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Some Guys Have All the Luck: Greenwich Wealth Managers Win $254 Million Powerball Lottery
I saw this story this morning that made me shake my head in wonder, and in a little bit of jealousy. Apparently, three money managers from Greenwich, Connecticut won $254 million in the Powerball lottery. If you don’t know, Greenwich is a New York City …
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Another Taxpayer Victory in a Family Limited Partnership Case
On February 3, 2010, the Tax Court released it’s decision in Estate of Shurtz v. Commissioner, This case is interesting for a number of reasons. First, even though it involves a family limited partnership, the case is not about the estate taking substantial discounts. In fact, the …
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IRS Loses Large Family Limited Partnership Refund Case.
It turns out that yesterday was a bad day for the IRS. Not only did they lose an important gift tax valuation case, but they also lost a very large Family Limited Partnership case in Federal District Court. I do not think that the facts …
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Steve McNair died without a Will. The consequences could be disastrous.
In contrast to my recent postings about Michael Jackson who appears to have engaged in professional estate planning before his death, there are reports that former NFL quarterback Steve McNair died intestate, or without a will. His wife (the wife he was cheating on with the …
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Estate of Jorgensen v. Commissioner: IRS wins another Family Limited Partnership Case due to the Taxpayer Doing Everything Wrong
In writing a blog, or in writing anything, the most important question is "Who is your audience?" So far, my posts have been aimed towards what I call "the sophisticated layman." I have been writing for the educated reader who is not an expert in …
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