TaxProf Blog reported that Lee Sheppard had penned an article (note that this is a pdf) critiquing the business purpose logic of FLPs in light of Strangi, which I blogged about previously. I read the article, it’s highly entertaining and well worth a peek. Check it out!
Nobody has a crystal ball. I’ve sat through presentation after presentation (and given a couple myself) on the state of the federal estate and gift tax for 2013 and beyond. There are all kinds of theories about what might happen. But the reality is, we know very little. Quite frankly, much of it hinges on…
To make you consider even more tax cuts. Now that Congress has pushed through a $70 million tax bill, some Congressional officials are hoping to reintroduce discussion about a permanent federal estate tax repeal. You can read more here. Kelly Phillips Erb Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker…
Talk about a walking advertisement for trust law… A German man won almost $1 million in the lottery and promptly spent most of it. Embarrassed, he turned to burglary rather than confess to the welfare office that he had no winnings left. He has now admitted to at least 60 offenses. Totally unbelievable? Not really. I had…
The IRS has announced that federal form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, is not due on April 18, 2011 and should not be filed with the final federal form 1040 of persons who died in 2010. Of course, if you’ve tried to file a federal form 8939, you…
Last week, the House of Representatives voted to kill the federal estate tax with a vote of 240-179 in favor of H.R. 1105. This week, the bill headed to the Senate where it faces an uncertain future. What is certain is that the federal estate tax is unpopular. It’s consistently ranked at the top of…
The Lillian Glasser case, as previously blogged about, raises some interesting issues not only about jurisdiction and fiduciary responsibility but a more personal question as to whether a child has the right to visit and provide input about the care of a parent. Ms. Glasser’s case is not unusual. It has attracted media attention, no…