Current Law Journal Content
Washington & Lee Law School
  Current Law Journal Content
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  ALI-ABA Estate Planning Course Materials Journal
  Volume 14, Number 2, April 2008
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  • Foreign Trust Reporting And Compliance
        Paula Charpentier and Lucy S. Lee
        p.5                                                                                          +cite        
        Because U.S. federal income tax reporting requirements vary depending on the residence and classification of trusts, the return preparer must determine both the residence and the classification of the trust. This outline reviews the general guidelines and factors to be considered in making these determinations. However, since the determination of a trust's residence and classification often entails intricate analyses of trust terms and agreements, practitioners should consult appropriate advice before determining the residence and classification of trusts for purposes of U.S. federal income tax and reporting.
  • Avoiding Tax Surprises In Trust And Estate Litigation: Transfer Tax Aspects Of Settlements
        Julie K. Kwon
        p.25                                                                                        +cite        
        Parties negotiating the resolution of their disputes regarding interests in trusts or estates may not be aware of the transfer tax consequences that may affect the economic results of the settlement. A settlement that does not take into account the transfer tax consequences may significantly shift or reduce the parties' actual beneficial interests in the estate or trust. In addition, although it may be impossible to ensure certainty regarding those tax consequences, the settlement provisions can be designed to maximize certainty and to address the allocation of tax risks among the parties. This outline provides a summary overview of the gift, estate, and generation-skipping transfer ("GST") tax considerations to consider in trust and estate litigation.