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Posted in Estate Planning

In Heisinger v. Cleary, 150 A.3d 1136 (2016), the Supreme Court of Connecticut upheld the Co-Executors’ engagement of Management Professional Planning, Inc. ("MPI") to appraise the decedent’s stock in a closely held business.

Posted in Estate Planning

In the Matter of Frei Irrevocable Trust dated October 29, 1996, 390 P.3d 646, is a 2017 decision by the Supreme Court of Nevada holding that a beneficiary’s interest in a trust is subject to the claims of his creditors, notwithstanding a trust spendthrift clause, where the beneficiary had a full right of withdrawal with respect to his trust interest. 

Posted in Estate Planning

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

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 were valued at over $100 million, and had 151 beneficiaries.

Posted in Estate Planning

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 anticipation of this great asset transfer, educate yourself on the common pitfalls and best practices of beneficiary designations on your non-probate assets.

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 (see IRS Private Letter Ruling 201711002).

Posted in Estate Planning

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 Kristi Noem, both from South Dakota, introduced substantially ...

Posted in Estate Planning

Earlier this year, the IRS issued Notice 2017-15 giving same-sex married couples some retroactive relief from the application of the gift, estate and generation-skipping taxes to transfers between the spouses. 

Posted in Estate Planning

Until recently, the matter of removing a trustee of a trust was largely a matter for Courts applying common law based on prior Court decisions. Since 2000, however, a number of states, including Kentucky, have adopted the Uniform Trust Code (“UTC”), which includes an elaborate trustee removal provision. However, two recent cases illustrate that application of the UTC to attempted trustee removals is not necessarily straightforward, and often involves the interplay of multiple UTC provisions.

Posted in Estate Planning

In a decision finalized in late January, the Oklahoma Supreme Court has upheld a ruling that the Personal Representative of an Estate must take the necessary steps to transfer the decedent’s unused Federal gift and estate tax exemption to the surviving spouse.

The case stems from the rights newly created by the gift and estate tax laws beginning in 2010 for one spouse to transfer at ...

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