White Paper

Marital Deductions - Related Tax Issues in Trust and Estate Administration

 
The Service adopted the so-called “Hubert regulations” in connection with marital and charitable deduction issues relating, in part, to “swing item” expenses, and the chargeability of such expenses to estate income or principal. In issuing those regulations, the government avoided cumbersome distinctions and analytical nuances being considered at the time, and instead focused on, what was then, a new classification concept. This effort resulted in the creation of two broad classifications, within which every administrative expense is presumed to fall: an estate management expense or an estate transmission expense.

The Hubert regulations appear to sort administration expenses that were traditionally charged to income from those that were a proper charge to principal. However, the categories of estate management expenses and estate transmission expenses are defined without income and principal distinctions. Instead, the Hubert regulations distinguish administration expenses that are incurred in consequence of the death of a transferor from those that are not. Treas. Reg. §§ 20.2055-3(b)(1); 20.2056(b)-4(d)(1)(i).

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T. James Lee, Esq. is a partner and director in the Phoenix office of Fennemore Craig, P.C. He practices in the areas of estate planning, business design and structuring, and commercial transactions, including tax planning, corporate, partnership, LLC, real estate, and international matters. Mr. Lee advises clients on planned giving methods, and establishing charitable trusts, foundations, and other tax-exempt organizations. He conducts regular seminars and workshops on estate planning, tax and probate topics.

Faculty

T. James Lee, Esq.

T. James Lee, Esq.

Fennemore Craig, P.C.

Agenda

Faculty

T. James Lee, Esq.

T. James Lee, Esq.

Fennemore Craig, P.C.

  • Partner and director in the Phoenix office of Fennemore Craig, P.C.
  • Practices in the areas of estate planning, business design and structuring, and commercial transactions, including tax planning, corporate, partnership, LLC, real estate, and international matters
  • Advises clients on planned giving methods, and establishing charitable trusts, foundations, and other tax-exempt organizations
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • Conducts regular seminars and workshops on estate planning, tax and probate topics
  • Writer of several articles related to estate planning
  • Member of ACTEC and the ABA, Taxation Committee, and listed in Best Lawyers
  • J.D. degree, with honors, Brigham Young University, J. Reuben Clark Law School; B.S. degree, Brigham Young University
  • Can be contacted at [email protected]

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