Trusts and Estates > Estate Planning > Atkinson Lessons

Jan 1, 2005 12:00 PM

Atkinson Lessons

, By Roy M. Adams, partner, Sonnenschein, Nath & Rosenthal LLP, New York

By Roy M. Adams, partner, Sonnenschein, Nath & Rosenthal LLP, New York

The implications of a case handed two years ago have not been adequately appreciated by practitioners.

The Court of Appeals for the Eleventh Circuit on Oct. 16, 2002, affirmed a decision of the Tax Court denying an estate tax deduction for a charitable remainder annuity trust (CRAT) that had not been administered according to the terms of a trust. In Atkinson v. Comm'r,1 the Eleventh Ciruit showed that the courts, as well as the Internal Revenue Service, will require that technical CRAT rules be met, even when the governing instrument of the CRAT meets all the requirements for a charitable deduction.

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