Estate Tax Audit - $30M estate
N/AOUTCOME: No change by IRS
Client with $30M estate audited by IRS. Responded to IRS's inquiries. Received a "no change" letter from IRS with no additional assessment of tax.
Michelle Valentine Hanlon's Legal Cases (3)
Burr Ridge, IL
Estate planning Lawyer at Burr Ridge, IL
Practice Areas: Estate Planning, Probate ... +3 more
Estate Tax Audit - $15M estate
N/AOUTCOME: IRS accepted all changes and client received refund
Federal estate tax audit for a $15M estate with supplemental estate tax return filed after filing deadlines. All changes (deductions and adjustments to values) accepted by IRS. Client received refund a ... nd closing letter.
Retirement Plan: Trust as Beneficiary
N/AOUTCOME: New custodian allowed inherited IRA
Client X died and named client's trust as a beneficiary of retirement plan. Retirement plan custodian refused to allow sole beneficiary of the trust to create an inherited IRA based on beneficiary's li ... fe expectancy. I advised beneficiary to transfer IRA to a new custodian, which is permitted under IRS rules. New custodian permitted the inherited IRA, saving client significant amount in income tax. A practical solution for the beneficiary!
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