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Summary of Income, Business, and International Provisions in New Tax Bill

November 3, 2017

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Our colleagues in our Tax Advice and Controversy group have also summarized the proposed changes to individual, business, and international taxes in the new bill released on November 2 by the House Ways and Means Committee.

SUMMARY OF NEW TAX BILL PROPOSAL

November 3, 2017

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SUMMARY OF NEW TAX BILL PROPOSAL

November 3, 2017

Authored by: Charles Lin

House Republicans released their new tax bill on November 2, 2017.  As expected for such a significant proposal, the final bill, if passed, will likely look different.  Nonetheless, the bill, in its current form, provides the base starting point from which the House GOP intends to negotiate, both within their party and without.

The changes in the tax bill related to transfer taxes are as follows:

  • The transfer tax exemption for gift, estate, and GST purposes is doubled in 2018, from $5,000,000 per person to $10,000,000, as previously indexed for inflation – $11,200,000 per person – and indexed from there.
  • The estate and generation-skipping transfer tax will be fully repealed on January 1, 2024.
  • “Step-up” basis on death for income tax purposes of inherited property (presumably other than retirement plan benefits and other items of “income in respect of a decedent”) would remain in effect, even after 2023,

Arboneaux Ranked in ‘Private Client Global Elite 2017’

October 26, 2017

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London Partner, Dyke Arboneaux, was profiled in The Private Client Global Elite 2017 – a special publication of Legal Week compiled every five years in recognition of the top 200 private client and trust practitioners across Europe, the U.S. and Asia.Arboneaux advises on the international aspects of U.S. tax matters and estate planning, with a particular specialty in planning for clients who are exposed to multiple tax systems. She leads a team of FATCA specialists within Bryan Cave who have extensive experience advising small to medium-sized trust companies, private investment funds, and complex private trust and company structures on FATCA compliance.

Those included in the publication were celebrated at a gala dinner on Oct. 4. This is the second time Arboneaux has been featured in The Private Client Global Elite; she

Treasury to Withdraw Proposed IRC §2704 Regulations

Treasury to Withdraw Proposed IRC §2704 Regulations

October 26, 2017

Authored by: Andrew Bleyer and Larry Brody

The Department of the Treasury has withdrawn the controversial proposed regulations for Section 2704 of the Code.  Section 2704 limits valuation discounts in family-controlled entities for certain lapsing rights and restrictions.  The proposed Regulations would have expanded the scope of Section 2704 by adding a new classification of disregarded restrictions and by narrowing several longstanding exceptions.  Comments submitted after the regulations were proposed complained that the requirements were unclear and that the impact on state law was difficult to predict.  On October 2, 2017, the Department of the Treasury submitted a report recommending that the proposed 2704 Regulations be rescinded and today the proposed Regulations were officially withdrawn by notice published in the Federal Register (82 FR 48779).

Chambers High Net Worth Guide 2017

September 20, 2017

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Chambers High Net Worth Guide 2017

September 20, 2017

Authored by: Tiffany McKenzie

Bryan Cave is recognized in Chambers High Net Worth (HNW) 2017 guide.  Now in its second edition, the HNW guide covers the private wealth market in key jurisdictions around the world and features the world’s leading high net worth advisers.

Firm Rankings Georgia – Private Wealth Law (Band 2) Missouri – Private Wealth Law (Band 1)

Individual Rankings in Private Wealth Law USA Lawrence Brody (Band 2) Kathleen R. Sherby (Band 3)

Georgia Kimberly E. Civins (Band 3) William Linkous Jr. (Senior Statesmen)

London (Firms) Dyke Arboneaux (Foreign Expert for USA)

Missouri Lawrence Brody (Band 1) Stephen B. Daiker (Band 2) Kathleen R. Sherby (Band 1)

Click here to view the High Net Worth guide.

For more information about Chambers and Partners,

IRS Gives Relief to Victims of Hurricane Harvey

September 1, 2017

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Due to the devastation and upheaval caused by Hurricane Harvey, the Internal Revenue Service is providing extra time for certain individuals and businesses to file their returns and pay taxes.  Among the relief provided is a new January 31, 2018 filing deadline for individual taxpayers who have valid extensions until October 16 and businesses which have extensions until September 15.  According to IR-2017-135:

“The IRS is now offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Currently, 18 counties are eligible, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief.”

The IRS has set up a landing page to assist victims of Hurricane Harvey.

Update: The IRS has extended similar relief to victims of Hurricane Irma.  

Court Reverses Finding of Undue Influence

September 1, 2017

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Originally posted on Bryan Cave Fiduciary Litigation

Undue influence occurs when a person’s free will is overpowered and replaced by the will of another.  In Missouri, a finding of undue influence generally requires the person who exerted influence to have been in a position of trust, and to have caused the coercion through active conduct.  Although the elements seem fairly straightforward, actually proving undue influence can be much trickier.  Because undue influence is often only demonstrated through circumstantial evidence, the ensuing courtroom testimony provides for a telling tale from lawyers and hairstylists and priests.

In Nestel v. Rohach, three of the four Nestel siblings tried to remove their sister, Melissa, as the personal representative of their mother’s estate.  The siblings claimed that Melissa exercised undue influence over Joanne, their mother, when Joanne made Melissa the beneficiary of several bank accounts

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