Kentucky Estates: articles on estate and trust administration
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 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 […]
A recent post on The Trust Advisor Blog (courtesy of Wills, Trusts & Estates Prof Blog) discusses this regrettably timely question: “What happens to trust accounts held by a bank fiduciary when the bank trustee fails?” The good news is that no federally insured financial institution with the legal power to operate as a trust […]
In welcome news for the Kentucky T&E Community, HB 188 passed the Senate unanimously yesterday. (Status update here.) KYEstates encourages Governor Beshear to sign the bill. We’re on the verge of some welcome improvements to Kentucky’s probate laws. (Thanks to Jim Worthington for alerting KYEstates to this good news.) For detailed coverage of HB 188’s […]
We’re 36 days into the 60-day 2010 Regular Session of the Kentucky Legislature that began on January 5. (For the legislative calendar, click here.) It’s a good time for Kentucky Estates to begin reporting on the status of some of the bills that are relevant to our readers. After failing to pass both houses in […]