In Estate of Purdue, T.C. Memo. 2015-249, the United States Tax Court denied an IRS attempt to disregard lifetime estate planning implemented by Barbara and Robert Purdue (the “Purdues”). MPBA attorneys, primarily Alan L. Montgomery and George W. Akers, advised Mr. and Mrs. Purdue…
Read MoreAn essential component of a complete estate plan Durable powers of attorney are an essential component of a complete estate plan. These documents allow you to dictate the person who has the authority (the “agent”) to make important financial and…
Read MoreThe IRS recently announced new proposed regulations which may eliminate or significantly reduce valuation discounts on transfers of family entity interests (e.g., LLCs, limited partnerships, and corporations). Although there are several uncertainties regarding the scope of these new rules, the proposed regulations, if enacted, could result in substantial increases in estate, gift, and generation-skipping transfer taxes for many taxpayers.
Read More“How much is this case going to cost?” is a great first question for a client to ask. The answer, however, can be complex. By the time someone walks into an attorney’s office, they are usually prepared for the fact that…
Read MoreIn In Re Estate of Bernard, 182 Wn. App. 692, 332 P.3d 480 (2014), review denied 339 P.3d 634 (2014), the Washington State Court of Appeals Division 1 reversed a trial court order invalidating a trustor's estate plan. In upholding…
Read MoreThe IRS recently published Rev. Proc. 2014-61, which announces the annual inflation adjustments for certain federal tax provisions for 2015. Among many other adjustments, the federal estate, gift and generation-skipping transfer tax exemption was increased from $5.34 million to $5.43…
Read MoreHow have federal income tax laws changed recently? While the 2012 Tax Act did not change income tax rates for most taxpayers, those individuals with incomes over $400,000 and married couples filing jointly with incomes over $450,000 are now subject…
Read MoreIn the recent decision Estate of James A. Elkins, Jr. v. Comm’r, the Fifth Circuit Court of Appeals ruled that artwork owned by an estate was entitled to a significant 45% valuation discount, resulting in an over $14 million estate…
Read MoreThe U.S. Supreme Court recently ruled that inherited individual retirement accounts (IRAs) are not exempt assets for bankruptcy purposes, and thus can be used to satisfy the claims of bankruptcy creditors. In Clark v. Rameker, the debtor had inherited an IRA…
Read MoreA recent Tax Court case, Estate of Olsen v. Comm’r, T.C. Memo 2014-58, demonstrates the importance of proper trust funding after the first spouse’s death. In Olsen, a married couple established two revocable trust agreements during their lives as their…
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