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Posted in Estate Planning
Florida Trustee’s Failure to File Trust Accountings and Tax Returns Results in Trust Freeze

In a recent Florida Appeals decision, Landau v. Landau, a trustee who failed to file proper and complete trust accountings for two years, and to file trust income tax returns for the same two years, was hit with a freeze of the trust assets by the Court. Because the trustee was also the lifetime income beneficiary of the trust, this freeze effectually prevented the trustee from using the trust for his own support.

Posted in Estate Planning
Court Rejects Trust Modification to Add a Removal Provision

It is becoming increasingly common for beneficiaries to want to create a power to remove trustees of their trusts, when the trust agreement does not grant them this power. 

In states which have adopted it, the Uniform Trust Code does grant a statutory power of removal to the trust beneficiaries, even when the governing trust document does not bestow such removal power itself.  However, such statutory powers generally require court approval and compliance with certain criteria. 

Posted in Estate Planning
IRS Adjusts Predeceased Spouse's Estate Tax Exemption in Surviving Spouse's Estate Tax Audit

The U. S. Tax Court recently upheld the right of the IRS to adjust the amount of the unused estate tax exemption left by the predeceased spouse, when computing the federal estate tax owed by the estate of the surviving spouse.

Posted in Estate Planning
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.

Posted in Estate Planning

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.

Posted in Estate Planning

A Florida appeals court has ruled that one spouse could not claim a homestead exemption against the property tax due on her Florida home when her spouse was claiming a homestead exemption against his home in Indiana.

Posted in Estate Planning

The recent Tax Court case Bobrow v. Commissioner has shut down the separate IRAs rollover strategy altogether. In the decision, the Tax Court applied the one-year IRA rollover rule to apply in the aggregate across all IRAs, thus invalidating the separate IRA rollover treatment for all taxpayers. In direct response to the Bobrow v. Commissioner Tax Court decision, the IRS issued an announcement to address the decision’s application to IRAs.

Posted in Estate Planning

The American Taxpayer Relief Act of 2012 clarified the federal estate tax rules, prompting new questions for many people.

As first appeared in the May 2013 Louisville Bar Association Bar Briefs.

After over a decade of constantly changing rules and uncertainty surrounding the future of the federal estate and gift tax laws, Congress and President Obama finally provided clarity with the American Taxpayer Relief Act of 2012, which was actually enacted on Jan. 2, 2013. The changes the Act put in place are effective for tax years beginning after December 31, 2012.

Posted in Womens Forum

Bingham Greenebaum Doll LLP and the Bingham Greenebaum Doll Women’s Forum are proud to announce that a number of attorneys, including a Women’s Forum member, have been named firm partners! On Feb. 27, 2013, Melissa Norman Bork, Jeremy P. Gerch and Ben Johnson II, from our firm’s Louisville office joined the ranks of our firm’s partners.



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