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A recent decision from the United States District Court for the Southern District of Florida offers a cautionary tale for estate planners who rely on Qualified Personal Residence Trusts (QPRTs) and the interplay between state homestead protections and federal estate tax inclusion rules.

The U.S. Supreme Court's unanimous decision in Connelly v. United States on June 6, 2024, has significant estate tax implications for the valuation of closely held and family-owned businesses.

In an article for Wealth Management: Trusts & Estates, Private Wealth partner Louis Laski reviewed the historical context and recent case law surrounding disclosures of gift...

Brian Lucareli and John Melko explore the intricacies of Delaware Asset Protective Trusts, examining statutory exceptions and how enforcement varies across different states. The discussion provides families and advisors with practical insights into evaluating asset-protection planning strategies.

Legislation under consideration in Congress might make existing and new "grantor trusts" subject to income tax, gift tax, and estate tax. It is impossible to predict whether legislation will pass or when it would become effective.

This month's issue of Debt Dialogue addresses issues of disclosure and contract interpretation, enforcement in the muni bond space, accounting for trustee fees, and more.

The alternative settlement platform is intended to shorten the settlement cycle.

A further reduction in value is received when the interest transferred is not readily marketable because of restrictions imposed in the agreement controlling the transfer of those interests.

Private Client Services Partner, Stefanie Lipson, authored, "The Unexpected Half-Life of A Terminating Grantor Trust or QSST" in Trusts & Estates.

On May 8, 2022, the Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued a determination pursuant to Executive Order ("EO") 14071.

The IRS has issued guidance on whether transactions involving a family-owned corporation, revocable trusts, and a private foundation constitute prohibited self-dealing under Internal Revenue Code § 4941.

Milbank LLP attorneys examine the implications of New York's pied-à-terre tax for common estate planning structures and situations, analyzing the basic mechanics of the surcharge and discussing key ambiguities in the statute. The article explores potential pitfalls that practitioners should consider when advising clients on property ownership and estate planning in New York.

In this tax exemption dispute, the D.C. Court of Appeals affirmed summary judgment in favor of the District of Columbia, holding that the 2021 deed conveying residential property from an irrevocable trust...

Many individuals and businesses are considering whether to protect their assets through the formation of an LLC or an Asset Protection Trust.

Doris Buffett has recently been in the news regarding her request for assistance from Boston-area volunteers with her efforts to gift millions of dollars to disadvantaged individuals.

A Kentucky court has ruled in favor of a trustee with respect to claims brought against it by a minority of the beneficiaries alleging that the trust had been mismanaged...

Succession planning is a structured approach for businesses to identify and retain new leaders who can replace old ones when they retire or die.