Reconciling diverse authorities on sales of remainder interests

Article Abstract:

The Third Circuit's D'Ambrosio estate decision is consistent with IRS letter rulings regarding sales of remainder interests. Generally, a decedent's estate can be reduced by sales of such interests at fair market value, according to the D'Ambrosio ruling and other authorities on this point. A survey of relevant letter rulings, court decisions, and regulations is presented.

Estate Planning, United States, Remainders (Estates)

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Obtaining a full stepped-up basis under Alaska's new community property system

Article Abstract:

The authors examine the question of whether the election of Alaska's optional community property system would qualify a married couple's assets for a full step-up in basis upon the death of the first spouse. Elections of the system by Alaska residents and non -residents are discussed.

Alaska, Taxation, Community property

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The Uniform Disclaimer of Property Interests Act: opportunities and pitfalls

Article Abstract:

The elements of the 1999 Uniform Disclaimer of Property Interests Act, enacted by four states as of late 2001, are discussed. The reasons why beneficiaries of inheritances should decline inheritances in some instances are explained and ambiguities in the law are examined.

Inheritance and succession

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