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Did You Know? Report Sale Transactions on Income Tax Returns of Trusts and Estates on New Form 8949

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The Internal Revenue Service is now asking for more information from Estates and Trusts in reporting capital gains. In completing Schedule D to the Form 1041, a Form 8949, Sales and Other Dispositions of Capital Assets, will now need to be completed by fiduciaries with the totals from Form 8949 then included on Schedule D. This is the same Form that has been used in prior years on individuals’ Form 1040.

A Cautionary Tale: Florida Supreme Court Rules on “Do It Yourself” Will Form

187458483From BryanCaveFiduciaryLitigation.com

Considering creating a do-it-yourself Will to save money?  A recent Florida Supreme Court Case, Aldrich v. Basile, should make you reconsider. 

When It Comes to Love and Money, Money Often Prevails

462235785On occasion, a case arises that causes wonder and amazement that children would complain that mom is receiving funds from a trust that either should be distributed to them or should be preserved for them. The Missouri case, O’Riley v. U.S. Bank, N.A., is just such a case.

The Trust was created on the death of Donald O’Riley in 1982 for the benefit of his wife, Arlene, and their two sons, Terrance and Gerald. In 2010, the sons filed this action against the Trustee for breach of its duty of impartiality in refusing to make distributions to them and favoring their mother, instead. The trial court entered judgment for the Trustee that it had not breached its duty of impartiality and the appellate court affirmed.

HERE COMES THE JUDGE: SUPREME COURT TO RULE ON CREDITOR PROTECTION IN BANKRUPTCY FOR INHERITED IRAs

US Supreme Court

In 2012, the Fifth Circuit ruled in In re Chilton that inherited IRAs constituted retirement funds within the “plain meaning” of §522 of the Bankruptcy Code and were thus exempt from the bankruptcy estate, under § 522(d)(12) (the federal exemptions). See our prior discussion of this case here.

Were Assets Of Sole Proprietorship Personal Property Of Decedent Or Separate Business Interests?

May 16, 2014

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171581418Originally posted on bryancavefiduciarylitigation.com

When it comes to estate planning and disposition of assets upon death, a business owner should pay careful mind to the type of business he or she owns and update his or her estate planning documents if the form of the business changes.  InEngland v. Simmons, the Georgia Supreme Court had to determine a testator’s intent when he left his “personal assets” to his brother and sister and left his “business interests” in his sole proprietorship to his brother, sister, and two longtime employees.

Traditional Fine Art was the sole proprietorship of Robert Carl Haege.  Therefore, it had no legal existence separate and apart from Haege himself.  For these reasons, a trial court determined that all property associated with Traditional

A 200% Tax on Self-Dealing? And People Think the Estate Tax is High!

With research and drafting assistance provided by our extern from Washington University School of Law, Rachael Lynch.

Now that we’ve scared you with the potentially high taxes for self-dealing in private foundations, what is self dealing?

Self dealing includes any of the following transactions:

Bitcoins and Other Hidden Assets

treasuremapYears ago, my grandparents were robbed.  While going through the house and noting the missing items, my grandmother told my mother she was grateful they did not find the family silverware hidden in the attic staircase.  This was the first time my mother had heard of the hiding place and told my grandmother, “I would have sold this house having never found the silverware.”

Nearly everyone has a hiding place for a few special, tangible items, and increasingly many individuals have assets that are not easy to identify or locate.  After the death of the owner of such assets, it can be very difficult for the personal representative of the estate to locate and take possession of all of the decedent’s assets.

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