Akers & Aucutt: Estate of Howard V. Moore, T.C. Memo 2020-40

Steve Akers and Ron Aucutt, of Bessemer Trust, have published their summary of Howard V. Moore, T.C. Memo 2020-40 on the Bessemer website, along with a video presentation. The summary of their presentation and case summary is as follows:

In this Estate Planning Case Summary and video, Estate of Howard V. Moore, T.C. Memo 2020-40, Senior Fiduciary Counsels Steve Akers and Ron Aucutt, address some important recurring issues, including:

  • Land contributed to an FLP is included in the estate under § 2036(a)(1), with a lengthy discussion of the § 2043 “consideration offset” adjustment. 
  • A formula transfer to charity in light of the inclusion of additional assets in the gross estate following an estate tax audit is not given effect.
  • Loan proceeds are gifts because notes documenting the loans are not treated as bona fide debt. 

We recommend that you download the Estate of Howard V. Moore, T.C. Memo 2020-40 document prior to watching, as Mr. Akers and Ron Aucutt refer to it throughout the video.

Click here to see video.

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

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