Proskauer Update:  Trustee’s Corpus Payment to Pooled Fund Impermissible; Delaware Court Denies Petition to Modify  Testamentary Trust To Be Directed Trust; Tax Court Rules PPL Disregarded With Income Taxable to Policy Owner and More

Proskauer’s Personal Planning Group has published its August 2015 update, which discusses the following items:

  • Florida 5th District Court of Appeals determines Trustee’s payment of trust corpus to a pooled trust fund was impermissible. Harrell v. Badger, Case Nos. 5D14-1145, 5D14-3469 (Fla. 5th DCA 2015).
  • Delaware Chancery Court denies a petition to modify a testamentary trust to include directed trustee provisions because the modification would circumvent testamentary intent. In re Trust u/w/o Wallace B. Flint f/b/o Katherine F. Shadek (DE Chancery June 17, 2015).
  • Tax Court rules that private placement insurance policies should be disregarded and that all income and gains earned within the policies are currently taxable to the owner of the policies. Webber v. Comm’r, 144 T.C. 17 (T.C. July 2015).
  • Updated Portability Regulations Applicable to Estates after June 12, 2015. T.D. 9725
  • IRS To No Longer Automatically Issue Estate Tax Closing Letters

Read full article at: Wealth Management Update | Publications | Proskauer

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

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