Taxation-Federal Estate and Gift Commons^™

Effectively Curbing The Gst Exemption For Perpetual Trusts, Lawrence W. Waggoner

Articles

In "Effectively Curbing the GST Exemption for Perpetual Trusts," I criticized the Treasury Department’s proposal for dealing with perpetual trusts. My objection is that Treasury’s approach would leave many trusts and much wealth GST-exempt for much longer than Congress originally intended. For perpetual trusts created before enactment, Treasury’s approach would allow them to continue to be unburdened by a durational limit. For perpetual trusts created after the effective date of enactment, Treasury’s approach would still allow them to qualify for the GST exemption, but would have the exemption expire 90 years after the trust was created.

Elaine Hightower Gagliardi On The Deceased Spousal Unused Exclusion Amount: Now You See It, Now You Don't, Elaine H. Gagliardi

Faculty Journal Articles & Other Writings

Spousal portability of the applicable exclusion amount promises estate planning simplicity.70 No longer will a married couple need to make lifetime transfers of assets to ensure that each spouse holds sufficient assets to fully use the unified credit of each regardless of the order of death.71 A couple can also avoid the attendant costs of placing property in a credit shelter trust following the first death.72 Portability achieves these purposes and at the same time aligns with testamentary goals of clients when all the children of the couple are from the marriage, neither spouse anticipates remarriage following the first death, …

Wandering Far Afield With Defined Value Clauses, Wendy G. Gerzog

All Faculty Scholarship

The Wandry decision extends the application of defined value clauses beyond those family limited partnership cases that transfer any excess value to a charity. In Wandry, the Tax Court reads Procter narrowly and ignores the fundamental rationale of Robinette.

The U.S. Tax System: Where Do We Go From Here?, Adele C. Morris

Brookings Scholar Lecture Series

This talk will explore how the U.S. tax system really works, where revenue comes from, where spending goes, what a tax expenditure is, and discuss deficit prognoses and how the recent political debates could affect our economy. The speaker will highlight some advantages and disadvantages of different budget balancing options.

Leaping Before We Look?: Repeal Of The State Estate Tax Credit And The Consequences For States, Americans, And The Federal Government, Susan K. Hill

Pepperdine Law Review

No abstract provided.

Defined Value Clauses And Fair Market Value, Wendy G. Gerzog

All Faculty Scholarship

In Hendrix the Tax Court considered the issues of whether defined value clauses were the result of arm’s-length transactions and whether they were void as against public policy. The underlying dispute was whether the taxpayers’ transfers of the John H. Hendrix Co. stock were valued at fair market value. With a decision favoring the taxpayers, the defined value clauses in both McCord and Hendrix impede the accurate valuation of taxable gifts to family members and of deductible charitable gifts.

Front Matter

ACTEC Law Journal

No abstract provided.

Major Reforms Of The Property Restatement And The Uniform Probate Code: Reformation, Harmless Error, And Nonprobate Transfers, John H. Langbein

ACTEC Law Journal

In late 2011, the American Law Institute published the third and final volume of the Restatement (Third) of Property: Wills and Other Donative Transfers. In March 2012, the Restatement's two reporters, Professors Lawerence W. Waggoner and John H. Langbein, presented the Joseph Trachtman Memorial Lecture at the annual meeting of the American College of Trust and Estate Counsel in Miami Beach. Introducing the two lecturers, ACTEC President Mary Radford described them as "two icons in our field, [who] have had a hand in every major development in trust and estate law that has occurred over the past three decades..." In …

What's In The Third And Final Volume Of The New Restatement Of Property That Estate Planners Should Know About, Lawrence W. Waggoner

ACTEC Law Journal

No abstract provided.

Boomer-Ang Eldercare: Deductible Claim?, Wendy G. Gerzog

All Faculty Scholarship

In this article, Gerzog discusses Estate of Olivo, in which the Tax Court determined the deductibility under section 2053 of a claim against the decedent’s estate for eldercare services provided by a family member.

