The year 2012 was truly noteworthy in the estate-planning profession. Of the many 2012 developments, cases addressing the efficacy of defined value clauses for federal gift tax purposes, what constitutes a present interest for purposes of the federal gift tax annual exclusion and whether the federal estate tax marital deduction is allowable with respect to transfers to same-sex surviving spouses are without doubt among the most interesting and important.   Defined Value ...

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