Ronald Aucutt, co-chair of McGuireWoods’ private wealth services group, has identified the top ten estate planning and estate tax developments of 2015. Ron is a past president of The American College of Trust and Estate Counsel, an observer and frequent participant in the formation of tax policy and regulatory and interpretive guidance in Washington, D.C., and the editor of the Recent Developments materials that are presented each year at the Heckling Institute.

The developments covered by Mr. Aucutt include the following:

  • Number Ten:  Redstone Cases: The Media Industry and Family Discord Drama
  • Number Nine: Developments with Crummey Powers: Mikel v. Commissioner, T.C. Memo 2015-64 (April 6, 2015); Administration’s Budget Proposals (Feb. 2, 2015)
  • Number Eight: Continued Erosion of the Power of States to Tax Trust Income:Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue, 12 CVS 8740 (N.C. Sup’r Ct. April 23, 2015), and Residuary Trust A u/w/o Kassner v. Director, Division of Taxation, 2015 N.J. Tax LEXIS 11, 2015 WL 2458024 (N.J. Sup’r Ct. App. Div. May 28, 2015), aff’g 27 N.J. Tax 68 (N.J. Tax Ct. Jan. 3, 2013)
  • Number Seven: More Flexibility in the Support and Administration of Charities: “Protecting Americans from Tax Hikes Act of 2015,” Notice 2015-62, 2015-39 I.R.B. 411, Green v. United States, 116 AFTR 2d 2015-6668 (W.D. Okla. Nov. 4, 2015)
  • Number Six: New Uniform Acts: Trust Decanting; Digital Assets (July 2015)
  • Number Five: Final Portability Regulations, T.D. 9725, 80 Fed. Reg. 34279 (June 16, 2015)
  • Number Four: Same-Sex Marriage Recognized as a Constitutionally Protected Right: Obergefell v. Hodges, 576 U.S. ___, 135 S. Ct. 2584 (June 26, 2015)
  • Number Three: Consistency-of-Basis Legislation: Sections 1014(f) and 6035; Notice 2015-57, 2015-36 I.R.B. 294
  • Number Two: The Political Climate in Washington
  • Number One: The Administration’s Present and Future Assaults on Estate Planning Techniques: Estate of Davidson v. Commissioner , Tax Court Docket No. 13748-13 (stipulated decision entered July 6, 2015); Estate of Donald Woelbing v. Commissioner, Tax Court Docket No. 30261-13 (filed Dec. 26, 2013); Estate of Marion Woelbing v. Commissioner, Tax Court Docket No. 30260-13 (filed Dec. 26, 2013); Administration’s Budget Proposals (Feb. 2, 2015); 2015-2016 Treasury-IRS Priority Guidance Plan (July 31, 2015)

See full report at: Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2015

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