Recent private letter rulings issued by the Internal Revenue Service have created concern among estate-planning attorneys regarding the best way to draft trusts that are intended as potential receptacles of IRA or other qualified plan beneifts upon the death of
Estate & Tax Planning Musings
Estate & Tax Planning Musings, published by Marc J. Soss, Esquire, focuses on topics related to estate planning, tax law, and trust administration. The blog covers issues such as drafting trusts for retirement benefits, state-by-state considerations for estate planning, significant tax litigation including transfer pricing disputes, evidentiary matters in tax evasion cases, and legal principles surrounding disclaimers in estate contexts. It addresses practical and legal challenges faced by estate planners and tax attorneys, including IRS rulings, court decisions, and strategies for managing complex estate and tax matters.
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Richest States Could Be the Best for Estate Planning
By Mark J. Soss
A recent study powered by TheStreet reports that the following are the states with the most and the least liquid millionaires as a percentage of the total population, listed in descending order:Most Millionaires:HawaiiMarylandNew JerseyConnecticutVirginiaMassachusettsAlaskaNew HampshireCalifornaiD.C.Least Millionaires:MississippiArkansasWest VirginiaKentuckySouth DakotaNorth DakotaOklahomaTennesseeLouisianaAlabama
IRS Loses Billion Dollar Transfer Pricing Case
By Mark J. Soss
The IRS lost a billion dollar § 482 transfer pricing case yesterday. Veritas Software Corp. v. Commissioner, 133 T.C. No. 14 (Dec. 10, 2009):P entered into a cost-sharing arrangement with S, its foreign subsidiary, to develop and manufacture storage management
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5th Cir. Admits Ex-Wife's Testimony About Ex-Husband's Tax Evasion
By Mark J. Soss
The Fifth Circuit recently allowed an ex-wife’s testimony about conversations she had with her ex-husband about his tax evasion to be admitted at the husband’s trial under the joint crimes exception to the martial communications privilege even thought he ex-wife
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Revocation of a Disclaimer – Vermont
By Mark J. Soss
Disclaimer may be revoked if procured by undue influence. The testator’s mother and sole beneficiary under his will sought to revoke her disclaimer of all her interest in her son’s estate. The disclaimed property passed to the disclaimant’s nephew who
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Enforceability of in terrrorem clause in trust — Virginia
By Mark J. Soss
The Supreme Court of Virginia held that a no-contest provision in a revocable trust “that constitutes part of a decedent’s testamentary estate plan” is subject to the same principles applied to such clauses in wills, in particular the principle that…
Law Changes in NY and NC
By Mark J. Soss
New York law now allows Domestic Partner Power to Make Anatomical Gifts:Effective October 25, 2009, New York will allow a domestic partner the ability to make an anatomical gift of the other partner’s organs. 2009 Sess. Law News of N.Y.…
Arizona Extends Time Non-charitable Trust May Exist
By Mark J. Soss
Arizona has extended the time a trust for a specific lawful non-charitable purpose may exist. The time period was increased from 21 to 90 years. Act of July 10, 2009, ch. 85 Ariz. Laws 2333.
Tax Court Rules on LLC Transfer Valuation
By Mark J. Soss
Transfers are valued as transfers of interests in a limited liability company so that the LLC is not disregarded under the “check the box” regulations to treat the transfers as transfers of a proportionate share of assets owned by the
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Connecticut Expands Slayer Statute
By Mark J. Soss
Connecticut expands slayer statute to permit its operation even if the slayer dies before being determined to be a “slayer.” An Act Concerning Murder and Inheritance, Conn. Session Law 09-201.