Taxation-Federal Estate and Gift Commons^™

Annual Survey Of Developments In International Trade Law: 1984, Georgia Journal Of International And Comparative Law

Georgia Journal of International & Comparative Law

No abstract provided.

Our Wealth Transfer Tax System -- A View From The 100th Year, Carlyn S. Mccaffrey, John C. Mccaffrey

ACTEC Law Journal

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

With Marriage On The Decline And Cohabitation On The Rise, What About Marital Rights For Unmarried Partners?, Lawrence W. Waggoner

ACTEC Law Journal

This article draws attention to a cultural shift in the formation of families that has been and is taking place in this country and in the developed world.

Part I uses recent government data to trace the decline of marriage and the rise of cohabitation in the United States. Between 2000 and 2010, the population grew by 9.71%, but the husband and wife households only grew by 3.7%, while the unmarried couple households grew by 41.4%. A counter-intuitive finding is that the early 21st century data show little correlation between the marriage rate and economic conditions.

Because of the Supreme …

The Dueling Transferors Problem In Generation-Skipping Transfer Taxation, Austin Bramwell, Sean R. Weissbart

ACTEC Law Journal

Whether a transfer of property is subject to generation-skipping transfer ("GST") tax depends in part on the identity of the individual who is considered the "transferor." Yet a deep uncertainty as to the identity of the transferor may arise when a beneficiary of a trust assigns his or her beneficial interest to another. Taxpayers, commentators, and the Internal Revenue Service have proposed three possible theories for resolving the question of who is the transferor in those circumstances. A careful analysis of relevant authorities reveals that only one of these theories -- namely, that an assignment of a beneficial interest has …

Family Values: An Evaluation Of Internal Revenue Code Sections 2703 And 2704(B), David Berke

ACTEC Law Journal

No abstract provided.

Offshore Trustees Beware: No Pre-Levy Notice For You!, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

A Simpler Verifiable Gift Tax, Wendy G. Gerzog

All Faculty Scholarship

The purpose of this article is to propose a simpler verifiable gift tax, to reassert basic principles of transfer taxes, to encourage simple, outright gifts, and to eliminate some of the major abuses in the current gift tax regime. To accomplish these goals, the proposed tax would simplify gift completion rules, adopt a hard-to-complete rule of transfer taxation, reduce the annual exclusion while expanding the consumption exclusion, and employ loss of preference inducements to increase gift tax compliance.

Portability, Marital Wealth Transfers, And The Taxable Unit, Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

Prior to 2011, the most efficient estate tax planning for married couples required a minimal level of asset equalization. In order to take maximum advantage of all existing wealth transfer tax exemptions and credits, each spouse needed to own, in an estate tax sense, enough assets to be able to fully utilize the estate tax credit or applicable exemption. This changed with the enactment of estate tax portability in the Economic Growth and Economic Recovery and Relief Act of 2011, which became permanent under the American Taxpayer Relief Act of 2012. “Portability” refers to the ability of a surviving spouse …

The Moving Target Of Tax Reform, Karen C. Burke, Grayson M.P. Mccouch

UF Law Faculty Publications

In 2000, Professor William Turnier proposed a package of three reforms to make the estate tax more “equitable” and “taxpayerfriendly.” All of his proposals—allowing a surviving spouse to inherit a deceased spouse’s unused exemption, replacing the state death tax credit with a deduction, and indexing the exemption for inflation—were eventually enacted. Today, the estate tax remains on the books, but changes in rates and exemptions have severely curtailed its role in the larger federal tax system. Income tax rate reductions for capital gains and dividends have further lightened the tax burden on capital income, and international pressure to reduce the …

How Federal Tax Expenditures That Support Housing Contribute To Economic Inequality, Henry Rose

Faculty Publications & Other Works

No abstract provided.

Change And Continuity In Fringe Benefit Taxation: Seeking Sense And Sensibility, Richard L. Kaplan, Dawson J. Price

NYLS Law Review

No abstract provided.

Madoff Madness In The Estate Of Kessel, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

Symposium: The Role Of Federal Law In Private Wealth Transfer, Jeffrey Schoenblum

Vanderbilt Law Review

Property and inheritance are "quintessential state matters."' In fact, there is no federal intestacy law. There is no federal wills law. There is no federal trust law. And yet.... Increasingly, federal law impacts court decisions involving private wealth transfer. Increasingly, federal law is the central consideration in premortem and postmortem planning for private wealth transfer. Despite this, until recently, little scholarly attention has been paid to this phenomenon; the assumption regarding the centrality of state law, quoted above, having gone largely unquestioned. But now that the "sleeping giant" has awakened, the role that federal law plays in private wealth transfer …

Federalization Of The Law Of Charity, Mark L. Ascher

Vanderbilt Law Review

To this day, the law of charity is often thought of as a matter for the states. In fact, the crucial law relating to charity is now almost always federal. For certain purposes, state law still determines whether a given entity is "charitable." It also determines the propriety of a charitable fiduciary's conduct when someone who has standing sues. But federal law determines whether an entity qualifies for various tax incentives, such as exemption from the federal income tax and eligibility to receive tax-deductible gifts, and qualification for these incentives generally determines whether the entity comes into existence and, if …

Disclaimers And Federalism, Adam J. Hirsch

Vanderbilt Law Review

The beneficiary of an inheritance has the right to disclaim (i.e., decline) it, within limits ordinarily set by state law. This Article examines situations where a beneficiary's right to disclaim might instead be governed by federal law, as a matter of both existing doctrine and public policy. Issues of federalism arise with regard to disclaimers in several contexts: (1) when a disclaimer would function to defeat a federal tax lien; (2) when a disclaimer could affect a beneficiary's eligibility for Medicaid assistance; (3) when a beneficiary disclaims ERISA pension benefits; and (4) when a beneficiary executes a disclaimer prior to …

Is Federalization Of Charity Law All Bad? What States Can Learn From The Internal Revenue Code, Melanie B. Leslie

Vanderbilt Law Review

Professor Ascher makes a compelling case that federal law, and especially the Internal Revenue Code (the "Code"), has eclipsed state law as the predominate regulating force of the charitable sector. Professor Ascher views this trend with trepidation-he criticizes the Code for imposing a "frightening and bewildering array of often draconian penalties" and for its failure to track preexisting state-law concepts.

