by Teddar S. Brooks | Oct 30, 2017 | Cases of Interest, T&E News
When a power of attorney is at issue, the statute of limitations starts to run on either of the following: The death of the principal; A judicial accounting by the fiduciary; or Open repudiation of trust by the fiduciary. The latter requires proof of repudiation that...
by Teddar S. Brooks | Oct 26, 2017 | Cases of Interest, T&E News
Cases of Interest – 10-26-17 Cases of interest – 10-26-17 In In re Goodman, 149 A.D.3d 649, 52 N.Y.S.3d 363 (1st Dep’t 2017) the trustee sought judicial settlement of an accounting what showed principal distributions to the grantor. Other beneficiaries...
by Teddar S. Brooks | Jul 9, 2017 | Cases of Interest, T&E News
Morris v. Commissioner, TC Memo 2015-82 Ira Distribution Is Taxable Taxpayer, after his father died, became the sole beneficiary of his father’s IRA. The Taxpayer opted for lump sum payment with no taxes withheld, and according his father’s wishes shared the...
by Teddar S. Brooks | Jul 2, 2017 | Cases of Interest, T&E News
Babbitt v. Superior Court of Los Angeles Co. In Babbitt v. Superior Court of Los Angeles Co., 201 Cal Rptr. #rd 353 (Ct. App. 2016), the Court limited the time period for the accounting to the period after the trust became irrevocable. The Court held that the...
by Teddar S. Brooks | Jul 1, 2017 | Articles of Interest, Tax
IRS Rev. Proc. 23017-34 The IRS has now issued Rev. Proc. 23017-34, which grants a permanent automatic two year extension to file the Decedent’s Estate Tax Return (IRS Fm 706) to claim portability. The executor has to file a not otherwise required to be filed IRS Fm...
