Duty of consistency creates taxable estate

Article Abstract:

The Tax Court in Estate of Letts found that the duty of consistency applied to create an estate tax liability against the estate of the second spouse to die by mandating inclusion of the value of a marital trust in the second spouse's estate. The first estate did not elect to include the value of a qualified terminable interest trust in that estate. The identity of interests between the estates denied the second estate the benefit of the statute of limitations on assessment of the uncorrected error made by the first estate.

Tax Law, Public Finance Activities, Estate Planning, Qualified terminable interest property, Qualified terminable interest property trusts

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Second-to-die life insurance policy not included in gross estate

Article Abstract:

The IRS has provided guidance regarding gross estate exclusion of proceeds of second-to-die life insurance policies owned by irrevocable trusts which provide income and principle to beneficiaries including the second-to-die insured. An IRS private letter ruling states that the insurance and trust are not included in the gross estate of the second-to-die spouse where she has no incidents of ownership and has not made trust contributions.

Life insurance

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Stolen art objects includible in gross estate

Article Abstract:

The IRS determined that stolen art objects must be included in the decedent's gross estate regardless of the fact that they were stolen goods. In addition, any claim made by the rightful owners is considered against the heirs not the decedent so the estate cannot receive a deduction for the art's value.

Decedents' estates, Valuation, Art thefts

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