Wednesday, November 7, 2012
Sharon L. Klein (Head of wealth advisory at Lazard Wealth Management LLC) recently published her article entitled A Potpurri of Developments: Wandry Appeal Dismissed, Same-Sex Marriage Developments & 2013 Inflation Adjustments (Including $14,000 Annual Gift Tax Exclusion). The abstract of the article is below:
The article presents some of the latest developments in the estate planning world:
Wandry Parties Agree to Dismiss Appeal to 10th Circuit with Prejudice
On March 26, 2012, the Tax Court issued what has been heralded as a ground breaking decision in Wandry v. Commissioner, T.C. Memo 2012-88. The Court upheld a stated dollar value defined value clause of gifts of LLC interests, in which no charity was involved in the formula allocation. A Notice of Appeal to the 10th Circuit was filed on August 28.
Same-Sex Marriage Developments
- Rhode Island Allows Marital Deduction for Same-Sex Spouses and Civil Union Partners
- New Jersey Introduces Bill Allowing Executor to File Joint Tax Returns With Surviving Same-Sex Partner
- IRS has posted questions and answers to provide information to same-sex partners whose marriage/union is recognized by state law.
2013 Inflation/Cost of Living Adjustments
On October 18, the IRS announced (1) 2013 annual inflation adjustments for more than two dozen tax provisions and (2) 2013 cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items.