Misdefined term impedes ability of new ruling to simplify end-of-year gifts made by check

Article Abstract:

The condition for claiming the annual $10,000 gift exclusion are met when the check if deposited or cashed, according to Rev. Rul. 96-56, but only if the donor is alive when the check is paid. Previously, such checks were considered incomplete for gift or estate tax planning purposes until they had been paid by the drawee bank. Despite the potential problems concerning deathbed gifts, the change made by the revenue ruling provides a greater measure of tax certainy in most situations.

Checks, Gift tax

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Avoiding malpractice suits: the view from an aisle seat

Article Abstract:

Several principles influence the probability of estate planners being sued for malpractice. These include how close a relationship the planner has with the client, not trusting to the truth as a defense, keeping notes as a method to avoid explanation, accurately reflecting a client's objectives, and avoiding disputes over fees. Maintaining these principles will not prevent malpractice, but it will make such suits less likely.

Cases, Malpractice

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New Alaska trust act provides many estate planning opportunities

Article Abstract:

The Alaska Trust Act, effective Apr 2, 1997, permits individuals to create perpetual trusts that protect assets. Under this law, grantors may make gifts to a trust while remaining beneficiaries of the trust. Trusts established in Alaska can be used by non-US citizens, and the new law avoids tax rules intended to limit the apparent abuse of foreign trusts.

Alaska, Trusts and trustees, Trustees, Trusts (Law)

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