush tax cuts before midterm elections. According to Tax Analysts, Senator Baucus announced that he would likely introduce a version of the tax legislation by the end of the week. The legislation... Read More

Citizens for Tax Justice recently published a report titled "Congress About to Give Away the Farm." The article criticizes two bills that seek to provide unlimited estate tax exclusions for farms and points out that the bills contain provisions that... Read More

In Private Letter Ruling 201038004, the IRS ruled that an individual who serves as the trustee and beneficiary of an irrevocable trust is the owner of the income portion of a subtrust under sections 671 and 678 and determined the... Read More

In 75 F.R. 58467, the IRS submits From 706, Form 926, Form 8821, and Form 8909 for review by the Office of Management and Budget.   Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal.  ... Read More

In Arthur Dalton Jr. et ux v. Commissioner, the Tax Court held that the IRS abused its discretion when it rejected a couple's office in compromise and upheld a levy action against them for unpaid trust fund recovery penalties based... Read More

On September 24, the IRS announced the final version of the uncertain tax positions (UTP) schedule. The new schedule adopts a phased approach to help small businesses adapt to the new UTP policy, eliminates the maximum tax adjustment calculat... Read More

Daniel L. Gottfried, a tax partner at Rogin Nassau LLC, recently published an article titled "Proving Willfulness in FBARS - Checking 'No' Ain't Apropos." In the article, Gottfried examines the results of his survey of tax professionals regarding FBAR ... Read More

The Congressional Budget Office (CBO) recently updated its report titled "The Economic Outlook and Fiscal Policy Choices." The updated report, which was submitted as testimony to the Senate Budget Committee, advised committee members that temporarily e... Read More

According to Tax Notes, the D.C. Circuit's decision in United States v. Deloitte strengthens the work product protection of taxpayer workpapers.   See, Jeremiah Coder, Work Product Protection Stronger After Deloitte, Practitioners Say, 2010 TNT 18... Read More

The Senate passed an amended version of the Plain Language Act of 2010 (H.R. 946). If the House votes to pass the amended bill, the IRS and other federal agencies will be required to use plain language in federal documents.... Read More

The U.S. Treasury understands that many taxpayers and their attorneys are struggling with the confusion caused by the one year repeal of the federal estate tax. According to an article published by the Wall Street Journal, Catherine Hughes, attorney-ad... Read More