In the Estate of E.V. Jorgenson the decedent (the person who just passed away) transferred substantial assets to two family limited partnerships and claimed that the retained powers and interests were minimal. The IRS assessed an estate tax deficiency and Tax court found that the decedent had retained the economic benefits and control of such property and that the transfers did not involve a bona fide sale for full consideration. Estate of E.V. Jorgensen, 2011-1 USTC.
Attorney David M. Frees III whose practice involves trusts, estates, wills, and estate and asset protection planning, has just published a new (and free) guide for executors of wills probated in Pennsylvania.
If you are an executor, or if you need to update an old will, trust, or estate plan, or if you need to do one for the first time, call 610-933-8069 and ask for one of David's assistants for an appointment with David or one of his team.
Please tell us that you're calling from our estate planners web site and you will receive a bonus when you come for an appointment or you have a telephone conference with David.