Florida Probate & Trust Litigation Blog: What’s the “origin of the claim” doctrine and why should trusts and estates litigators care? (January 18, 2021)

Juan C. Antúnez, in his Florida Probate & Trust Litigation Blog, discusses the "origin of the claim" doctrine as it pertains to income taxes on inheritances via IRC § 102 (a) and (b). The article begins as follows: Ever wonder why we don’t spend much time thinking about the income tax consequences of an inheritance? Well, there’s a simple reason … Continue reading Florida Probate & Trust Litigation Blog: What’s the “origin of the claim” doctrine and why should trusts and estates litigators care? (January 18, 2021)

Chuck Cavanaugh (Citi Personal Wealth Management): Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?

Chuck Cavanaugh, of Citi Personal Wealth Management, has made availablefor download his article, "Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?" published in The Kiplinger Washington Editors. The abstract is as follows: A window of opportunity opened in 2018 when the Tax Cuts and Jobs Act (TCJA) doubled the lifetime gift, … Continue reading Chuck Cavanaugh (Citi Personal Wealth Management): Federal Estate Tax Exemption Is Set to Expire – Are You Prepared?

Forbes: IRS Announces Higher Estate And Gift Tax Limits For 2021 (October 26, 2020)

Forbes has published an article, "IRS Announces Higher Estate And Gift Tax Limits For 2021," which discusses the new estate and gift tax limits for 2021. The article begins as follows: The Internal Revenue Service announced today the official estate and gift tax limits for 2021: The estate and gift tax exemption is $11.7 million per individual, … Continue reading Forbes: IRS Announces Higher Estate And Gift Tax Limits For 2021 (October 26, 2020)

Shahbaz Ahmad Cheema, Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators (August 16, 2020)

Shahbaz Ahmad Cheema, of Punjab University - Law College, has mad available for download his article, Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators. The abstract is as followed: With the proliferation of the internet, new modes of access and dissemination have been invented. This paradigmatic shift is not only providing … Continue reading Shahbaz Ahmad Cheema, Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators (August 16, 2020)

Jeffrey M. Verdon, Esq. (Jeffrey M. Verdon Law Group, LLP): With Estate Taxes on Sale Now, You Snooze, You Lose! (September 25, 2020)

Jeffrey M. Verdon, Esq., of Jeffrey M. Verdon Law Group, LLP, has published his article, With Estate Taxes on Sale Now, You Snooze, You Lose!, in The Kiplinger Washington Editors. The abstract is as follows: Depending upon the outcome of the upcoming November 2020 election, the elevated exemption levels may be cut much sooner. This would mean that these once-in-a-lifetime wealth-transfer … Continue reading Jeffrey M. Verdon, Esq. (Jeffrey M. Verdon Law Group, LLP): With Estate Taxes on Sale Now, You Snooze, You Lose! (September 25, 2020)

Sharon L. Klein (Family Matter)- New York’s Latest Legislative Session: What Passed, What Didn’t, What’s Next (September 14, 2020)

Sharon L. Klein, President of Family Matter, has made available for download her article, New York’s Latest Legislative Session: What Passed, What Didn’t, What’s Next, published in the New York Law Journal Special Trusts & Estates section. The abstract is as follows: Learn about what passed and what didn’t in New York’s 2019- 2020 legislative session … Continue reading Sharon L. Klein (Family Matter)- New York’s Latest Legislative Session: What Passed, What Didn’t, What’s Next (September 14, 2020)

Elizabeth Carrott Minnigh, Carol A. Kelley, Joshua D. Headley (Buchanan Ingersoll & Rooney PC): District of Columbia Passes New Law, Exposes More Families to Death Tax (September 16, 2020)

Elizabeth Carott Minnigh, Carol A. Kelley, and Joshua D. Headley, of Buchanan Ingersoll & Rooney PC, have made available for download their article, "District of Columbia Passes New Law, Exposes More Families to Death Tax," published in Buchanan Ingersoll & Rooney PC. The abstract is as follows: New legislation enacting the “Estate Tax Adjustment Amendment Act of 2020” was signed by … Continue reading Elizabeth Carrott Minnigh, Carol A. Kelley, Joshua D. Headley (Buchanan Ingersoll & Rooney PC): District of Columbia Passes New Law, Exposes More Families to Death Tax (September 16, 2020)

William G. Gale, Christopher Pulliam, John Sabelhaus, and Isabel V. Sawhill: Taxing Wealth Transfers Through an Expanded Estate Tax (August 4, 2020)

William G. Gale, Christopher Pulliam, John Sabelhaus, and Isabel V. Sawhill, of The Arjay and Frances Fearing Miller Chair in Federal Economic Policy, the Center on Children and Families, Washington Center for Equitable Growth, and also the Center on Children and Families respectively, have made available for download their article, Taxing Wealth Transfers Through an … Continue reading William G. Gale, Christopher Pulliam, John Sabelhaus, and Isabel V. Sawhill: Taxing Wealth Transfers Through an Expanded Estate Tax (August 4, 2020)

Akers & Aucutt: Nelson v. Commissioner, TC Memo 2020-81: Valuation

Steve Akers and Ron Aucutt, of Bessemer Trust, have published their summary of Nelson v. Commissioner, TC Memo 2020-81. The summary of their presentation and case summary is as follows: In this Estate Planning Case Summary and video, Nelson v. Commissioner, T.C. Memo. 2020-81, Senior Fiduciary Counsels Steve Akers and  Ron Aucutt share an approach for valuing hard-to-value assets … Continue reading Akers & Aucutt: Nelson v. Commissioner, TC Memo 2020-81: Valuation

