{"id":5121,"date":"2022-02-22T12:43:53","date_gmt":"2022-02-22T17:43:53","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=5121"},"modified":"2024-03-20T09:56:35","modified_gmt":"2024-03-20T13:56:35","slug":"smaldino-v-commissioner-an-estate-planning-cautionary-tale","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/smaldino-v-commissioner-an-estate-planning-cautionary-tale.html","title":{"rendered":"Smaldino v. Commissioner, an Estate Planning Cautionary Tale"},"content":{"rendered":"<p>A recent Tax Court case, Smaldino v. Commissioner, T.C. Memo. 2021-127 (November 10, 2021) emphasizes the need to ensure that the phases of transactions are completed properly, and certain formalities are observed in order for an estate planning strategy to be successful. It is important to be careful even (and perhaps especially) in the case of emergency planning (i.e., planning because of health scares or impending tax law changes).<\/p>\n<p>In the Smaldino case, rushed planning caused a tax deficiency that may have been avoided with a team of advisors working together to ensure that Mr. and Mrs. Smaldino\u2019s plan was properly implemented.<\/p>\n<p>Mr. and Mrs. Smaldino were married in 2006. Mr. Smaldino had 6 children from a prior marriage and 10 grandchildren. Mr. Smaldino was a CPA turned real estate investor, with a real estate portfolio worth approximately $80 million. Mrs. Smaldino held a master\u2019s degree in economics and had worked in her husband&#8217;s business for many years.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.lindabury.com\/firm\/insights\/smaldino-v-commissioner-an-estate-planning-cautionary-tale.html\"  title=\"Continue Reading Smaldino v. Commissioner, an Estate Planning Cautionary Tale\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A recent Tax Court case, Smaldino v. Commissioner, T.C. Memo. 2021-127 (November 10, 2021) emphasizes the need to ensure that the phases of transactions are completed properly, and certain formalities are observed in order for an estate planning strategy to be successful. It is important to be careful even (and perhaps especially) in the case [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[65,343],"tags":[],"coauthors":[139],"class_list":["post-5121","post","type-post","status-publish","format-standard","hentry","category-insights","category-wills-trusts-estates-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Smaldino v. Commissioner, an Estate Planning Cautionary Tale &#8212; February 22, 2022 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events<\/title>\n<meta name=\"description\" content=\"A recent Tax Court case, Smaldino v. Commissioner, T.C. 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