Simultaneous Deaths of Spouses and the Portability Election

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1 Practical Drafting Lead Articles and Selected Points of Interest April 2014 January 2014 October 2013 Tax Changes in New York and Minnesota Moving Trust To Delaware The PEIERLS CASES Marital Deduction/Credit Shelter Planning with a $5 Million Portable AEA: Things Have Changed Part III Simultaneous Deaths of Spouses and the Portability Election July 2013 April 2013 Marital Deduction/Credit Shelter Planning with A $5 Million Portable AEA: Things Have Changed Part II Marital Deduction/Credit Shelter Planning With A $5 Million Portable AEA: Things Have Changed January 2013 October 2012 July 2012 April 2012 January 2012 October 2011 July 2011 April 2011 Application of the Medicare contributions Tax to Estates and Trusts and Their Beneficiaries Transfer Tax Changes in the American Taxpayer Relief Act of 2012 (ATRA) Comments On A Proposed New York Trust Code 2012 Gifts To Use $5.12 Million Applicable Exclusion Amount Temporary and Proposed Regulations on the Portable Unified Credit (DSUE) Procter Further Limited by Tax Court New York s Revised Decanting Statute IRS Advice For Estates, Including Guidance On Carryover Basis And Deceased Spousal Carryover Credit The Beneficiary Grantor Trust The Spousal Carryover Credit January 2011 Temporary Transfer Tax (And Basis) Changes Through 2012 October 2010 Deferred Payment of Estate Tax Under IRC Sec Part II Practical Drafting is published quarterly by U.S. Trust, Bank of America Private Wealth Management. Practical Drafting is a trademark of Bank of America, N.A by U.S Trust, Bank of America Private Wealth Management. U.S. Trust, Bank of America Private Wealth Management operates through Bank of America, N.A. and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC Bank of America Corporation. All rights reserved. AR26ROQ2 04/2014

2 Practical Drafting Lead Articles and Selected Points of Interest 2 July 2010 Deferred Payment of Estate Tax Under IRC Sec April 2010 January 2010 October 2009 July 2009 Estate Planning For Domestic Partners Primer on Conversion of Traditional IRA to Roth IRA Regulatory Exception to IRC Sec Transfer Taxes in Limbo IRC Sec. 2053; Claims Against an Estate; Final Regulations The Black Case FLPs and IRC Sec. 2036(a) Exception, Graegin Loans and Other Matters Reducing Estate Taxes Through Spousal Transactions Transfer Tax Change on the Way April 2009 Agreements Restricting Transfers and IRC Sec New York s New Power of Attorney Legislation January 2009 October 2008 July 2008 April 2008 January 2008 October 2007 Distributions from Qualified Plans and IRAs Part II The $3.5 Million AEA: Some General Thoughts and Particular Issues Regarding State Death Taxes Distributions from Qualified Plans and IRAs Part I The Christiansen Case and Defined Value Transfers: A Significant Clarification and Extension of McCord State Decanting Statutes Roski Reprieve; IRS Change of Position on IRC Sec Bond or Special Lien Permissible Beneficiaries of an Electing Small Business Trust, Including Effect of Proposed Regulations IRC Sec. 67(e); Two Percent Floor for Miscellaneous Trust and Estate Deductions; Supreme Court Consideration; Proposed Regulations Appendix Compensation of Executor/Personal Representative Appendix Compensation of Trustee July 2007 Proposed Regulations under IRC Sec IRC Sec Estates; Source of Payment of Estate Taxes and Interest; Hubert Regulations Rethinking Tax Allocation Clauses April 2007 January 2007 October 2006 Computing a Decoupled State Tax Paid from a Marital or Charitable Fund; Statutory Theory vs. Return Reality IRC Sec. 2523(f) Lifetime Qualified Terminable Interest (QTIP) Trusts and Permissible Principal Interests of Donor Spouse The Gerson Case and the GST Effective Date Rule, Plus More on Judicial Deference to Regulations Payment of Estate Taxes from QTIP Trust No More, No Less: Savings Clauses, Formulas and Defined Values Part II More Spousal Planning to Reduce Transfer Taxes; Gifts in Contemplation of Death