I agree that the combination of state and federal law creates an impenetrable maze that charitable fiduciaries find overly difficult to negotiate. Yet I am reluctant to finger the Code as the primary culprit. In my view, state law deserves …

Is Federalization Of Charity Law All Bad? What States Can Learn From The Internal Revenue Code, Melanie B. Leslie

Articles

No abstract provided.

The Stored Communications Act And Digital Assets, David Horton

Vanderbilt Law Review

This Article explores the impact of federal law on a state fiduciary's management of digital assets. It focuses on the lessons from the Stored Communications Act ("SCA'), initially enacted in 1986 as one part of the Electronic Communications Privacy Act. Although Congress designed the SCA to respond to concerns that Internet privacy posed new dilemmas with respect to application of the Fourth Amendment's privacy protections, the drafters did not explicitly consider how the SCA might affect property management and distribution. The resulting uncertainty affects anyone with an email account. While existing trusts and estates laws could legitimately be interpreted to …

The New World Of Estate Planning After The 2012 Tax Act 15 (Abbreviated Outline) An Estate Planner's Perspective On Recent Tax Developments: The Year In Review, John B. O'Grady, Howard M. Zaritsky

William & Mary Annual Tax Conference

No abstract provided.

The Creeping Federalization Of Wealth-Transfer Law, Lawrence W. Waggoner

Vanderbilt Law Review

This Article surveys areas of federalization of wealth-transfer law. Federal authorities have little experience in making law that governs wealth transfers, because that function is traditionally within the province of state law. Although state wealth-transfer law has undergone significant modernization over the last few decades, all three branches of the federal government-legislative, judicial, and executive have increasingly gone their own way. Lack of experience and, in many cases, lack of knowledge on the part of federal authorities have not dissuaded them from undermining well- considered state law. The Article covers these topics: federal preemption of several areas of state law, …

Strange Bedfellows: The Federal Constitution, Out-Of-State Nongrantor Accumulation Trusts, And The Complete Avoidance Of State Income Taxation, Jeffrey Schoenblum

Vanderbilt Law Review

With the maximum rate of federal income tax at 39.6 percent, the Medicare surtax on investment income of 3.8 percent, and some state income tax rates exceeding 9 percent, taxpayers in the highest brackets have been seeking to develop strategies to lessen the tax burden. One strategy that has been receiving increased attention is the use of a highly specialized trust known as the NING, a Nevada incomplete gift nongrantor trust, which eliminates state income taxation of investment income altogether without generating additional federal income or transfer taxes. A major obstacle standing in the way of accomplishing this objective, however, …

Alms To The Rich: The Facade Easement Deduction, Wendy G. Gerzog

All Faculty Scholarship

This article presents the case for repeal of the façade easement deduction. Proponents of this benefit argue that the deduction encourages historic preservation by reimbursing property owners for relinquishing their right to alter the façade of their property in a way inconsistent with that conservation goal; however, this article shows that there are many reasons to urge its repeal: the revenue loss, the small number of beneficiaries, the financial demographics of that group of beneficiaries; the dubious industries that are supported by the deduction; and the continual marked overvaluation and abuse despite Congressional, court, and administrative review and expense.

After …

A Comparative Guide Of Where To Die: Should The United Kingdom Repeal Its Inheritance Tax?, William T. Thistle

Georgia Journal of International & Comparative Law

No abstract provided.

Virtual Currency Estate Planning, Bit By Bit, Abigail J. Farmer, Cory Elizabeth Tyszka

ACTEC Law Journal

This article addresses the issues that virtual currencies, specifically bitcoins, pose for the mindful estate planner. First, it explains what bitcoins are, where they come from, and what their legal status is. Next, it identifies special problems that bitcoins pose in estate planning. Finally, it concludes by offering solutions to these problems, including recommended transfer mechanisms and gifting strategies.

Predispute Arbitration Agreements Between Trustees And Financial Services Institutions: Are Beneficiaries Bound?, Mary F. Radford

ACTEC Law Journal

No abstract provided.

Beyond Donor Intent: Leveraging Cy Pres To Remedy Unintended Burdens Caused By Charitable Gifts, Katie Magallanes

ACTEC Law Journal

No abstract provided.

Saving For Education: Creating Educational Dynasty Trusts Using 529 Plans, Susan T. Bart

ACTEC Law Journal

No abstract provided.

Means To An End: Electively Forcing Vesting To Suit Tax Rules Against Perpetuities, James P. Spica

ACTEC Law Journal

Editor's synopsis: Exercising special powers of appointment over tax advantages trusts in a jurisdiction that has enacted perpetuities reform can be hazardous in light of the so-called "Delaware tax trap" and the "constructive additions" and trust-modification rules of the Treasury's GST-tax effective date regulations. Compliance with these federal tax rules against perpetuities may or may not be guaranteed by the applicable reform legislation. This Article examines a particular situation in which self-help is required for compliance, offers a set of forced-vested provisions to fit the bill, and indicates how those provisions can be adatpted for use in other situations in …

Front Matter

ACTEC Law Journal

No abstract provided.