The 7520 rate for July 2019 decreased to 2.6%.
The July 2019 Applicable Federal Interest Rates can be found here.
Congratulations to Stephanie Moll for her election to the position of treasurer of STEP USA! Stephanie is a partner in the private client group of Bryan Cave Leighton Paisner and supports primarily the Denver, Boulder, and St. Louis offices. Her practice focuses on estate planning and administration, particularly wealth transfer tax planning.
STEP USA is the U.S. division of the Society of Trusts and Estates Practitioners, a global organization whose primary purpose is to improve public understanding of the issues families face in relation to inheritance and succession planning and promote education and high professional standards among its members. STEP USA includes 18 different local branches and chapters around the country.
When a celebrity’s death hits the newswires, it’s often immediately followed by reports of the size of the deceased’s estate and the identity of the beneficiaries. In addition, not infrequently public battles among the beneficiaries ensue. Some disputes are the result of the simple (yet, significant) error of dying without an estate plan, as in the Prince estate. Others provide specific lessons demonstrating the need for attention to detail when creating an estate plan, such as in Tom Petty’s estate.
Tom Petty was a historically-acclaimed singer-songwriter and record producer, who performed as a solo artist and as the lead singer for the Heartbreakers. Upon his death in October of 2017, his trust directed the trustee, his second wife, to establish an entity to be used to hold and control Petty’s sizable and valuable music catalog. The terms of the trust ascribing control of the entity provide, as follows:
The Legal Business Awards recently honored Bryan Cave Leighton Paisner LLP with its “Private Client Team of the Year” award for 2019. The event took place at the Grosvenor House in London on March 28, 2019.
BCLP received the award based on a combination of factors, including:
The IRS announced on March 27, 2019 that in an effort to enhance security and improve transparency, the “responsible party” on applications for an employer identification number (EIN) must now be a natural person.
An EIN is the tax identification number assigned to entities such as trusts, estates, retirement plans, LLCs, partnerships, and corporations. An entity obtains such a number by completing the IRS Form SS-4 or an online application. One question in the application process asks the applicant to identify the “responsible party,” which the IRS defines as “the person who ultimately owns or controls the entity or who exercises ultimate effective control over the entity.” In deciding who to list as the responsible party, the IRS encourages applicants to consider whether the party has “a level of control over, or
A recent New York case, Estate of Swezey (NYLJ, 1/17/19 at pp. 23, col. 3) highlights the confusion in the laws of many states regarding the administration and distribution of digital assets at a decedent’s death. In this case, decedent’s executor asked Apple to turn over decedent’s photographs stored in his iTunes and iCloud account. No provision in decedent’s Will specifically authorized the executor to access decedent’s digital account. The Court relied on the relatively new section 13-A in the New York Estates, Powers and Trusts Law (“EPTL”), Administration of Digital Assets which provides for different procedures for the disclosure of electronic communications, in contrast to the digital assets. To disclose electronic communication specific user consent is required or a specific court order for an identifiable reason. Other digital assets, such as