In Duckett v. Enomoto, Dkt No. 2:14-cv-01771, the U.S. District Court in Arizona concluded that a Federal tax lien for taxes owed by a trust beneficiary did not attach to the entire trust. This issue often comes up in IRS… Read More
The Private Trust Company
The IRS recently released Notice 2008-63 in advance of a formal Revenue Ruling. This Notice provides guidance on the federal tax implications of private trust companies and similar trust arrangements. Notice 2008-63 confirms that private trust companies generally do not… Read More
Deducting Investment Advisor Fees Paid by Trusts
There has been a split in the various circuit courts of appeals regarding the deductibility of investment advisor fees paid by trusts. The Second Circuit Court of Appeals, in William Rudkin Testamentary Trust v. Commissioner of Internal Revenue, recently held… Read More
Trust as the IRA Beneficiary
I continue to hear a number of financial planners, accountants and even attorneys say, “Don’t name a trust as the beneficiary of an IRA. ” The rationale is that naming individuals as the IRA beneficiary is preferable because the individual… Read More
Estate & Trust Attorneys Will Increasingly be Subject to Malpractice Actions Brought by Beneficiaries
It is now well established that a plaintiff s attorney should be subject to malpractice liability for not proposing a structured settlement annuity versus a lump sum payment to their injured clients and for not seeking the advice and assistance… Read More