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Substantiating Charitable Deductions at The IRS

“Close” only counts in horseshoes, hand grenades and nuclear war
July 2017

Charitable deductions in the million of dollars are lost for failure to strictly comply with the Internal Revenue Code and the Internal Revenue Service's substantiation and appraisal rules.


Trusts & Estates Magazine

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Help Clients Avoid 10 Common Estate Planning Mistakes

March 2017

Developing an understanding of your client’s circumstances, needs, concerns and wishes will enable your clients to make better personal, financial, and legal decisions.


Journal of Financial Planning
By Caroline Demirs Calio

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Wills - Who Needs Them?

February 24, 2017

Sometimes, it's a benefit to be in the minority: Only 42 percent of U.S. adults have wills, according to a recent survey conducted by Princeton Survey Research Associates International.


The Norman Transcripts

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Tax Court Disallows Trusts Charitable Deduction For Want of Charitable Intent

November 7, 2016

Simply put, trusts are liable for income tax on the income they earn. They’re also eligible to receive deductions for certain distributions they make. 


Trusts & Estates Magazine Website
By Stefania L. Bartlett and Andrew M. Nerney

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A Review of Code Section 754 and Its Tax Consequences

November 2016

Subchapter K sometimes treats a partnership as a separate entity, which is distinct from its partners, and other times treats a partnership as an aggregate of individuals, each of whom owns an undivided interest in partnership assets.


Bloomberg BNA Tax Management Real Estate Journal
By Janice H. Eiseman

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U.S. Government Extends Reach as Creditor Beyond the Insolvent Estate

September 21, 2016

A widow with four minor children was faced with a predicament. When her husband died, he owed more than $340,000 in unpaid federal income tax liabilities. 


Trusts & Estates Magazine Website
By Andrew M. Nerney and Stefania L. Bartlett

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Gene Wilder's Real-Life Golden Ticket

September 12, 2016

Gene Wilder was a celebrated actor best known for his role as Willy Wonka. What Wilder is less recognized for, but which is maybe even more admirable, is his philanthropic efforts to raise awareness about ovarian cancer.


Trusts & Estates Magazine

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UBI Tax Not Applied to Receivables Left by Decedent

July 26, 2016

Originally, all business income of charities and other exempt organizations was free from taxation.  Today, the tax on UBI is imposed on the unrelated business taxable income of most exempt organizations.


Trusts & Estates Magazine Website
By Andrew M. Nerney and Andrew Brett Seiken

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IRS Denies IRC Section 1035 Tax Deferral in Annuity Exchange

June 29, 2016

A taxpayer inherited an interest in an annuity from his late father. The taxpayer wished to exchange his interest in the inherited annuity for an annuity sold by a different insurance company. 


Trusts & Estates Magazine Website
By Andrew M. Nerney and Andrew Brett Seiken

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The Fiduciary vs. Sovereign Immunity

June 14, 2016

Estates are generally viewed as a legal continuation of a deceased individual: when an individual passes away, any claims that arose before or on an individual’s death may be pursued by or against the estate of that individual. 


Trusts & Estates Magazine Website
By Andrew M. Nerney and Andrew Brett Seiken

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Asset Protection or Abusive Tax Planning?

May 17, 2016

Former billionaires punished for using offshore trusts as "piggy banks" to defraud the IRS. “Never let a creditor get to your asset, no matter how bad your mistake.” 


Trusts & Estates Magazine Website
By Andrew Brett Seiken and Andrew M. Nerney

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