The Tax Act eliminates the credit for state death taxes for
decedents who die after December 31, 2004, but before January 1, 2011.
Property acquired from a
decedent dying after 2009 will be treated as transferred by gift.
Powell: In that case, Estate of Powell, (5) the Tax Court granted partial summary judgment for the IRS, concluding that a gross estate included the value of a limited partnership interest (approximately $10 million) that the
decedent's son attempted to transfer to a charitable lead annuity trust (CLAT) on behalf of the
decedent shortly before she died.
The Parker court is the first Florida decision to hold that a personal representative is not an indispensable party to an action for the return of assets transferred by the
decedent during his or her lifetime.
Plaintiffs' uncontroverted expert testimony that
decedent was conscious and in pain for two to five seconds after being hit by the bus supports the jury's finding that
decedent sustained conscious pain and suffering prior to her death.
1022(a)(1), property acquired from a
decedent is treated as having been transferred by gift.
The data show a significant drop-off in the number of
decedents receiving income from wages and salaries for those 70 and older, so age also serves as an indicator of retirement status.
Median time from illness onset to death was 20 hours (range 3 hours-7 days) for health facility
decedents and 12 hours (range 2 hours-8 days) for community
decedents.
In general, the executor of the estate of a
decedent who died in 2010 may make the Section 1022 election by filing Form 8939, Allocation of Increase in Basis for Property Acquired From a
Decedent, on or before November 15, 2011.
The value, less encumbrances, of all property owned by the
Decedent at the lime of death, excluding the homestead of and statutory allowances for the benefit of the widow or minor children, if any, of the
Decedent, does not exceed $100,000.
For
decedents who are not citizens of the United States at the time of death, the general basis increase is reduced from $1.
If the
decedent left no will, if the will is invalid for some reason, or if the named executor is unable or unwilling to serve, then either the surviving spouse or another relative of the
decedent, or one or more of the persons entitled to his or her estate, may be appointed as the "personal representative.
