Real Property News Trust and Estate News
Trust and Estate News
NEWS FLASH! On October 25th the Section submitted comments to the IRS on the controversial proposed regulations under Section 67(e), relating to the applicability of the 2% limitation to the income tax deduction for administration expenses of trusts and estates. Click here to view the comments. Click here to view the proposed regulations.
Tax-Free Gifting:
Comparing GRATs and Sales to Grantor Trusts
By Steven Lavner
Steven Lavner provides an outline comparing two important wealth transfer techniques: Grantor Retained Income Trusts and sales of assets to grantor trusts. He reviews the income, estate, gift, and generation-skipping transfer tax implications of each technique, then provides a comparison of the risks and benefits.
Proposed Regs on 2% Floor for Trusts and Estates
Circuit Court FLP Case Makes Four
By Jim Roberts
Jim Roberts reports on two recent developments. First, he reports on new proposed IRS regulations that address the costs incurred by an estate or non-grantor trust and whether those expenses are subject to the 2% floor for miscellaneous itemized deductions. Second, Jim provides a short summary of the Bigelow case, in which the Ninth Circuit applies IRC §2036 to family limited partnerships.
Bigelow v. Commissioner
By Steve Akers
Steve Akers provides an in-depth analysis of the Bigelow case in his article: The Ninth Circuit Upholds Implied Agreement Under §2036 for Assets Transferred to FLP; Applies Non-Tax Benefit Analysis and Comparability Analysis to §2036 Exception; and Includes Troublesome Statement That Pooling of Assets is Required to Apply §2036 Bona Fide Transfer for Full Consideration Exception.
Seventh Circuit Clairifies Enforceablity of Yield Maintenance Clause In River East
By Rod Clement
Rod Clement analyzes the 7th Circuit's decision finding a yield maintenance clause to be enforceable. He also provides guidance to counsel for both lenders and borrowers in negotiating and drafting yield maintenance provisions.
2007 Telecommunications Checklist
By Gerry Lederer
Whether you represent building owners, their lenders or tenants, wiring, access and other telecommunications issues are an important part of today's real estate practice. Gerry Lederer provides an informative checklist of key telecommunications issues affecting real estate, with links to other useful resources.
Subprime Mortgage Market Developments
By Ekaterina Gill
Section Fellow Ekaterina Gill provides an overview of the current subprime mortgage meltdown in her materials from the Fall Leadership Meeting "hot topics" program.
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