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  • IRS Grants Limited Portability Election Relief

    Posted by: John R. Cummins, Jeremy P. Gerch and Timothy W. Dunn on Friday, June 16, 2017 at 3:00:00 pm

    IRS Grants Limited Portability Election Relief In response to a flood of IRS Private Letter Ruling requests to extend the time for making the gift and estate tax exemption portability election for the estate of the first spouse to die, the IRS has issued Revenue Procedure 2017-34 granting limited relief on a blanket basis. A new rule, first effective in 2011, allows ...
     
  • Independent Contractors and Joint Employment: Has Anything Really Changed?

    Posted by: Philip C. Eschels on Tuesday, June 13, 2017 at 10:00:00 am

    Independent Contractors and Joint Employment: Has Anything Really Changed? On June 7, 2017, the Department of Labor (DOL) issued the following press release that withdrew previously issued “informal guidance” regarding independent contractors and joint employment: “U.S. Secretary of Labor Alexander Acosta today announced the withdrawal of the U.S. Department of Labor’s ...
     
  • Significant Trust Modification and Geographic Transfer Approved

    Posted by: John R. Cummins and Benjamin J. Lewis on Monday, June 5, 2017 at 8:00:00 am

    Significant Trust Modification and Geographic Transfer Approved Kentuckian John G. Stoll was, among other things, a well-regarded philanthropist and the former owner of the Lexington Herald Newspaper. When he died in 1959, he left behind a significant fortune, and dozens of heirs. By 2013, approximately 55 years after Mr. Stoll’s death, the two trusts he settled for his heirs ...
     
  • Kentucky Court of Appeals Resolves Inconsistent Holdings and Finds That Purchase Money Mortgages Do Not Have Priority Over Previously Recorded Judgment Liens

    Posted by: Attorney on Tuesday, May 30, 2017 at 8:00:00 am

    Kentucky Court of Appeals Resolves Inconsistent Holdings and Finds That Purchase Money Mortgages Do Not Have Priority Over Previously Recorded Judgment Liens In the recent Kentucky Court of Appeals decision Hays v. Nationstar Mortgage LLC, the court resolved two conflicting holdings and determined that judgment liens filed prior to purchase money mortgages have priority over purchase money mortgages. This decision resolved the conflicting decisions on this issue found in the ...
     
  • Beneficiary Designations: Common Pitfalls and Best Practices

    Posted by: Kate E. Beatty on Thursday, May 18, 2017 at 8:00:00 am

    Beneficiary Designations: Common Pitfalls and Best Practices According to a recent report, baby boomer parents in North America will transfer some $30 trillion to the next generation over the next 30 to 40 years. A significant portion of this wealth is held as non-probate assets and as such not transferred under a traditional estate plan (e.g., Last Will and Testament). In ...
     
  • SCOTUS Rules That Cities Have Standing to Sue Banks for Predatory Lending Under the Fair Housing Act

    Posted by: Young-Eun Park on Thursday, May 4, 2017 at 8:00:00 am

    SCOTUS Rules That Cities Have Standing to Sue Banks for Predatory Lending Under the Fair Housing Act The Fair Housing Act received renewed attention this week, as the United States Supreme Court issued a mixed opinion regarding a city’s ability to sue banks under the statute. The Supreme Court’s opinion will undoubtedly impact the scope of liability that banks may assume, potentially making way for new Fair ...
     
  • In Memoriam of Claude R. "Chip" Bowles Jr.

    Posted by: Admin on Monday, April 24, 2017 at 8:00:00 am

    Bingham Greenebaum Doll LLP lost a valued partner on April 18, 2017. Claude R. "Chip" Bowles Jr. was an incredibly smart and hardworking attorney who exhibited a conscientious and vigorous commitment to client service. Chip was also a man with a big and generous heart. He will be missed by many. We are collecting well ...
     
  • Intellectual Property Audits, Management Programs Have Value

    Posted by: Daniel L. Boots on Wednesday, April 19, 2017 at 10:00:00 am

    Intellectual Property Audits, Management Programs Have Value Intellectual property has become increasingly complex and inevitably intertwined with many aspects of any organization in today’s fast-moving economy. Sources suggest the value of U.S. IP assets currently exceeds other tangible assets; the largest assets in many tech companies today is indeed their IP. Organizations ...
     
  • Decanted Trusts Win IRS GST Tax Approval

    Posted by: John R. Cummins, Jeremy P. Gerch and Eric J. Metzger on Friday, April 14, 2017 at 8:00:00 am

    Decanted Trusts Win IRS GST Tax Approval In a departure from their previously announced position, the IRS recently ruled that trusts which were decanted into new trusts on slightly different terms preserved their favorable grandfathered status against the generation-skipping transfer (GST) tax (see IRS Private Letter Ruling 201711002). The GST tax was enacted in ...
     
  • Estate Tax Repeal? The Latest Proposals From Washington

    Posted by: John S. Lueken and Steven R. Wilson on Wednesday, April 5, 2017 at 12:00:00 pm

    Estate Tax Repeal? The Latest Proposals From Washington With the incoming Trump administration having a Republican majority in Congress, one can expect attempts at significant tax reform. Among these reform efforts is a push to repeal the federal estate tax. While unexpected, the effort appears to have momentum. In late January 2017, Senator John Thune and Representative ...
     
 
 
 

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