White Paper

Recent Crummey News and Sample Trust Language

 
Mikel v. Commissioner. T.C. Memo 2015-69. This recent case featured an IRS challenge to a gift tax return claiming sixty 2503(b) exemptions. During 2007 a husband and wife made gifts to a trust for the benefit of their children and lineal decedents valued at $1,631,000. The husband and wife each claimed on an IRS form 709 federal gift tax return (not filed until 2011) 2503(b) aggregate annual exclusions of $720,000 comprised of $12,000 present interest gifts to each of the trust’s sixty beneficiaries. The trust document contained the requisite Crummey withdrawal powers and the beneficiaries were duly notified of the gifts (the rights to which they allowed to lapse per the trust terms). The Trust instrument empowered the trustees in their discretion to make distributions from the trust to the beneficiaries for the health, education, maintenance or support of a beneficiary.

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Todd L. Denison is a Partner with Phelps Dunbar LLP. He represents individuals and business entities in the areas of business transactions and operations, partnership and corporate taxation, real and personal property transactions and trust and estates. Mr. Denison is a frequent speaker and has several publications.

Faculty

Todd Denison

Todd Denison

Phelps Dunbar LLP

Agenda

Faculty

Todd Denison

Todd Denison

Phelps Dunbar LLP

  • Partner with Phelps Dunbar LLP
  • Represents individuals and business entities in the areas of business transactions and operations, partnership and corporate taxation, real and personal property transactions, trusts and estates (including sophisticated estate) planning, charitable organizations (formation and operations), employee stock ownership plans and other qualified retirement plans, captive insurance, international transactions and taxation, tax controversies with the IRS, and elder law
  • Clients include a regional engineering firm, national advertising agency, regional construction firm, regional stone and interior design firm, and numerous family-owned businesses operating locally, regionally, and internationally
  • Frequent speaker and has several publications
  • Member of numerous professional and civic organizations
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • The Best Lawyers in America© (Woodward/White, Inc.), Business Organizations (including LLCs and Partnerships) in Mobile, 2019; Tax Law in Mobile, 2018-2019; Trusts and Estates in Mobile, 2018-2019
  • LL.M. degree, New York University School of Law; J.D. degree, University of Montana School of Law; M.A. and B.A. degrees, University of Montana
  • Can be contacted at 251-441-8206 or [email protected]

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