Kentucky Estates: articles about tax planning for private clients, estates, trusts, and family businesses
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 […]
Good news, T&E Community, particularly for fiduciaries: 2009 investment advisory fees charged to nongrantor trusts or to estates continue to be fully deductible without regard to the two percent floor under section 67(a) of the Code. IRS Notice 2010-32 extends the interim guidance provided in Notice 2008-116 and Notice 2008-32 regarding investment advisory costs subject to the […]
KYEstates readers, do you miss the halcyon days of 2003, when Howard Dean told us that “you have the power“? We can’t bring those days back, but we are happy to report that in 2010: You have the power…to let your own voice be heard about what is going to happen with the estate tax. […]
As other T&E bloggers have capably noted (e.g., Gary Beyer here and Hani Sarji here), the House passed H.R. 4849 (the Small Business and Infrastructure Jobs Tax Act of 2010) on March 24. The vote was 246-178 in favor of the bill (see the full report on the vote from the New York Times here). KYEstates alerted […]
KYEstates issued a high-stakes challenge here in our discussion of the taxpayer FLP win in Estate of Petter v. Comm’r, T.C. Memo. 2009-280, 2009 WL 4598137 (U.S. Tax Ct. 2009). We said: Count not your day a loss: you have now read the phrase glommed onto in a Federal court’s opinion. Find that phrase in another […]
Unless you are a truly basketball-crazed KYEstates reader, by now you are well aware that the Health Care Bill passed the House last night. This legislation is significant, and that is an understatement. Both supporters and detractors of the bill might see this as America’s analogue to July 5, 1948, when the Attlee Cabinet’s National […]
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 […]