Wealth Management Update

March 2025 AFRs and 7520 Rate
 
Seabrook Property, LLC v. Commissioner (TC Memo 2025-6)
 
IRS Announcement 2025-2
 
Private Letter Ruling 202504007 (January 31, 2025)
 
Chief Counsel Memorandum 202504014

on March 2025

Wealth Management Update

February 2025 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
 
Nosirrah Management, LLC v. AutoZone, Inc., (W.D. Tenn. November 15, 2024)
 
In the Matter of the Petition of Richard S. Myers and Erin Langan (N.Y. Div. of Tax Appeals, ALJ)
 
Udell v. Udell (Fla. 4th DCA 2024)

on February 2025

Wealth Management Update

January 2025 AFRs and 7520 Rate
 
In re Estate of Jesse L. Beck, 557 P.3d 1255 (Mont. Oct. 29, 2024) – Montana Supreme Court Holds That a Cell Phone Video Cannot Be Admitted to Probate
 
Memorial Hermann Accountable Care Organization v. Commissioner, 120 f.4th 215 (5th Cir. Oct. 28, 2024) – Fifth Circuit Does Not Apply Treasury Regulation, Illustrating the Effects of the Loper Bright Decision
 
In Re James A. Reed Trust, No. 366701 (Mich. CT. App. Nov. 14, 2024) – Michigan Court of Appeals Reforms Trust to Comport With the Settlor’s Intent
 
IQ Holdings, Inc. v. Commissioner, t.c. Memo. 2024-104 (Tax CT. Nov. 7, 2024) – Tax Court Disallows Charitable Deduction Due to Lack of Contemporaneous Written Acknowledgment
 
In Re Estate of William F. McLoughlin, 104 Mass. App. CT. 752 (App. CT. Sept. 30, 2024) – Massachusetts Appeals Court Finds That Providing an Affidavit in Support of an Action Contesting a Will Did Not Violate the Will’s in Terrorem Clause
 
Godoy v. Linzner, 106 cal.app.5th 765 (CT. App. Nov. 13, 2024) – California Court of Appeal Invalidates Amendment to Trust as a Restraint on Alienation
 
Will of Richard Feigen, No. 2021-1075 (N.Y. Sur. Ct. Westchester Cnty. Nov. 29, 2024) – Westchester County Surrogate's Court disqualifies attorney and law firm under the Advocate-Witness Rule

on January 2025

Wealth Management Update

December 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
Estate of Becker v. Commissioner of Internal Revenue, T.C. Memo 2024-89 (September 24, 2024)
 
Haan v. Haan, No. 364875 (Mich. Ct. App. Oct. 7, 2024)
 
IRS Postpones Deadline for States Impacted by Hurricanes
 
Florida Amendment 5 – Annual Inflation Adjustment for Homestead Exemption
 
Final Regulations on Consistent-Basis and Basis Reporting Issued
 
Lull v. Clark (In re Philpot Est.), No. 365107 (Mich. Ct. App. October 11, 2024)

on December 2024

Key Concerns for Trusts and Estates Pertaining to the Corporate Transparency Act

on November 7, 2024

Wealth Management Update

November 2024 AFRs and 7520 Rate
 
Inflation Adjustments for 2025 & Planning Considerations
 
Delaware "Beneficiary Well-Being Trust"
 
Practice Considerations – Implications for Estate Planning
 
Estate of Williams: Omission of a Testator’s Other Known Children Demonstrated His Intent to Exclude All Preexisting Children, Known or Unknown
 
Estate of Nowell v. Commissioner: Fractional Interest Discount Planning with QTIPS
 
McDougall v. Commissioner: Termination of QTIP Trust Results in Gift Tax Liability to Remainder Beneficiaries
 
Estate of Fields v. Commissioner: Inclusion of Transferred Assets under § 2036(a)

on November 2024

Increase in Tax Audits of Use of Private Aircraft, a/k/a “Corporate Jets”

From Tax Talks on October 28, 2024

Personal Planning Strategies

Estate, Gift and GST Tax Update
 
Gift Tax Update
 
New York Basic Exclusion Amount to Increase in 2025
 
Connecticut Estate Planning Update
 
Massachusetts Estate Planning Update
 
Spousal Lifetime Access Trusts (“SLATS”)

on November 2024

California FTB Releases Updated Proposed Regulations on Market-Based Sourcing Rules – Implications for Asset Managers

From Tax Talks on September 20, 2024

California Franchise Tax Board (FTB) to Apply Market-Based Sourcing Rules to Nonresident Directors of California Based Corporations

From Tax Talks on September 11, 2024