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Tax Court digs the knife in deeper in bad family limited partnership case
Today we learn from a supplemental opinion to Turner v. Commissioner, TC Memo 2011-209 Aug 30, 2011 (Estate of Turner I), that a marital deduction is not available when § 2036 is deemed to pull assets back into the estate, but the assets aren’t actually there to …
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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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Why did Joe Paterno transfer his house to his wife for a $1?
According to the New York Times, “Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July, less than four months before a sexual abuse scandal engulfed his Penn State football program and the university.“ Why would he do that? …
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Welcome to South Florida, LeBron — Some Tips on How to Establish Domicile
The sports world is a-twitter (as is Twitter itself), about the news that LeBron James is coming to play for the Miami Heat. In the days leading up to the decision, there was much discussion about how much he would be paid in Miami vs. …
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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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Taxgirl lets her readers take over
Taxgirl is running an interesting experiment in which she lets her readers post blog entries answering the question, "Hey Congress why don’t you. . .?" There are lots of thoughtful comments. Sometimes, we attorneys and CPAs get mired in the overly technical and complex details of …
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Are Michael Jackson’s Funeral Costs Deductible for Estate Tax Purposes?
One of the blogs on my daily reading list is the “Tax Girl” (a/k/a Kelly Phillips Erb, a Philadelphia tax attorney). She has a regularly occurring feature on her blog called “Ask the Tax Girl” which she uses to answer readers’ tax questions (and sometimes, when …
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How Michael Jackson and his mother will avoid paying estate tax twice (and how you can too)
In my previous post, I wrote that contrary to media reports, that it was highly likely, if not impossible that the Michael Jackson Family Trust (which has not yet been released) distributed his assets to his mother and his children outright. (Various sites are reporting …
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Michael Jackson and the Estate Tax
I have previously written in the blog about the Estate Tax, but I’d like to revisit the subject using the real life example of the Michael Jackson estate. First, some review of the basics. The estate tax, which is often, but inaccurately called the “death tax” …
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Some articles on Michael Jackson and the Probate, Estate Planning and Tax Issues
I’ll write more on this myself as it develops, but here are some articles to check out: Smart Money: Michael Jackson’s Death and Your Estate Plan Reuters: Hello Goodbye: Jackson’s Beatles rights at risk Wall Street Journal: Getting Personal: Jackson Estate a Tangled Affair Business Week: …
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