The following notable updates were posted on Leimberg for the week of February 22- March 1, 2015:

  • Steve Oshins Releases 2nd Annual Decanting State Rankings Chart (Estate Planning Newsletter).  “The 2nd Annual Trust Decanting State Rankings Chart serves as a single page guide to various states’ differences among their decanting statutes. The states are ranked based on the ease of use and amount of flexibility provided by their statutes, not based on the public policy issues that may exist based on one’s opinion that the statutes give the trustee too much flexibility.
  • Richard Fox: CCA 201443019 Provides a Reminder That Fair Market Value Deduction Not Available for Donor Deemed to Be a Dealer of Property Contributed to Charity (Charitable Planning Newsletter). CCA 201443019 is a reminder that for charitable income tax deduction purposes, donors who engage in a frequent and continuous course of conduct involving the acquisition of property and subsequent contribution of the property to a variety of charities may be considered the equivalent of a dealer.  In such a case, the property contributed will be considered ordinary income property as if the donor were engaged in the trade or business of selling the contributed property, even though the donor has never actually engaged in the business of selling such property.
  • Dan A. Collins: Asset Protection Trusts in South Carolina (Asset Protection Newsletter). Effective January 1, 2014, South Carolina offers a previously unavailable (at least in South Carolina) alternative to asset protection planning for married persons. A settlor of an inter vivos MARITAL TRUST trust can be named or later appointed as a beneficiary of the remainder interest of the inter vivos Marital Trust. It is possible that transfers to an inter vivos MARITAL TRUST, which appear not to be ‘self-settled trust[s] or similar device[s],’ are outside the scope of the ten year look-back of §548(e)(1) of the Bankruptcy Code.

See full Leimberg Reports at Leimberg Information Services.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.