Which The Deader Hand - A Counter To The American Law Institute's Proposed Revival Of Dying Perpetuities Rules, 86 Tul. L. Rev. 559 (2012), Scott Andrew Shepard

UIC Law Open Access Faculty Scholarship

Encouraged primarily by a fluke in federal estate and gift law, more than half of the states have either effectively or entirely abolished their rules against perpetuities in the past two decades. The American Law Institute, deeply troubled by this development has adopted for its Third Restatement a proposed rule against perpetuities that would essentially prohibit conditional gifts to continue for the benefit of parties born more than two generations after the transferor.

The ALI's efforts are misguided. The rule against perpetuities was the product of a legal, political, and social age very different than our own. It was designed …

Change We Can't Believe In ... Or Afford: Why The Timing Is Wrong To Reduce The Estate Tax On The Wealthiest Americans, Phyllis C. Taite

Faculty Articles

At the end of the year 2008 the United States was in the midst of an economic storm. The country started going through its worst financial state since the Great Depression. Historically, transfer taxes were instated specifically to raise revenue during the country’s financial time of need. The temporary repeal during the 2010 tax year occurred during a time when the country was experiencing an economic storm, a time when the country could least afford to forego the additional revenue. Consequently, the timing of the temporary repeal was in direct contradiction to the original purpose of the estate tax. While …

Dead Hand Investing: The Enforceability Of Trust Investment Directives, Jeffrey A. Cooper

ACTEC Law Journal

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

Presumed Equal: Shares Of Cotenants, John V. Orth

ACTEC Law Journal

No abstract provided.

Estate Tax Deductions For Interest Paid On Loans Taken In Order To Pay Estate Taxes, Daniel Baltuch

ACTEC Law Journal

No abstract provided.

Representing The Fiduciary: To Whom Does The Attorney Owe Duties?, Kennedy Lee

ACTEC Law Journal

No abstract provided.

Flp Loss, But Crummey Win, Wendy G. Gerzog

All Faculty Scholarship

In Turner the Tax Court determined that section 2036 applied to the decedent’s transfers of assets to his family limited partnership but that the insurance premiums he paid indirectly to his insurance trust qualified for the annual exclusion.

The 2010 Tax Act's Impact On Estate Planning

William & Mary Annual Tax Conference

No abstract provided.

Planning For The Next Generation: Installment Sale To An Intentionally Defective Grantor Trust, John B. O'Grady

William & Mary Annual Tax Conference

No abstract provided.

The New Super-Charged Pat (Power Of Appointment Trust), Wendy G. Gerzog

All Faculty Scholarship

This article proposes to repeal the QTIP provisions in order to collect revenue now for transfers that are essentially transfers to third parties and not to the decedent's spouse. Because there are advantages of increased flexibility attendant to a QTIP as opposed to a PAT, this article proposes to take those repealed QTIP benefits and attach them to the PAT, which would greatly enhance that marital deduction trust form. A super-charged PAT would thereby be able to preserve the decedent's GST tax exemption (like a reverse QTIP), create a decedent's by-pass trust by allowing a PAT (or a partial PAT) …

Excluding Expert Valuation Testimony, Wendy G. Gerzog

All Faculty Scholarship

In Boltar, a case in which the Tax Court addressed the valuation of a conservation easement, the court ruled on the admissibility of expert testimony.

When Can An Ira Or Qualified Plan Invest In A Closely Held Business?, Noel C. Ice

ACTEC Law Journal

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

Remaining Heterogeneity In Trust Investment Law After Twenty-Five Years Of Reform, Trent S. Kiziah

ACTEC Law Journal

No abstract provided.

Front Matter (Letter From The Editor, Masthead, Etc.), Tim Kelly

The Contemporary Tax Journal

No abstract provided.

The Gatekeeper Initiative And The Risk-Based Approach To Client Due Diligence: The Imperative For Voluntary Good Practices Guidance For U.S. Lawyers, Kevin L. Shepherd

ACTEC Law Journal

No abstract provided.

A Short, Practical Private Placement Life Insurance Primer: Or Why Estate Planners Need To Understand Things Like Facultative Reinsurance, Richard Kagan, Jon Gallo

ACTEC Law Journal

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

Innovative Clat Structures: Providing Economic Efficiencies To A Wealth Transfer Workhorse, Paul S. Lee, Turney P. Berry, Martin Hall

ACTEC Law Journal

No abstract provided.