Estate planning

Court Holds That Decedent’s Estate Cannot Deduct Gift Taxes Unpaid on Decedent’s Date of Death Where Donees Agreed to Pay Gift Taxes

Topics: Estate planning, Gift tax

Less than three years prior to his passing, decedent transferred artwork to a limited liability company (LLC) and subsequently made gifts of his interest in the LLC to his nieces. The nieces executed gift acceptance agreements in which each of them agreed to pay the gift taxes, if any, relating to the gifts of the…

Washington Court Holds Ex-Spouse Not Named as Beneficiary Entitled to Only Portion of Decedent’s Life Insurance Proceeds

Topics: Estate planning

A Washington Court of Appeals affirmed the trial court’s judgment in favor of decedent’s daughter, who was named as beneficiary of the decedent’s life insurance policy, ruling that, even though the decedent violated a temporary order and final dissolution decree by naming his daughter as the beneficiary under his policy, the decedent’s ex-spouse was entitled…

Feeling Charitable The IRS May Not Be When It Comes to Your Deductions – 5 Things to Know.

Topics: Charitable giving, Estate planning, IRS, Regulation

To support and incentivize charitable giving, the Internal Revenue Code (“Code”) provides an income tax deduction for contributions to qualified charities. The substantiation requirements for claiming the income tax deduction for charitable donations, however, are numerous and complex, especially for non-cash gifts.

Case Study Series – Trust Decanting in Action: Breathing New Life into Old Trusts

Topics: Estate planning, Trusts

Trust decanting allows a trustee to transfer assets from an existing irrevocable trust to a different irrevocable trust and may be used to address a wide array of issues, including correcting drafting errors, changing distributions standards or beneficiary powers of appointment, amending administrative provisions, and updating fiduciaries and their powers.