Archive for the ‘legal updates’ Category

Code Section 4941(d)(1)(B) treats lending transactions between a private foundation and disqualified person as an act of self-dealing (although an interest-free loan by the disqualified person to the private foundation is not self-dealing) subject to an excise tax. What happens if the private foundation owns an interest in an entity, and that entity holds a […]

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In its most recent legislative session, the Florida legislature enacted a number of additions and modifications to Florida statutory law relating to Florida’s homestead exemption. These provisions can be summarized as enhancing or clarifying the exemption. The following is a summary of the new provisions, along with some excerpts. ==============  736.0201(7): A proceeding to determine […]

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A U.S. grantor of a foreign trust that is a grantor trust that receives a distribution from the trust as beneficiary has two U.S. filing requirements attributable to the foreign trust status: Code Section 6048(b) requires. . .

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White v. Marks

April 19th, 2021 by Charles Rubin

By Jenna G. Rubin This decision involves a strange set of facts under which a purported heir attempted to assert rights as a beneficiary and child of the decedent, even though she was neither the biological child of the decedent nor adopted by him. The decedent’s will specifically provided that the decedent “intentionally made no […]

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Taxpayers and planners love to use valuation reductions for partial interests in entities as a method for reducing transfer taxes. Such reductions and discounts can be a two-edged sword, however. The Ahmanson and Chenoweth cases point out that when a majority interest in an entity is included in a taxpayer’s gross estate, the valuation discounts will typically be substantially […]

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  • Comments Off on No “All Going to Charity” Exception for Chenoweth/Ahmanson Funding Issue

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