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

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

Wealth Management Update

September 2024 AFRs and 7520 Rate
 
In the Matter of the Niki and Darren Irrevocable Trust and the N and D Delaware Irrevocable Trust, No. 2019-0302-SG (Del. Ch., July 24, 2024) – Delaware Court of Chancery Holds Trust Decanting Void Due to Noncompliance with Statutory Requirements
 
Conn. Pub. Act No. 24-104 – Connecticut Uniform Trust Decanting Act
 
Florida Bar Trust Law Committee – Legislative Proposal Re: Amendment to Decanting Statute
 
Neal v. Lamb-Ferrara, 2024 Fla. App. LEXIS 4172 (Fla. Ct. App., 3d Dist., May 29, 2024) - Warning to Out of State Lawyers Who Advise Florida Residents on Trust/Estate Planning and Administration Matters
 
ABA Formal Ethics Opinion 511R – Confidentiality Obligations of Lawyers Posting to Listservs
 
Conley v. Conley (In re Conley Trust), No. 366180 (Mich. Ct. App., July 18, 2024) – Michigan Court Holds Beneficiaries Properly Issued K-1s in Connection with Transfer Made Pursuant to a Trust Settlement Agreement
 
FedEx Corp. v. United States, W.D. Tenn., No. 2:20-cv-02794 – District Court Requests Supplemental Briefing on Impact of Loper Bright Doctrine in a Federal Tax Case; Taxpayer and Government Unsurprisingly Disagree
 
IRS Promulgates Final Regulations and Additional Proposed Regulations with Respect to Required Minimum Distributions from Qualified Retirement Accounts

on September 2024

Wealth Management Update

June 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
U.S. Senate Targets Grantor Retained Annuity Trusts
 
IRS Issues Notice 2024-35, Providing Relief for Taxpayers Who Failed to Take RMDs  
 
The IRS Adopts New Reg. § 26.2642-7
 
Finkbeiner, PLC v. Estate of Scott, No. 363756, 2024 BL 112514 (Mich. Ct. App. Mar 21, 2024)
 
New Challenges to the CTA Argue Alternative Theories for the Law's Unconstitutionality
 
U.S. House of Representatives Passes Bipartisan H.R. 6408, Suspending the Tax-Exempt Status of Terrorist Supporting Organizations

on June 2024

Wealth Management Update

May 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
Treasury Releases "Greenbook" for Fiscal Year 2025
 
Aldridge v. Commissioner of Internal Revenue, No. 13742-10 (U.S.T.C. Feb. 21, 2024)
 
Proposed New Regulations for Charitable Remainder Annuity Trusts
 
Connelly v. United States (No. 23-146)

on May 2024

Wealth Management Update

January 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
 
REG-142338-07 – Proposed Regulations Related to Donor Advised Funds
 
Eileen Gonzalez et al v. Luis O. Chiong et al (Sep. 19, 2023)
 
IR-2023-185 (Oct 5, 2023)
 
New York Public Health Law amended to permit remote witnesses for health care proxies (Nov 17, 2023)
 
Small Business Succession Planning Act Introduced (Oct 12, 2023)

on January 2024

Wealth Management Update

Shining a Light on the Corporate Transparency Act: FinCEN’s Rules for Beneficial Ownership Reporting
 
December 2023 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts
 
Jones v. Jones (Mass. App. Ct. 2023)
 
Estate of Caan v. Commissioner, 161 T.C. No. 6
 
In re Estate of Anna Brudek

on December 2023

Wealth Management Update

November Interest Rates for GRATS, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts
 
In re IMO Amelia Noel Living Trust, Del. Ch. August 16, 2022, aff’d, 293 A.3d 1000 (Del. 2023)
 
In re the Trust of Eva Marie Hanson Living Trust dated December 11, 1995 (Minn. Ct. App. Jan. 30, 2023)
 
Glynn v. Kenney, 884 S.E.2d 259 (Va. Ct. App. 2023)
 
James v. Mounts, 660 S.W.3d 801 (Ark. 2023)
 
PLR 202339008

on November 2023

Personal Planning Strategies

Estate, Gift and GST Tax Update
 
Gift Tax Update
 
New York Estate Planning Update
 
Connecticut Estate Planning Update
 
Massachusetts Estate Planning Update
 
New Jersey Estate Planning Update
 
Make Sure That You Take Your IRA Required Minimum Distributions by December 31, 2023
 
Understanding the Inflation Adjustments to the Estate, Gift and Generation-Skipping Transfer Exemption Amounts

on November 2023