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GIVE THAT ESTATE PLANNER A GOLD STAR
May 26, 2005
Few estate plans face the ultimate test - a trial in court. Fewer still play for the stakes of the Charles Porter Schutt Estate. The IRS asserted an estate tax deficiency on the estate of this DuPont family millionaire of over $11 million.
Whatever the estate planners charged, they earned it.
Bucking the trend of recent cases involving family limited partnerships, the Tax Court declined to pull the assets of two "Delaware business trusts" set up by Mr. Schutt into his taxable estate. The case is somewhat complicated, but it seems that his desire to perpetuate the family investment philosophy was key to the estate's victory. Whoever documented that angle fact should at least get a dinner out from the beneficiaries.
Cite: ESTATE OF CHARLES PORTER SCHUTT V. COMMISSIONER, T.C. Memo. 2005-126
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