Tax Law Update

Internal Revenue Service rules that a will's “it is my desire” language is a mandatory bequest — In Technical Advice Memorandum 201126030, the decedent's will stated:

To the extent that I own any equity interest at my death in any of the following closely held investments, i.e. [Assets], it is my desire that such equity interests be retained and that each of them be distributed so that all such equity interests are ultimately owned in equal shares by [Children]. If