News & Analysis as of

Internal Revenue Service QTIP Trusts Gift Tax

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Gray Reed

Understanding IRS Private Letter Ruling 202504006: Crucial Takeaways for Tax Planning

Gray Reed on

The Internal Revenue Service (IRS) recently issued Private Letter Ruling (PLR) 202504006, addressing several important estate and gift tax questions related to the division of a marital trust and the subsequent disclaimer of...more

ArentFox Schiff

A Tale of Two Recent QTIP Trust Termination Cases — Anenberg and McDougall

ArentFox Schiff on

Through the years, the US Tax Court has provided significant clarification on the gift tax consequences of terminating qualified terminable interest property (QTIP) trusts. Two new cases in 2024, Estate of Sally J. Anenberg...more

Rivkin Radler LLP

Disclaiming to Save Taxes

Rivkin Radler LLP on

It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Will the Conversion of a Trust to a Unitrust Under the New Arkansas Uniform Fiduciary Income and Principal Act Cause a Negative...

The Arkansas Uniform Fiduciary Income and Principal Act (the “Act”) became effective on January 1, 2022. Arkansas is one (1) of five (5) states, including Colorado, Kansas, Utah, and Washington, that has enacted the Uniform...more

Blank Rome LLP

Annual Estate Planning Newsletter: Part One

Blank Rome LLP on

Action Item: This year, Blank Rome’s annual estate planning newsletter will be issued in six installments. Each installment will discuss certain concepts and techniques that we hope may be of interest to our clients and...more

Williams Mullen

Taxpayer Prevails in Family Limited Liability Company Case

Williams Mullen on

In a recent taxpayer victory, the Tax Court found in favor of the taxpayer with respect to three hotly contested gift and estate planning issues involving family limited liability companies. The Tax Court decided the case of...more

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