Kentucky Estates: articles on estate tax planning
At KYEstates, we don’t want to hex ourselves, or taxpayers, but the fact is that we’re on a little bit of an FLP roll here and here. The good news for taxpayers continues with Estate of Shurtz, T.C. Memo. 2010-21 (Feb. 3, 2010). Even though the taxpayer showed up at the Tax Court with mixed […]
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 […]
In any litigation matter, key questions include: “What’s discoverable? What’s privileged? What will the bad guys be able to find out?” These same questions present in probate litigation and estate planning for potentially contested administrations. If a client and the client’s advisors are planning for a contested administration, one option is to shift assets from […]
Today KYEstates is one month old! The site has grown quickly, along with readership in the T&E Community and elsewhere — thank you, readers! It’s a Friday in early springtime, so it’s already a good day. Let’s make it even better, shall we, with a quick review of recent reports on the status of the estate […]
Since late December, when it first appeared that estate tax repeal would actually happen, estate planners nationwide have been discussing its potential negative consequences. Consider this fact pattern: a second marriage, and a normal A-B estate plan. The plan uses a formula allocation clause directing the greatest amount of assets that can pass free of estate […]
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 […]
The IRS has published Notice 2010-19 (IRB 2010-7, Feb. 16, 2010). The Notice provides guidance on the effect of IRC Section 2511(c). Section 2511(c), enacted as section 511(e) of EGTRRA in 2001, and amended by section 411(g)(1) of the Job Creation and Worker Assistance Act of 2002, provides that “a transfer in trust shall be […]
Welcome to Kentucky Estates! 2010 is a remarkable year in the trust and estates world because estate tax repeal has actually happened. As of now, we expect the tax to return, but divining the details requires a close watch on Washington, and a lot of patience. While we watch and wait, there continue to be many […]