September 2009 TOC

BRIEFING

12/ Tax Law Update

By David A. Handler, partner in the Chicago office of Kirkland & Ellis LLP, report on:

  • A case reprises Linton and is distinguished from Holman — In Heckerman v. United States, Case No. C08-0211-JCC (July 27, 2009)
  • Too bad about the bankruptcy, now pay those estates taxes — In Carroll v. United States, 2009-2 USTC par. 60,577 (May 6, 2009)

Executors are personally liable for the estate's taxes if they distribute property to the beneficiaries before satisfying the tax liability.

14/ Art Donors And Museums Rejoice

By David T. Leibell & Daniel L. Daniels, partners in the New York and Stamford, Conn., office of Wiggin and Dana LLP, report on:

It looks like fractional interest gifts of art will be a viable strategy for the wealthy once again. On Aug. 6, 2009, Senator Charles Schumer (D. New York) introduced Senate Bill 1605 to restore many...

COMMITTEE REPORT

Retirement Benefits

18/ Traditional Vs. Roth IRAs
By Marcia Chadwick Holt

Understand the differences: In 2009, only individuals with a modified adjusted gross income of $100,000 or less are allowed to convert a traditional IRA to a Roth IRA.

Marcia Chadwick Holt is senior of counsel to the Denver law firm of Davis Graham & Stubbs LLP

26/ Want To Convert To a Roth IRA?
By Christopher Hoyt

In 2010, even the wealthy can have Roths. But before clients leap at the opportunity, review the pros, cons and mechanics. Oh, and know where the exit is...

Christopher Hoyt is a professor at the University of Missouri (Kansas City) School of Law in Kansas City, Missouri

34/ Show Me the Money
By Steven E. Trytten

What's the payoff for converting to a Roth IRA?

Advisors recommending Roth IRA conversions had better be prepared to answer these questions from clients...

Steven E. Trytten is a partner in the Pasadena, Calif., office of Anglin, Flewelling, Rasmussen, Campbell & Trytten LLP

48/ Before Setting Up A Trusteed IRA
By Bruce D. Steiner

Consider these potential pitfalls

Internal Revenue Code Section 408(a) defines an IRA as “a trust. . . for the exclusive benefit of an individual or his beneficiaries...

Bruce D. Steiner is an attorney in the New York office of Kleinberg, Kaplan, Wolff & Cohen, P.C.

53/ Trusteed IRAs: An Elegant Estate-planning Option
By Edwin P. Morrow III

There are many reasons this choice might work best for your clients

Experienced estate-planning practitioners know that the promise of the stretch IRA — to prolong the account's tax-deferred or tax-free status thereby allowing its assets to grow

Edwin P. Morrow III is an estate-planning wealth specialist with Key Private Bank in Dayton, Ohio

SPECIAL REPORT

Investments

61/ Stability or False Hope?
By Michael E. Lewitt

Investors must proceed with extreme caution as the government stimulus money may have created its own little bubble that could pop.

The financial markets are no longer trading as though the end of the world is nigh, and for that we can all be thankful.

Michael E. Lewitt is the president of Harch Capital Management, LLC in Boca Raton, Fla.

TAGS: Research
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