[EstGift] FW: ACTEC Project - Potential Estate, Gift and Income Tax Issues Associated with Decanting

Mon Jan 17 10:55:43 PST 2011

Please count me in. Jonathan

> Date: Mon, 17 Jan 2011 13:33:16 -0500
> From: ZeydelD at gtlaw.com
> To: EstGift at actec.org
> Subject: [EstGift] FW: ACTEC Project - Potential Estate, Gift and Income Tax Issues Associated with Decanting
> 
> Dear Committee Members:
> 
> In light of the recent IRS pronouncement of trust decanting as a no-rule
> area, Mary Ann Mancini, as Chair of Fiduciary Income Tax, and I would
> like to organize a joint subcommittee to provide technical assistance on
> the issues. Perhaps our submission would become the basis for the
> issuance of a Revenue Ruling or other guidance. 
> 
> I am seeking volunteers for this project. 
> 
> Below are my random thoughts, which might give you a flavor for the
> project. I would expect that we shall need people willing to assist
> with discrete research on various subjects, as well as those to craft
> the submission.
> 
> I look forward to your participation in what I believe to be an
> important project that ACTEC is uniquely qualified to address.
> 
> Thank you in advance.
> 
> Diana
> 
> PLEASE NOTE OUR NEW ADDRESS
> 
> Diana S.C. Zeydel
> Shareholder 
> Greenberg Traurig, P.A. | 333 Avenue of the Americas (333 S.E. 2nd
> Avenue) | Miami, FL 33131
> Tel 305.579.0575 | Fax 305.579.0717 
> ZeydelD at gtlaw.com | www.gtlaw.com
> 
> 
> 
> --------------------------------------------------------------------------
> Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.
> 
> The information contained in this transmission may contain privileged and confidential information. It is intended only for the use of the person(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or duplication of this communication is strictly prohibited. If you are not the intended recipient, please contact the sender by reply email and destroy all copies of the original message. To reply to our email administrator directly, please send an email to mailto:postmaster at gtlaw.com.
> 
> --------------------------------------------------------------------------
> 
> From: Bruce M. Stone [mailto:bstone at gfsestatelaw.com] 
> Sent: Sunday, January 16, 2011 4:25 PM
> To: Zeydel, Diana (Shld-Mia-T&E); MaryAnn.Mancini at bryancave.com;
> KMoore at bricker.com; EnglishDa at missouri.edu
> Cc: lawmfr at langate.gsu.edu; domckinnon at actec.org
> Subject: Re: ACTEC Project - Potential Estate, Gift and Income Tax
> Issues Associated with Decanting
> 
> Ambitious and outstanding. 
> 
> Bruce
> 
> ----- Original Message -----
> From: ZeydelD at gtlaw.com <ZeydelD at gtlaw.com>
> To: Bruce M. Stone; MaryAnn.Mancini at bryancave.com
> <MaryAnn.Mancini at bryancave.com>; KMoore at bricker.com
> <KMoore at bricker.com>; EnglishDa at missouri.edu <EnglishDa at missouri.edu>
> Cc: lawmfr at langate.gsu.edu <lawmfr at langate.gsu.edu>;
> domckinnon at actec.org <domckinnon at actec.org>
> Sent: Sun Jan 16 15:49:44 2011
> Subject: RE: ACTEC Project - Potential Estate, Gift and Income Tax
> Issues Associated with Decanting
> 
> Agree completely on the soundness of the approach. It will probably be
> helpful to take examples of different variants of trust dispositive
> terms and tax attributes, and address what types of decanting appear to
> be authorized, and what tax consequences result. I would envision
> analyzing an income trust, a sprinkling trust, absolute discretion
> versus standards of invasion, a trust that fulfills certain statutory
> requirements, such as 2503(c), 2642(c), CRAT, GRAT, QTIP etc., and the
> effects of decanting to make administrative changes (change system for
> appointment of trustees, number of trustees, etc. or investment powers
> of trustees, or converting to a directed trust), changes of situs and
> governing law, dispositive changes (and limitations on those) and
> conferring powers of appointment (and limitations on same). At least
> those are my random thoughts. Diana 
> 
> -----Original Message-----
> From: Bruce M. Stone [mailto:bstone at gfsestatelaw.com]
> Sent: Sunday, January 16, 2011 3:37 PM
> To: Mancini, Mary Ann; Moore, Karen; Zeydel, Diana (Shld-Mia-T&E);
> EnglishDa at missouri.edu
> Cc: lawmfr at langate.gsu.edu; domckinnon at actec.org
> Subject: RE: ACTEC Project - Potential Estate, Gift and Income Tax
> Issues Associated with Decanting
> 
> An unnecessary suggestion but I'll toss it out anyway - the work product
> should objectively identify the issues and the possible theoretical
> answers. It should not serve as a "sales" piece for decanting. As one
> of the ACTEC representatives on the JEB and as someone who has had some
> interaction with Jim Hogan of the IRS recently on a client matter, I
> would love to see something that winds up with broad consensus on the
> consequences of decanting both under trust law and under tax law.
> Something like that could serve as a framework for possible uniform
> legislation and agreement with the IRS on the tax aspects.
> Jurisdictions and practitioners that chose to operate outside that
> defined playing field would then know the risks involved.
> 
> Bruce
> 
> Bruce Stone
> Goldman Felcoski & Stone P.A.
> 95 Merrick Way
> Suite 440
> Coral Gables, FL 33134
> 305-446-2800 voice
> 305-446-2819 fax
> brucestone at gfsestatelaw.com
> 
> 
> -----Original Message-----
> http://www.gtlaw.com/
> 
> _______________________________________________
> EstGift mailing list
> EstGift at actec.org
> http://mailman.fsr.com/mailman/listinfo/estgift

-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.fsr.com/mailman/private/estgift/attachments/20110117/bd74a402/attachment.html 