Note from the Editor
By Katarinna McBride
Trusts and Estates,
August 2010
Where do you believe estate law is headed? E-mail your thoughts to newsletter editor Katarinna McBride.
Editor’s corner
By Katarinna McBride
Trusts and Estates,
September 2009
It has become difficult to keep track of the plethora of tax laws passed in the last decade. Check out our chart, available at <http://www.isba.org/sections/trustsestates/9-09table.pdf>, which illustrates the complexity of attempting to coordinate the various tax laws. ■
The what ifs… Tax reflections
By Katarinna McBride
Trusts and Estates,
September 2009
Once again the estate tax is being used as political leverage rather than being thoughtfully and appropriately revised to reflect the modern dynamics of families and wealth.
Foundational changes for private foundations: All gains and no losses
By Katarinna McBride
Trusts and Estates,
January 2009
After this year, private foundations may not carry capital losses forward to future years. However, these rules only apply to losses. There is no rule blocking recognition of gains. This tax change has the effect of “stepping up” the foundation’s cost basis in appreciated securities to fair market value tax-free. If foundations have realized capital losses in their foundations’ portfolios, they should consider whether to sell securities to realize an offsetting capital gain before year-end.
A short note on the market of opportunities
By Katarinna McBride
Trusts and Estates,
October 2008
With stock prices bottoming out, this may be a great opportunity to make annual exclusion gifts of publicly traded stock.
FDIC protection for trust accounts
By Katarinna McBride
Trusts and Estates,
August 2008
This article is designed as a comprehensive guide for counsel and clients regarding the significant FDIC protection available for bank accounts owned by revocable and irrevocable trusts as well as pay-on-death accounts and in trust for accounts.
A political question
By Katarinna McBride
Trusts and Estates,
August 2008
The movement to eliminate the estate tax came to a head in 2001, when an unprecedented tax cutting regime was enacted to repeal the estate tax in 2010 and reinstate it in 2011.
Rollover – We mean it!
By Katarinna McBride
Trusts and Estates,
April 2008
On March 12, 2008 the House of Representatives passed a bill that corrected and clarified the Pension Protection Act of 2006 (“PPA”) as it relates to non-spouse beneficiaries of qualified plan participants (H.R. 3361).
The delayed QTIP: The Illinois Wait-n-See
By Katarinna McBride
Trusts and Estates,
December 2007
After several frustrating and failed attempts to combine efforts with the Attorney General to structure legislation, the ISBA Trusts & Estates Section Council is taking the initiative to propose legislation amending 35 ILCS 405/2 of the Illinois Compiled Statutes.
What a difference a day makes: Estate of Frazier Jelke III
By Katarinna McBride
Trusts and Estates,
December 2007
In a case of first impression, and reversing the Tax Court, the Eleventh Circuit in Estate of Frazier Jelke III held that in determining the estate tax value of company stock, the company’s value is reduced by the entire built-in capital gain as of the date of death.
A lesson in discretion: Leona Helmsley’s last will and testament
By Katarinna McBride
Trusts and Estates,
October 2007
Many clients regard the content of their wills to be a private matter. Unfortunately, state law often requires that wills be recorded, and therefore open to public inspection by the media, creditors, distant relatives—essentially anyone.
The departed and divorced
By Katarinna McBride
Trusts and Estates,
March 2007
Which is legally more complicated, death during a divorce or death after a divorce?
From the Editor’s Chair
By Katarinna McBride
Trusts and Estates,
December 2006
In response to the dwindling number of estate tax returns being filed the IRS is reducing its audit staff, according to Kyle Martin, an estate tax attorney with the Internal Revenue Service.
Final regulations on GST Elections-Even more taxpayer friendly
By Katarinna McBride
Trusts and Estates,
August 2005
IRS has issued Final Regulations that provide guidance for making IRC Section 2632(c)(5)(A)(i) election to not have the deemed allocation of unused generation-skipping transfer (GST) tax exemption apply for certain transfers to a GST trust (IRC Section 2632(c)(1)), and the Code Section 2632(c)(5)(A)(ii) election to treat a trust as a GST trust.
In brief: Case reviews
By Katarinna McBride & David A. Berek
Trusts and Estates,
August 2005
In the Estate of Jelke, the Tax Court acknowledged that its position to reduce built-in capital gains was a controversial.
Sample Client letter-Circular 230
By Katarinna McBride
Trusts and Estates,
August 2005
With the necessity of attaching Circular 230 disclaimers to letters, faxes, and e-mail messages, comes the obligation of explaining Circular 230 to our clients.
Proposed regulations to elect out of deemed allocations
By Katarinna McBride
Trusts and Estates,
March 2005
The Internal Revenue Service issued Proposed Regulations under section 2632 concerning (i) guidance for making the election under section 2632(c)(5)(A)(i) to elect out of the deemed allocation of unused Generation Skipping Tax ("GST") exemption under section 2632(c)(1) to a GST trust, (ii) guidance for making the election under section 2632(c)(5)(A)(ii) to treat a trust as a GST trust, and (iii) guidance with regard to electing out of deemed allocations to a specific transfer or a specific transfer and all subsequent transfers to a trust.
Spot an error in your article? Contact Celeste Niemann at cniemann@isba.org. For information on obtaining a copy of an article, visit the ISBA Newsletters page.
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