3 Practical Drafting Lead Articles and Selected Points of Interest 3 July 2006 April 2006 January 2006 October 2005 July 2005 April 2005 January 2005 October 2004 July 2004 April 2004 January 2004 October 2003 July 2003 April 2003 January 2003 October 2002 July 2002 April 2002 No More, No Less: Savings Clauses, Formulas and Defined Values Part I IRC Sec. 163(a) Interest Deduction to Closely Held Company for Interest on Loans Made to Majority Shareholders The Parenthetical Exception of IRC Sec. 2036(a) for A Bona Fide Sale for an Adequate and Full Consideration in Money or Money s Worth and Related Matters Judicial Deference to Tax Regulations The GST Tax at Twenty: A Brief Look Back and Selected Current Issues Appendix Survey of State Death Taxes Leveraging Lifetime Transfers; GRATs and GRUTs; Revocable Spousal Interests; Parallel GRATs State Death Taxes Imposed on the Bypass Trust: How Much Are They, How Can They Be Reduced, and How Should They Be Paid? Appendix State Revised Principal and Income Act (1997), Power to Adjust and Unitrust/Total Return Trust Statutes and Unitrust Ordering Rules The Estate Planner s Toolbox Part II Appendix Status of State Death Taxes Appendix Notice Disclosure and Trustee Reporting Requirements under Various State Laws and Trust Codes Family Limited Partnership Interest; IRC Sec. 2036(a)(1); Thompson Appeal Diversification; Breach of Trust; New York Law The Estate Planner s Toolbox Part I The Uniform Trust Code Part II Final Regulations Defining Trust Income Appendix State Power to Adjust and Unitrust/Total Return Trust Statutes Appendix Income or Interest During Administration of Estate State Survey The Uniform Trust Code Part I More on Family Limited Partnerships McCord and Strangi Cases Allocation of Income and Gains and Losses Revisited Planning for State Death Taxes after EGTRRA Diversification and Retention of Inception Assets The Well-Adjusted Trust: Revisiting the Uniform Principal and Income Act (1997) Part II Appendix Credit Shelter Pecuniary Amount/Section 1022 Spousal Amount/Contingent QTIP/and Residuary Disposition The Well-Adjusted Trust: Revisiting the Uniform Principal and Income Act (1997) Part I

4 Practical Drafting Lead Articles and Selected Points of Interest 4 January 2002 Drafting Trusts with Discretionary Powers Over Income and Principal; The McNeil and Hinrichs Cases October 2001 The Economic Growth and Tax Relief Reconciliation Act of 2001 Appendix B Changes to Trust and Will Provisions July 2001 April 2001 January 2001 October 2000 July 2000 April 2000 January 2000 New Proposed Regulations For Distributions From Qualified Plans and IRAs Part II H.R. 1836, The Economic Growth and Tax Relief Reconciliation Act of 2001 New Proposed Regulations for Distributions from Qualified Plans and IRAs Part I IRC Sec. 1361(e); Electing Small Business Trusts (ESBTs); Proposed and Temporary Regulations Charitable Remainder Trusts - Part II The Shepherd, Knight and Strangi Cases Family Partnerships Survive IRS Attack But More to Come Charitable Remainder Trusts Part I Choosing Between the Estate Tax and the GST Tax Simplot Appeal Final Regulations on Hubert, Separate Share Rule and Adequate Disclosure for Gift Tax Purposes Rule Against Perpetuities Changes and Perpetual (Dynasty) Trusts: Problems and Opportunities October 1999 The Taxpayer Refund and Relief Act of 1999 Gifts to Qualified State Tuition Program July 1999 April 1999 January 1999 October 1998 July 1998 April 1998 Payment of Death Taxes; Inconsistent Provisions in Will and Revocable Trust; Effect on Marital Deduction Proposed Regulations on Hubert, Separate Share Rule and Adequate Disclosure for Gift Tax Purposes IRC Sec GRITs, GRATs and GRUTs and other Related Transactions Qualified Terminable Interest Property (QTIP) Dispositions Uniform Principal and Income Act (1997) and a Suggested Response for New York Purchase of Remainder Interest in QTIP Trust by Donee Spouse January 1998 Update on Taxpayer Relief Act of 1997 October 1997 Taxpayer Relief Act of 1997 July 1997 April 1997 The Hubert Case Estate Planning for Elderly and Wealthy Persons January 1997 Small Business Job Protection Act of 1996 October 1996 Generation-Skipping Transfers (complete update)

