Will Invalid Due to Undue Influence Eva Johanna Rova Barnes (“Eva”) was born on July 17, 1916. She grew up on a parcel of land that was homesteaded by her parents. The property included a residence, …
New Basis Reporting Requirements
New Basis Reporting Requirements The IRS has long held that some taxpayers were cheating the system, claiming a low value for an asset on the estate tax return, while claiming a higher value for …
State Court Decisions Not Binding on IRS
In five recent Private Letter Rulings, PLRs 201442042 01442046, the taxpayers asked the IRS to respect a trust reformation done by a State court to effectuate the intent of the trustor by correcting …
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Do-It-Yourself Estate Plans: Unintended Results
With the rise of companies such as Legal Zoom, TotalLegal, LawDepot, and DoYourOwnWill.com, more and more consumers are attempting to create their own estate plans without the assistance of a lawyer. …
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Failure to Divide Trust Cost over $400,000
In 1994, Elwood Olsen created a revocable living trust to hold his separate property and his half of the joint property. That same year his wife, Grace Olsen, created a revocable living trust to hold …
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