T&E Law in Culture

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

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 [...]

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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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In re Woods – a Cautionary Tale for Kentucky Lenders

Although litigation is society’s mirror, it’s a mirror that reflects only with a certain lag time. Now that we are three years into the housing bust, and over two years into the Great Recession, the published case law is finally beginning to suggest that yes, we have had a credit crisis. That’s not surprising. Today’s [...]

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A Hurricane May Hit This House in the Keys, But Creditors Won’t…

KYEstates often dicusses asset protection developments, and we’re pleased to share a really fascinating Florida decision, Miller v. Kresser, — So.3d —, 2010 WL1779899 (Fla. 4th DCA 2010). Juan Antunez broke the news that this is surely a season of May flowers for asset protection planning. There won’t often be victories for pure judicial formalism [...]

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Substantial Win for “Buy and Hold” FLP – Murphy Oil Heirs Are Smiling (But the IRS Isn’t)

 It’s possible KYEstates readers are focused on the Paul-Grayson Senate race, or the Louisville mayoral race (see latest polls here, and here, respectively). If you want a break from politics, however, we can take you back to the normal state of things (i.e., all transfer taxes, all the time) with a report on a truly resounding taxpayer [...]

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Fisher v. U.S. – Taxpayers Denied Gift Tax Annual Exclusion for Gifts of LLC Interests

We’re never happy to report IRS wins at KYEstates, but if we have to bring you news of taxpayer defeat, we like it when the defeat breaks no new ground in favor of the government. KYEstates previously discussed the denial of the annual exclusion for gifts of limited partnership interests in Price, which was sort of [...]

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A Big News Day: Section 7520 Rate Stays Put, 10 Year GRAT Legislation, Gov. Beshear Signs HB 188!

KYEstates readers – this was a big day in the world of T&E.  Perhaps not epochal, but at least big. 1) Good news for procrastinators: although interest rates may be headed up, for April, AFRs are virtually unchanged from March levels, and the section 7520 rate has not budged.  For details, see Rev. Rul. 2010-11 [...]

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Final Section 2053 Regulations (T.D. 9468): Save Ferris!

KYEstate$ readers are well aware that administration expenses and claims against the estate are deductible from the decedent’s taxable estate under section 2053.  This is economically significant, of course, because when an estate is taxable, the government effectively picks up 45% of the attorneys’ fees or claim. (Ah, yes, the faraway days of December 2009 [...]

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Vermont Author's Heirs Snarled In Estate Battle

 At the The Wills, Trusts & Estate Prof Blog, Gerry W. Beyer recently wrote an interesting post on the fiduciary litigation in the estate of the beloved late children’s author and illustrator, Tasha Tudor.  KYEstate$ readers who read to their children, or who were read to as children, may recall some of her titles, including [...]

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Judicial Reformation of Trust Avoids Negative Treatment Under Section 2041 (or, Practicing T&E Law Gatsby’s Way)

He wanted nothing less of Daisy than that she should go to Tom and say: ‘I never loved you.”  After she had obliterated four years with that sentence they could decide upon the more practical measures to be taken. One of them was that, after she was free, they were to go back to Louisville [...]

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