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IRS Publishes Final Regulations Under Section 67 On Deductibility Of Fiduciary Expenses; Postpones Effective Date
On May 8, 2014, the IRS issued final regulations regarding which costs or expenses incurred by estates and non-grantor trusts are subject to the 2-percent floor.
United States
11 Aug 2014
Tax Policy Update - May 12, 2014
NUMBER OF THE WEEK: 20. The approximate number of U.S. corporations that have moved their tax domiciles to overseas jurisdictions in the last two years.
United States
19 May 2014
Portability Election Made Easier For Estates Of Decedents Who Died Before 2014
On January 27, 2014, the Internal Revenue Service published Revenue Procedure 2014-18.
United States
3 Feb 2014
Ron Aucutt’s "Top Ten" Estate Planning and Estate Tax Developments of 2013
In what has become an ever eagerly anticipated annual tradition, Ronald Aucutt, a McGuireWoods partner and co-chair of the firm’s private wealth services group, has identified the following as the top ten estate planning and estate tax developments of 2013
United States
2 Jan 2014
Windsor Revisited: IRS Guidance Recognizing Same-Sex Marriages
The IRS recently issued guidance adopting a general rule recognizing same-sex marriages.
United States
5 Sep 2013
Obergefell Adds New Dimension To Windsor, Perry Decisions For Same-Sex Couples
A reported decision from Ohio last week sets the stage for the continuing discussion about financial and tax planning for same-sex couples.
United States
6 Aug 2013
Senate Finance Committee Staff Releases Reform Options For Tax-Exempt Organizations And Charitable Giving
Over the last several months, the U.S. Senate Finance Committee, as part of its tax reform efforts, has issued bipartisan option papers containing reform proposals in all areas of the tax code.
United States
22 Jul 2013
Estate Planning Could Be Affected By Administration’s Budget Proposals
The Obama Administration has recently proposed ambitious spending and revenue changes, as it released its proposed budget for fiscal year 2014, and a number of proposed tax changes affecting estate planning have emerged.
United States
18 Apr 2013
Ron Aucutt’s "Top Ten" Estate Planning And Estate Tax Developments Of 2012
As 2012 comes to an end, "Uncertainty" is certainly the operative word for tax professionals.
United States
3 Jan 2013
Illinois Enacts Directed Trusts Statute
On August 10, 2012, Illinois Governor Quinn signed into law House Bill 4663, which amends the Illinois Trusts and Trustees Act to provide protection for a trustee when acting or not acting pursuant to the directions of a directing party.
United States
30 Aug 2012
Virginia Joins Growing Number Of States Enacting Trust Decanting Statutes
On April 4, 2012, Governor McDonnell signed into law Senate Bill 110 which permits a trustee to exercise a discretionary distribution power by appointing the trust principal or income to the trustee of a second trust.
United States
23 Apr 2012
Recent Cases of Interest to Fiduciaries – January 2012
The California Court of Appeals applied the well-established principle that a trustee of a revocable trust only owes duties to the settlor so long as the settlor is living and competent, and as a result reverses a $5 million surcharge award against the trustee who facilitated the settlor’s $4 million dollar investment in the trustee’s failed company.
United States
13 Jan 2012
Recent Cases Of Interest To Fiduciaries: Part 5 - Amendment, Modification And Termination Of Trusts
In this fifth 2011 installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning amendment, modification and termination of trusts are examined through the following:
United States
3 Aug 2011
Recent Cases Of Interest To Fiduciaries: Part 2 – No-Contest Clauses, Powers Of Attorney, And Pre-Deathwill Contests
Dorsey and Geanie Rohrbaugh were married in 1974. Before their marriage, they entered into a premarital agreement in which Mrs. Rohrbaugh waived various rights including the right to claim an elective share and any rights to Mr. Rohrbaugh’s property in Orlando, Florida.
United States
10 May 2011
SEC Proposals for Offshore Advisers
Effective July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) eliminates the exemption from federal investment adviser registration that is currently available to advisers with fewer than 15 clients.
United States
17 Feb 2011
Radmacher: The Supreme Court of the United Kingdom Rules on Prenuptial Agreements
The much anticipated Supreme Court judgment in Radmacher v. Granatino [2010] UKSC 42 was handed down 20 November 2010.
United States
25 Oct 2010
Hawaii Enacts Domestic Asset Protection Trust Legislation and Reinstates Separate State Estate Tax
The Hawaii legislature enacted two pieces of legislation this year that will affect trusts and estates. The first was to permit a form of domestic asset protection trust. The second was to reinstate a separate state death tax for Hawaii.
United States
3 Aug 2010
How Will Tax Transparency Affect The Offshore World?
The onshore world still views the world's IFC's with deep suspicion, blaming them in part for the multitude of onshore scandals and fiscal difficulties that have arisen over the years. The majority of IFC's cleaned up their acts many years ago; but old prejudices are hard to dispel, apparently.
15 Sep 2009
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