Thursday, August 15, 2013
James T. McNary (Principal, McNary Law Office, P.A.) recently published an article entitled, The Wandry Way: A Better Approach to the Disclaimer of Hard-to-Value Assets?, 27 Prob. & Prop. 44 (July/August 2013). Provided below is the beginning of his article:
By many accounts Wandry v. Commissioner, T.C. Memo 2012-88 (Mar. 26, 2012), was 2012’s estate planning case of the year. Wandry was significant because it was the first reported case to hold that a “formula transfer clause” was valid and represented the first time a court had approved a defined value clause gift when a charity was not involved. Although Wandry is significant primarily for those doing gift and sale planning, it also provides a very useful way to think about the disclaimer of hard-to-value assets.