Tax Court Rules for MPBA Clients in Rejecting Aggressive IRS Estate Tax Claim

In Estate of Purdue, T.C. Memo. 2015-249, the United States Tax Court denied an IRS attempt to disregard lifetime estate planning implemented by Barbara and Robert Purdue (the “Purdues”). MPBA attorneys, primarily Alan L. Montgomery and George W. Akers, advised Mr. and Mrs. Purdue with respect to the lifetime planning, and also represented Mrs. Purdue’s estate (the “Estate”) at the Tax Court. The Estate … Continue reading »

Recent Developments in Washington Power of Attorney Law

An essential component of a complete estate plan Durable powers of attorney are an essential component of a complete estate plan. These documents allow you to dictate the person who has the authority (the “agent”) to make important financial and health care decisions for you (the “principal”) if you become incapacitated and cannot make such decisions for yourself.  Durable powers … Continue reading »

Proposed IRS Regulations May Limit Tax-Favorable Estate Planning Strategies

The IRS recently announced new proposed regulations which may eliminate or significantly reduce valuation discounts on transfers of family entity interests (e.g., LLCs, limited partnerships, and corporations). Although there are several uncertainties regarding the scope of these new rules, the proposed regulations, if enacted could result in substantial increases in estate, gift, and generation-skipping transfer taxes for many taxpayers Continue reading »

The Bleak House of Trust and Estate Litigation: More than just time and money

“How much is this case going to cost?” is a great first question for a client to ask. The answer, however, can be complex. By the time someone walks into an attorney’s office, they are usually prepared for the fact that it will take time and money to resolve their problem. However, far too few people realize that often the highest … Continue reading »

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Bernard Decision Confirms Intent and Purpose of TEDRA

In In Re Estate of Bernard, 182 Wn. App. 692, 332 P.3d 480 (2014), review denied 339 P.3d 634 (2014), the Washington State Court of Appeals Division 1 reversed a trial court order invalidating a trustor’s estate plan.  In upholding the validity of the testamentary documents, the appellate court’s ruling confirmed long-standing practices of Washington State estate planners relating to … Continue reading »

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