Would Retroactice Reinstatement of the Federal Estate Tax be Constitutional?

The perfect storm for estate planning arrived on January 1, 2010 when the federal estate tax was repealed, but only for persons dying on and after January 1, 2010 but no later than December 31, 2010. Adding to the mystery is Senate Finance Committee Chairman Max Baucus' pledge that the Senate will...

Yankee Owner George Steinbrenner Dies During the Year of No Federal Estate Tax

New York Yankees owner George Steinbrenner died this week at the age of 80. According to Forbes Magazine, he was worth $1.1 billion . Total federal estate tax his family would have owed if he died last year or next year? Approximately $500 million. Total federal estate tax his family owes this...

Federal Estate Tax Portability: Why Credit-Shelter Trusts Are Still Optimal

In addition to extending the Bush administration tax cuts, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "Act") signed into law by President Obama on December 17, 2010, implemented a number of changes to the federal estate, gift, and generation-skipping...

Federal Estate Tax Portability: Why Credit-Shelter Trusts Are Still Optimal

In addition to extending the Bush administration tax cuts, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "Act") signed into law by President Obama on December 17, 2010, implemented a number of changes to the federal estate, gift, and generation-skipping...

Morrison & Foerster LLP: Consider Online Assets as Part of an Estate Plan

By Genevieve M. Moore , Morrison & Foerster LLP As one year ends and a new year begins, many people take stock of their assets and consider whether changes or updates are needed. Our clients are used to evaluating their hard assets - real estate, bank accounts, tangible property, investments -...

Morrison & Foerster LLP: Consider Online Assets as Part of an Estate Plan

By Genevieve M. Moore , Morrison & Foerster LLP As one year ends and a new year begins, many people take stock of their assets and consider whether changes or updates are needed. Our clients are used to evaluating their hard assets - real estate, bank accounts, tangible property, investments ...

Morrison & Foerster LLP: Consider Online Assets as Part of an Estate Plan

By Genevieve M. Moore , Morrison & Foerster LLP As one year ends and a new year begins, many people take stock of their assets and consider whether changes or updates are needed. Our clients are used to evaluating their hard assets - real estate, bank accounts, tangible property, investments -...

Issuing a Trust’s Promissory Note to Defer Payment of a Unitrust Amount Should Not Cause the Trust to Recognize Gain or Loss

By Danielle T. Zaragoza, Esq. , Morrison & Foerster LLP The basic concept of a unitrust is that a fixed percentage of the fair market value of a trust's assets, redetermined each year, is paid out to the "income" beneficiary, regardless of the availability of income to fund the...

Federal Estate Tax Equality for Same-Sex Couples

As a result of this groundbreaking case, couples living in states that license or respect same-sex marriages are now entitled to equal treatment for federal estate-tax purposes. On June 6, 2012, in Windsor v. United States , U.S. District Judge Barbara Jones in the Southern District of New York granted...