John Sullivan was born in May 1912.  He married his wife, Odette, in 1956.  John and Odette did not have any natural born children of their own but adopted Odette’s sister’s children, Annabelle and Valerie.    In 1995, Annabelle left the home after a falling-out and never reconciled with John or Odette.  In 1995, John and Odette executed new wills disinheriting Annabelle.  Valerie was to inherit the entire estate should there not be a surviving spouse.  Valerie

The IRS has released Draft Form 706 and Draft Instruction 706 for decedents who died within the 2010 calendar year. Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at the Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas).

The Internal Revenue Service issued guidance on the treatment of basis for certain estates of decedents who died in 2010. The guidance assists executors who are making the choice to opt out of the estate tax and have the carryover basis rules apply. Form 8939, the basis allocation form required to be filed by executors opting out of the estate tax, is due Nov. 15, 2011. Under the guidance issued, an executor must file Form 8939,

In PLR 201129033, IRS has privately ruled that transfers of non-voting common stock by a donor or his spouse to charity will be transfers of the entire interest in the property, not a nondeductible split-interest under Code Sec. 2522(c), reasoning that the non-voting common stock was a separate property interest from the other class of stock in the corporation. Additionally, IRS found that the value of the charitable gifts for Code Sec. 2512 purposes equals that

In PLR 201128011, IRS has privately ruled that no adverse income or transfer tax consequences will result from reformation of a grandfathered generation-skipping transfer (GST) tax trust. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state),

In PLR 1126030, the language “it is my desire” in Article III of Decedent’s Will was determined by the IRS to be given mandatory construction as passing the described property interests to the Decedent’s children as specific bequests, thereby reducing the marital deduction under § 2056 and increasing the taxable estate, taking into consideration the rules of abatement under Statute in regard to Decedent’s debts and obligations.