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Limits On Tax Deductions For Financial Planning And Retainer Fees, And The (Tax) Problem With Bundled AUM Fees

Michael Kitces writes about limits on tax deductions for financial planning and retainer fees, and tax issues that arise with bundled fees.  His article begins as follows:

Under the Internal Revenue Code, expenses for investment management are tax deductible. Accordingly, taxpayers are permitted to deduct the typical assets-under-management (AUM) fee

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Does A Trustee’s Lawyer Owe A Fiduciary Duty To The Trust Beneficiaries?

Luke Lantta, on the Bryan Cave Fiduciary Litigation Blog writes about whether a trustee’s lawyer owes a fiduciary duty to trust beneficiaries, focusing on Walther v. Kane, an unpublished Eleventh Circuit Case.  His post begins as follows:

There is seemingly a line – at least under Florida law – that will

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The Political Codification of Islamic Law: A Closer Look at the Draft Shi’I Personal Status Code of Iraq by Haider Ala Hamoudi

Haider Ala Hamoudi, of the University of Pittsburgh School of Law, has made available for download his article, published in the Arizona J. Int’l and Comparative Law, v. 32, No. 2 (2015), entitled “The Political Codification of Islamic Law: A Closer Look at the Draft Shi’I Personal Status Code of … Continue reading

Expect the Unexpected: Valuation, Penalty, and Liability Issues in the Context of the Federal Estate Tax by Nikki Laing

Nikki Laing, at Capshaw Green PPLC, has made available her article,
Expect the Unexpected: Valuation, Penalty, and Liability Issues in the Context of the Federal Estate Tax.”  The abstract is as follows:

Failing to timely file the estate tax return, timely pay the estate tax, and properly report the values

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Simmons v. Estate of Baranowitz, No Disgorgement of Excess Fees Without Formal Service

Rubin on Probate Litigation summarizes Simmons v. Estate of Baranowitz, — So.3d — (Fla. 4th DCA 2015), 2015 WL 2089071, which  case held that a court could not order disgorgement of excessive fees from a personal representative’s counsel individually, where the personal representative’s counsel was not served by with formal … Continue reading

When is a Trust Protector a Fiduciary? by Richard C. Ausness

Richard Ausness has made available for download his article, “When is a Trust Protector a Fiduciary?,” which was published in the Quinnipiac Probate Law Journal, Vol. 27, No. 3, 2014.  The Abstract reads as follows:

The use of trust protectors has become increasingly popular in the past twenty years. This

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Minimizing Probate-Error Risk by Mark Glover

Mark Glover has made available for download his forthcoming article, “Minimizing Probate-Error Risk,” to be published in the University of Michigan Journal of Law Reform. The Abstract reads as follow:

By prescribing the method by which courts evaluate the authenticity of wills, the law of will-execution allocates probate-error risk between

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The Wash Sale Problem When Tax Loss Harvesting “Almost” Substantially Identical Mutual Funds And ETFs

Michael Kitces writes about the wash sale problem when harvesting tax losses in almost substantially identical mutual funds and ETFs.  His article begins as follows:

Harvesting capital losses to generate a current tax savings is popular. So popular, in fact, that not long after the US income tax was first

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Applying The Doctrine Of Dependent Relative Revocation

Luke Lantta, in the Bryan Cave Fiduciary Litigation Blog writes about Applying The Doctrine Of Dependent Relative Revocation, focusing on  Mosley v. Lancaster, a Georgia Supreme Court case.  His article begins as follows:

The name of the doctrine itself is something that could only be loved by trusts and estates lawyers: dependent relative

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Tax Break Used by Investors in Flipping Art Faces Scrutiny – NYTimes.com

The NY Times writes about tax collectors using like kind exchanges to defer gains on dispositions of artwork, noting that this practice is coming under scrutiny on Capital Hill.  The article begins as follows:

Introduced in the 1920s to ease the tax burden of farmers who wanted to swap property,

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Leimberg Report: Guidance for ILIT Trustees,

The following notable updates were posted on Leimberg for the weeks of April 12-April 25, 2015:

  • Chuck Rubin on IRS Program Technical Advice 2014-018: Can a Form 1040 Income Tax Return Omission Lead to an Extended Statute of Limitations for an Estate Tax Return Form (706) or Estate Income Tax Return
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Keepings by Donald J. Kochan

Donald J. Kochan, Chapman University, The Dale E. Fowler School of Law, has made available for download his forthcoming article, “Keepings,” to be published in the NYU Environmental Law Journal.  The Abstract is as follows:

Individuals usually prefer to keep what they own. Property law develops around that assumption. Alternatively

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Lesanto v. Lesanto:  Massachussetts Appeals Court Reverses Trust Reformation, Leaving Estate to Pass Intestate

Marshall Senterfitt and Mark Swirlbalus, of Goulston & Storrs report on Lesanto v. Lesanto, where a decedent tried to revise his estate plan to disinherit his children by executing a new revocable trust revoking the prior revocable trust but failed to execute a new will revoking the prior will, which … Continue reading

How Big Is Your Ask?

We all need something from others– truly, not a single person I have encountered over the last four decades operates as an island. But the key question to keep in mind when asking for something is this: how big is your ask? The bigger the favor, the more prepared you … Continue reading

US Tax Court: Failure to Report Gross Income of IRA Distribution

In Morris v. Commissioner of Internal Revenue, the United States Tax Court sought an answer to “whether [the] petitioners failed to report during 2011 taxable distributions from an individual retirement account (IRA).” While the petitioners were under a belief that the money they obtained from their father’s estate would … Continue reading

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