Archive for the ‘legal updates’ Category

In Chief Counsel Advice, the IRS concluded that in valuing a gift of publicly traded stock to a grantor retained annuity trust, the announcement of a merger shortly thereafter after the gift must be factored into the valuation. FACTS: A taxpayer who was a co-founder and Chairman of the Board of a publicly traded corporation […]

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By Jenna G. Rubin This decision deals with whether subsequent to executing a prenuptial agreement, language in a decedent’s trust directing the trustee to set aside “as much property as is necessary to satisfy the Wife’s elective share” constituted a modification of the prenuptial agreement such that the wife could then elect to take her […]

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by Jenna G. Rubin It is not uncommon for a health care surrogate or an agent under a power of attorney to sign a nursing home admission form for an elderly family member who is unable to do so for himself. These admission forms may contain more than just health care related or financial related […]

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In re Rensin involved an “old and cold” offshore asset protection trust arrangement which a trustee in bankruptcy sought to pierce. The case provided some interesting facts and conclusions that should be of interest for those contemplating offshore APTs. The trust was established and funded well before the beneficiary . . .

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I previously wrote about passport revocation or denial to those with significant unpaid federal tax liabilities – see, for example, the post here. Last month, an IRS News Release provided various details about the program. Highlights include: The current threshold of delinquent tax debt is $52,000 (or more). . .

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