5 Practical Drafting Lead Articles and Selected Points of Interest 5 July 1996 April 1996 January 1996 October 1995 April-July 1995 January 1995 October 1994 July 1994 April 1994 January 1994 October 1993 July 1993 April 1993 October 1992 GRITs, GRATs and GRUTs Update Chapter 13 Final Regulations Revenue Ruling 93-48; Making Money by Paying Interest on Estate Tax QDOT Regulations Valuation Update, Including Marketability Discount and a Discussion of Discounted Cash Flow Charitable Remainder and Charitable Lead Trusts Family Limited Partnerships Marital Deduction Regulations Life Insurance Trusts and Related Matters The Effect on the Marital Deduction or Charitable Deduction and on Formula Credit Shelter Dispositions of Charging Administration Expenses to Income IRC Sec GRITs, GRATs and GRUTs and Other Related Transactions Revocable Trusts Chapter 13 Proposed Regulations Proposed Regulations for Qualified Domestic Trusts Appendix A - Income or Interest During Administration of Estate 1992 New York Trusts and Estates Legislation; Meanings of Per Stirpes and In Equal Shares Per Stirpes April 1992 Final Regulations under Chapter 14 Appendix Forms October 1991 July 1991 April 1991 January 1991 October 1990 July 1990 January 1990 October 1989 IRC Sec and Proposed Regulations Gift and Estate Tax Consequences of Guarantees GRITs, GRATs and GRUTs IRC Sec. 2036(c) Replacement Living Wills and Health Care Proxies Generation-Skipping Transfers (superseded by October 1996 issue) IRS Guidance on IRC Sec. 2036(c) and Effect on Lifetime Transfers

6 Practical Drafting Lead Articles and Selected Points of Interest 6 July 1989 January 1989 July October 1988 April 1988 January 1988 October 1987 July 1987 April 1987 January 1987 IRC Sec. 6166: Extension of Time to Pay Estate Tax Attributable to Closely Held Business Interest IRC Sec. 6161: Permissive Extension IRC Sec. 6163: Extension on Value of Reversionary or Remainder Interest IRC Sec. 303: Redemption of Stock to Pay Death Taxes IRC Sec. 2036(b): Retained Voting Rights Valuation of Closely Held Business Interests, cont d. State Law Considerations relating to Disposition of Closely Held Business Interests Valuation of Closely Held Business Interests Estate Freezes and IRC Sec. 2036(c) Qualified Plan Benefits Lifetime Transfers Revenue Act of 1987 Qualified Plan Distributions Generation-Skipping Transfers (superseded by January 1990 issue) Changes in Will and Trust Provisions Unproductive or Underproductive Property and the Delayed Income Rule October 1986 Tax Reform Act of 1986 The Alexander Case and Marital Deduction Specific Portion Transfers Qualified Disclaimers (IRC Sec. 2518) July 1986 April 1986 January 1986 October 1985 April July 1985 April 1985 January 1985 Allocation of Gains and Losses and Income among Beneficiaries Sale of a Remainder Interest In Terrorem Clauses Creation and Exercise of Powers of Appointment Legal Life Estates Discretionary Payments of Income or Principal Treasury Proposals for Change in Estate and Gift Tax Laws and in Income Taxation of Trusts and Estates Surviving Spouse s Forced Election to take under Will in Community Property and Common Law States October 1984 Tax Reform Act of 1984 July October 1984 April 1984 January 1984 Payment of Death Taxes Estate Planning and Drafting Wills and Trusts after Valuation Table Changes (Introduction of GRITs) Changes in Trust Provisions Drafting for Stock Redemptions

7 Practical Drafting Lead Articles and Selected Points of Interest 7 October 1983 April July 1983 October 1982 January 1983 April-July 1982 Changes in Will Provisions Fiduciary Powers Powers of Withdrawal (Introduction of Hanging Powers) Marital Deduction and Credit Shelter Dispositions