IRS Comment Request: Proposed Form 706 and Schedule R-1 (July 20, 2020)

AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction … Continue reading IRS Comment Request: Proposed Form 706 and Schedule R-1 (July 20, 2020)

District of Columbia Proposes Reduction in Estate Tax Exemption from $5.6 Million to $4.0 Million

The District of Columbia Council, as part of a budget proposal that would increase taxes to cover a COVID-19 triggered revenue shortfall, has proposed legislation that would reduce the DC Estate Tax Exemption from the current $5.6 million per person to $4 million. The effective date of the proposal would be retroactively to the beginning … Continue reading District of Columbia Proposes Reduction in Estate Tax Exemption from $5.6 Million to $4.0 Million

James C. Nelson v. Commissioner, T.C. Memo 2020-81 (June 10, 2020): valuation of limited partnership interests gifted to a trust

James C. Nelson v. Commissioner, T.C. Memo 2020-81 (June 10, 2020), a donor transferred limited partnership interests equal to percentage interests that were calculated by an appraiser following a gift and a sale to a trust. The limited partnership’s primary asset was common stock of a family-owned holding company. The holding company owned 100 percent … Continue reading James C. Nelson v. Commissioner, T.C. Memo 2020-81 (June 10, 2020): valuation of limited partnership interests gifted to a trust

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

Jenny L. Juehring, Why the End Is Here for State Death Transfer Taxes and How States Should Respond

Jenny L. Juehring, has made available for download her article, "Why the End Is Here for State Death Transfer Taxes and How States Should Respond," published in Issue 5, Volume 96, of the Law Review at Washington University in St. Louis. The Abstract is as follows: It is time for the remaining states with death … Continue reading Jenny L. Juehring, Why the End Is Here for State Death Transfer Taxes and How States Should Respond

Stephanie J. Willbanks, Gifts in Contemplation of Death: Why Can’t Section 2035 Simply Die?, ACTEC Law Journal (Winter 2020)

Stephanie J. Willbanks has made available for download her article, Gifts in Contemplation of Death: Why Can't Section 2035 Simply Die?, published in theACTEC Law Journal (Winter 2020). The Abstract is as follows: Income and wealth inequality has become a popular topic. There are a myriad of ways to reduce such inequality utilizing the tax … Continue reading Stephanie J. Willbanks, Gifts in Contemplation of Death: Why Can’t Section 2035 Simply Die?, ACTEC Law Journal (Winter 2020)

AICPA posts (a) 20 FAQs on tax filing relief, and (b) State Tax Filing Guidance for Coronavirus Pandemic

The AICPA has identified seven key areas in need of immediate tax relief and has posted 20 FAQs on the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has been advocating for more comprehensive relief from Treasury and the IRS and also continues to urge the agencies to develop a contingency plan for the … Continue reading AICPA posts (a) 20 FAQs on tax filing relief, and (b) State Tax Filing Guidance for Coronavirus Pandemic

Batchelder: Leveling The Playing Field Between Inherited Income And Income From Work Through An Inheritance Tax

Lily Batchelder, NYU School of Law, has made available for download her article Leveling The Playing Field Between Inherited Income And Income From Work Through An Inheritance Tax. The abstract is as follows: The Problem The core objectives of tax policymaking should be to raise revenue in an efficient and equitable manner. Current taxation of estates … Continue reading Batchelder: Leveling The Playing Field Between Inherited Income And Income From Work Through An Inheritance Tax

PLRs 202006002-6: Trusts Not Grantor Trusts, No Completed Gifts to Trust by Grantor or POA Committee

In PLRs 202006002 through 202006006, the Service ruled that as long as trusts qualified as domestic trusts and a Power of Appointment Committee (Committee) remained in existence, the grantor would not be treated as the owner of the trust under the grantor trust rules.  For each PLR, because none of the Committee members had a … Continue reading PLRs 202006002-6: Trusts Not Grantor Trusts, No Completed Gifts to Trust by Grantor or POA Committee

US v. Marin, 18 CV 9307 (VB) (US Dist. NY Jan. 22, 2020): IRS allowed to proceed with claims for unpaid estate tax

The government’s claim to foreclose its federal tax liens, for an order of judicial sale of the estate’s properties, and to appoint a receiver to operate and liquidate the properties was allowed to proceed. The estate argued that the probate exception to federal jurisdiction resulted in the court not having jurisdiction over the foreclosure claim. … Continue reading US v. Marin, 18 CV 9307 (VB) (US Dist. NY Jan. 22, 2020): IRS allowed to proceed with claims for unpaid estate tax

Est. of Agnes Skeba v. US, 2019-2 USTC ¶60,717 (Oct. 3, 2019): De Novo Std Applied to Estate’s Reasonable Cause Claim

In Est. of Agnes Skeba v. US, 2019-2 USTC ¶60,717 (Oct. 3, 2019), the US District Court for the District of New Jersey applied a de novo standard of review to determine whether an estate demonstrated reasonable cause and not willful neglect in failing to timely file its federal estate tax return. Before the deadline for … Continue reading Est. of Agnes Skeba v. US, 2019-2 USTC ¶60,717 (Oct. 3, 2019): De Novo Std Applied to Estate’s Reasonable Cause Claim