Top Ten Estate Planning and Estate Tax Developments of 2014 by McGuireWoods Partner

A McGuireWoods partner and co-chair of the firm’s private wealth planning team, Ron Aucutt released his annual Top Ten Estate Planning and Estate Tax Developments.

Aucutt pointed that the FACTA finally took effect in 2014, selecting it as his number ten. For number nine, Aucutt chose the SEC v. Wyly (S.D.N.Y. Sept. 24, 2014) decision, in which the district court found the Wyly family trust as grantor trust because of the Wylys’ ability to control the discretionary actions of the trustees through trust protectors, including the family lawyer. Curtailment of the IRS’ budget for 2015 and its negative implications was Aucutt’s number seven. The IRS released Reg. §1.67-4 that identified the costs incurred by estates and non-grantor trusts that were not subject to the miscellaneous itemized deductions, and the regulation was the number six in 2014’s top ten estate planning and estate tax developments.

For more, see “Top Ten” Estate Planning and Estate Tax Developments of 2014, Ron Aucutt, McGuireWoods LLP.

Posted by Jin Keol Park, Associate Editor, Wealth Strategies Journal

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