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Kim Civins Elected as a Fellow of ACTEC

October 27, 2016

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The Private Client group of Bryan Cave is proud to announce that Kimberly E. Civins has been elected as a fellow of the American College of Trust and Estate Counsel (ACTEC).

ACTEC is a nonprofit association of lawyers established in 1949 whose pre-eminent members are elected to the College by demonstrating the highest level of integrity, commitment to the profession, competence and experience as trust and estate counselors. Membership in ACTEC is by election of the regents of the College. Individual lawyers meeting the criteria for membership are nominated for membership by fellows of the College, and subjected to careful review by state and national membership selection committees, prior to consideration by the regents of the College.

All ACTEC members have made substantial contributions to the field of trusts and estates law through writing, teaching and bar leadership

THE CHOICE IS NOW YOURS

THE CHOICE IS NOW YOURS

October 6, 2016

Authored by: Kathy Sherby and Charles Lin

Rev. Proc. 2016-49

The recent issuance of Rev. Proc. 2016-49, which modifies and supersedes Rev. Proc. 2001-38, now puts the taxpayer in the driver’s seat. Recall that in Rev. Proc. 2001-38, the Service was providing relief for the surviving spouse when an unnecessary QTIP election was made, by treating such a QTIP election as though it had not been made. Practitioners began to question whether Rev. Proc. 2001-38 would render a QTIP election a nullity when made in order to qualify for a state marital deduction where such an election was not needed to reduce the Federal estate tax liability to zero. Then when portability came into the picture, the enhanced concern about basis adjustment at death drove practitioners to want to make a QTIP election even though not needed to reduce the estate tax liability, to permit the surviving spouse to make larger gifts that would not

Recent Tax Court Case Rules on Treatment of Madoff Account

Recent Tax Court Case Rules on Treatment of Madoff Account

October 3, 2016

Authored by: Stacie J. Rottenstreich and Karin Barkhorn

In a recent Tax Court decision, Harry H. Falk, and Steven P. Heller, Co-Executors, v. Commissioner of the Internal Revenue, the United States Tax Court ruled that in the case of the Madoff Ponzi scheme, an estate which paid estate tax on Madoff assets which subsequently have become worthless can claim a theft deduction.

James Heller, a New York state decedent, died in January 2008 owning a 99% interest in James Heller Family, LLC (the “LLC”).  The only asset held by the LLC was an account with Bernard L. Madoff Investment Securities, LLC.  In November of 2008, the Executors of Mr. Heller’s estate withdrew some money from the LLC’s Madoff account in order to pay estate taxes and other administrative expenses.  Shortly thereafter, the news of the Madoff Ponzi scheme became public. Suddenly, the LLC’s interest and the estate’s interest in the LLC became worthless.

In April 2009, the Executors

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