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Category: Estate Planning (page 1 of 13)

Where Should I Die? State and Federal Estate Tax Considerations, by Michaele Morrow & Mitchell Franklin

Professors Mitchell Franklin & Michaele L. Morrow has published their article, Where Should I Die? State and Federal Estate Tax Considerations, in Tax Notes.  The Abstract is as follows:

In this article, Franklin and Morrow discuss the history of the federal estate tax and examine how its repeal might interact with

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Thanks, Congress. Wealthy investors hold off on estate tax planning

CNBC Personal Finance is reporting what estate planners already know, namely that wealthy investors are holding off on estate planning while they wait and see what Congress will do with the estate tax.  CNBC’s report begins as follows:

Thanks, Congress. Wealthy investors hold off on estate tax planning The estate

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Tax-Deductible Conservation Easements and the Essential Perpetuity Requirements by Nancy A. McLaughlin 

Nancy A. McLaughlin, U of Utah, has made available her article, “Tax-Deductible Conservation Easements and the Essential Perpetuity Requirements,” to be published in the Virginia Tax Review. The Abstract is as follows:

Property owners who make charitable gifts of perpetual conservation easements are eligible to claim federal charitable income tax deductions. Through

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Legal Malpractice Claims Against Estate Planning Attorneys in Virginia: Post-Thorsen Legislation

Will Sleeth at LeClairRyan has written about Virginia’s Post-Thorsen legislation and it’s impact on estate planner exposure to malpractice risk. This article begins as follows:

The legal landscape in Virginia regarding claims for legal malpractice against estate planning attorneys changed significantly this past year when the Virginia General Assembly adopted

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PLR 201729013 and 201729014: CRT – College Endowment Units In CRT Won’t Cause UBTI to College or Trust

In PLR 201729013, the IRS ruled that a contractual arrangement under which a college will issue units in its endowment fund to a CRT, make payments on the units, and be reimbursed to cover costs allocable to the management of the endowment or administration of the CRT, will not generate … Continue reading

Gans + Blattmachr: FLPs + 2036: Not Such a Good Fit – Examination of Powell Tax Court Decision

Mitchell Gans & Jonathan G. Blattmachr have made available for download their forthcoming ACTEC Journal article, “Family Limited Partnerships and Section 2036: Not Such a Good Fit.” The abstract is as follows:

The IRS has struggled to close down abusive family limited partnerships. At first unreceptive to IRS arguments, the

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Electronic Wills Coming in Florida?

The Lawyerist reports that legislation is moving forward in Florida that would allow for electronic wills.  Their articles begins as follows:

Wills and trusts has traditionally been an arcane practice area, known for things like attorneys using legal-size paper and terms like bequest, devise, and residue. But no more –

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Old Money, New Bottle: Decant If You Don’t Like The Terms Of An Old Trust

Forbes writes about decanting trusts in its article, “Old Money, New Bottle: Decant If You Don’t Like The Terms Of An Old Trust.” The article begins as follows:

It used to be an irrevocable trust was really irrevocable. Now 25 states allow you to change the terms of an old

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PLR 201709020: Ruling on Proposed Modification Re S Corp Assets

In PLR 201709020, the Service ruled on the tax consequences of a transaction proposed by an irrevocable trust’s trustee to create eight separate trusts governed under the trust agreement for a family trust and each of the grantor’s children and to allocate assets transferred from the irrevocable trust to the … Continue reading

[T&E Podcast 10/31] – This Week in Wealth (Transfer) with Salvatore LaMendola

Please click the play button below to listen to This Week in Wealth (Transfer) with Salvatore LaMendola (week of 10/31/16)

Past installments of this series can be found on our Podcast page and ITunes

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Edwin Morrow – The Hunt for Tax Apportionment: Lessons from Tom Clancy’s Estate Litigation

The Hunt for Tax Apportionment: Lessons from Tom Clancy’s Estate Litigation

Edwin Morrow 

The Hunt for Red October was Tom Clancy’s debut novel in 1984.  It was a fun, exciting novel written in the Reagan, pre-Glasnost era about a rogue Soviet (remember the Soviet Union?) submarine captain, later turned … Continue reading

Special Needs – Special Trusts Part. 3: Common Errors – Bernard A. Krooks

SPECIAL NEEDS – SPECIAL TRUSTS – WHAT YOU DON’T KNOW CAN HURT YOUR CLIENTS AND YOU!

Part. 3: Common Errors

By Bernard A. Krooks

Littman Krooks LLP New York, New York / www.littmankrooks.com

Part 2. Drafting Considerations 

Set forth below are some common errors practitioners make when representing clients in connection with … Continue reading

Special Needs – Special Trusts Part. 2: Drafting Considerations & Trust Administration Considerations – Bernard A. Krooks

SPECIAL NEEDS – SPECIAL TRUSTS – WHAT YOU DON’T KNOW CAN HURT YOUR CLIENTS AND YOU!

Part. 2: Drafting Considerations & Trust Administration Considerations

By Bernard A. Krooks

Littman Krooks LLP New York, New York / www.littmankrooks.com

Part. 1 Overview & Taxation

III. Drafting Considerations

A. Trustee Selection

The selection of … Continue reading

Alexandre M. Denault & Jonathan E. Gopman – Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

By: Alexandre M. Denault & Jonathan E. Gopman

On May 10, 2016, Treasury issued proposed regulations (the “Proposed Regulations“) which enable the Internal Revenue Service (the “Service“) to collect certain information about domestic disregarded … Continue reading

HERE COMES THE MOUNTAINAIR TRUST – WEST VIRGINIA PASSES ASSET PROTECTION TRUST LEGISLATION (EFFECTIVE JUNE 8, 2016)

WEST VIRGINIA PASSES ASSET PROTECTION TRUST – TRUST LEGISLATION EFFECTIVE JUNE 8, 2016  – HERE COMES THE MOUNTAINAIR TRUST

By Jonathan GopmanMichael Sneeringer and Alan Gassman

Almost haven,

West Virginia,

Advances its trust law,

Throwing future creditors in the river.

 

Trusts are old there,

Like the Confederacy,

Until Continue reading

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