Your Publisher’s New Opportunity at PNC Wealth Management

by Carter Ruml on December 5, 2010

I am excited to share the news that I am joining PNC Wealth Management on December 28, 2010 as a Senior Wealth Planner in their Louisville office.

My colleagues at PNC will include Chris Staples, Jim Turner, and Melanie Warren, who are well known in Kentucky’s T&E Community. PNC’s Wealth Planning Group is led by Steve Pappaterra and Mark Buxton. You can learn more about the group (including its National Practice Groups focusing on various issues) here. I will be working with the Planning for Business Owners National Practice Group.

The core focus of this site - sharing and discussing recent developments in estate, tax, and financial planning – will be a very significant part of my role at PNC. In that role, I look forward to continuing the conversations and relationships with readers that have been the best part of publishing KYEstates in 2010, the incredible year when Estate Tax Repeal Actually Happened! Continue reading “Your Publisher’s New Opportunity at PNC Wealth Management” »

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One Small Latin Phrase Can Turn Your Heirs Into Mad Men (and Women)

by Carter Ruml on October 31, 2010

Image © AMC TV (*)

Mad Men Season 4 has ended, and we’re all trying to evaluate whether or not Megan is a good idea. That’s the truly significant question, but it’s a long time until Season 5 begins, which means that the T&E Community needs to get back to business as usual, even on a Sunday night like this Halloween Eve.  No more Sterling Cooper – time to get back to recent estate planning developments!

Suppose that clients Don and Betty have three children: Sally, Bobby, and Eugene.  Sally has one child, Bobby has two children, and Eugene has three children.

Don and Betty don’t really love each other very much any more, but they do love all their children equally, and all their grandchildren equally. Should their estate be distributed per capita, or per stirpes?

Let’s consider the different results under the two approaches if Sally and Eugene predecease Don and Betty, and Bobby survives them. Continue reading “One Small Latin Phrase Can Turn Your Heirs Into Mad Men (and Women)” »

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Using Political Futures Markets to Forecast Your Estate Tax Exemption

You can tell your readers care about you when for four weeks you don’t post, and they begin to inquire after your health. Thank you, and your publisher is pleased to report that he is alive and very well! This has been a very busy month. No one seems to have gotten the memo that [...]

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When Bad IRA Rollovers Happen to Good People

As we approach the Congressional midterm elections (still with no action on the estate tax), one often hears opinions in certain quarters that the government isn’t efficient. Studiously expressing no opinion about these claims generally, KYEstates is pleased to report that they’re untrue in at least one respect: the IRS has become very efficient at [...]

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Variable Prepaid Forwards – Hedge At Your Own Risk…

At KYEstates, we’re happiest reporting on taxpayer victories, but if we have to report a loss, it mitigates our disappointment when the case is interesting. Anschutz v. Comm’r, 135 T.C. No. 5 (July 22, 2010), is that sort of case: an interesting taxpayer loss.  In this instance, a very expensive taxpayer loss (likely exceeding $21 [...]

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The Tax Man Likes Home Additions, But Not Tear-Downs

Anyone who has been following Elena Kagan’s confirmation hearings is up to speed on the judicial activism/strict construction debate. Strict construction of an exclusion from taxable income powered a notable win for the IRS in Gates v. Comm’r, 135 T.C. 1 (July 1, 2010), a very interesting income tax case that will have implications for private [...]

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What Will Happen to Your Income Taxes in 2011?

On the estate tax front, it’s been a Macbeth/Faulkner fortnight in Congress – full of sound and fury, signifying nothing. Meanwhile, however, the clock is also ticking on expiration of the 2001 and 2003 Bush tax cuts, potentially affecting many private clients and business owners. To that end, readers may be quite interested in the [...]

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“Pension Asset Transfer” Life Insurance Strategy Nixed By Tax Court

Although normal activity in much of Louisville seems to be temporarily suspended this weekend due to one of the most impressive logistical enterprises since the Berlin Airlift, the children’s swimming City Meet, the T&E Community still needs tax updates, and KYEstates is happy to share this report on Matthies v. Comm’r, 134 T.C. No. 6 (Feb. 22, 2010). In Matthies, [...]

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Breaking News – $5m Exemption and 35% Rate Sought As Amendment to Small Business Jobs Bill

It may be a lazy summer day in the Eastern United States, but not on the transfer tax news front. The Hill reports here and Pat Lynch’s blog reports here that Senators Kyl and Lincoln introduced legislation late on Tuesday, July 13 that would require the Senate Finance Committee to amend to amend H.R. 5297 [...]

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The War on Terror and Charitable Giving

It is not often that the GWOT affects the world of T&E law, but  the Supreme Court’s June 21 6-3 opinion in Holder v. Humanitarian Law Project, 561 U.S. ____ (2010) is an exception to the general rule. The opinion upheld the Patriot Act provision providing for fines and up to 15 years’ imprisonment for persons [...]

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