S. Gray Edmondson, J.D., LL.M., Author at ESA Law

From Schedule I to Schedule III: Tax and Estate Planning Consequences of Rescheduling State-Licensed Medical Marijuana

May 7, 2026

On April 22, 2026, Acting Attorney General Todd Blanche signed a final order (“Final Order”)[1] immediately rescheduling state-licensed medical marijuana from Schedule I to Schedule III of the Controlled Substances Act (“CSA”),[2] pursuant to President Trump’s 2025 Executive Order directing federal agencies to expedite the rescheduling of medical marijuana.[3] This change may materially affect the…
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Upstream Planning: Income Tax Opportunities Using Estate Planning Trusts

Estate Planning, Income Tax

Mar 31, 2026

We have previously discussed the impact of increasing transfer tax exemptions on income tax planning.[1] Those considerations have been solidified after passage of the recent tax legislation known as the One Big Beautiful Bill Act which increased transfer tax exemptions to $15 million, annually adjusting for inflation, without any scheduled sunset date. This can make…
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The Use of Letters of Wishes in Trust Administration

Estate Planning, Fiduciaries

Mar 3, 2026

What provides a trustee with information about a settlor’s intent in administering a trust? Obviously, the trust agreement is the most relevant document. However, trust agreements are not always clear, do not always provide context, tend to lack more personal statements of the settlor, and raise many other aspects that could benefit from knowing the…
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Early Trust Terminations: Income Tax Considerations

Asset Protection, Estate Administration, Estate Planning

Feb 6, 2026

Use of irrevocable trusts is common in a number of planning scenarios – tax planning, estate planning, business succession, Medicaid qualification, asset protection, etc. Just like there are several reasons irrevocable trusts are created, there can be reasons why a trust may be terminated before the expiration of the term stated in the trust agreement.[1]…
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A Tale of Two Loans – Galli and Bolles

Cases, Income Tax, Tax, Tax Court, Uncategorized

Dec 17, 2025

Two different cash advances from a mother to a son highlight when a purported loan will be respected as such for tax purposes. One case is Estate of Bolles,[1] which is an opinion I wrote about previously.[2] The other case is Estate of Galli.[3] The outcomes of the two cases are opposites – one finding…
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Creditor Rights to Beneficiary Interests in Irrevocable Trusts

Estate Administration, Estate and Trust Controversy, Estate Planning

Oct 7, 2025

What rights do creditors have to a beneficiary’s interest in an irrevocable trust? There are a number of misconceptions related to this common question, and further, the law varies from state-to-state. However, there are some generally applicable concepts to consider in determining whether a creditor can access the rights of a beneficiary to an irrevocable…
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Catch-Up on Recent Charging Order Rulings

Asset Protection, Cases, Estate Planning, Fiduciaries

Sep 5, 2025

“Asset protection is a legitimate, legally sanctioned objective; though one that has limitations of its own.” The timing of asset protection planning can be critical when it comes to these “limitations.” By the time a creditor is reasonably foreseeable, the creditor may be able to stop or unwind transfers of assets whether through obtaining an…
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Pierce Valuation Case

Income Tax, Tax, Tax Controversy, Tax Court

May 20, 2025

Often, the value of assets can determine tax consequences. This applies in a number of areas including charitable donations, asset allocation on sale transactions, income tax on liquidation of a corporation, gift tax, and estate tax. Because the value of assets determines the amount of tax payable in these and other situations, it is critically…
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Estate Planning in Volatile Markets

Current Events, Estate Planning, Income Tax, Tax

Apr 16, 2025

Anyone paying attention knows that stock markets have been volatile. As a simple example, the Dow Jones Industrial Average saw an increase of over 600 points (1.56%) on April 11 after dropping over 1,000 points (2.5%) on April 10. Similarly, the S&P 500 gained 9.5% on April 9, but dropped 3.5% on April 10. Generally,…
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Death of Grantor: Conversion of LLC to Tax Partnership

Estate Planning, Income Tax

Mar 17, 2025

Common in estate and trust planning is the gift or sale of assets to an irrevocable grantor trust[1] structured to be outside of the grantor’s taxable estate.[2] Often, such gifts or sales are made of interests in family entities such as LLC’s.[3] These entities can provide significant non-tax benefits including consolidation of assets, centralized management,…
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Author: S. Gray Edmondson, J.D., LL.M.

From Schedule I to Schedule III: Tax and Estate Planning Consequences of Rescheduling State-Licensed Medical Marijuana

Upstream Planning: Income Tax Opportunities Using Estate Planning Trusts

The Use of Letters of Wishes in Trust Administration

Early Trust Terminations: Income Tax Considerations

A Tale of Two Loans – Galli and Bolles

Creditor Rights to Beneficiary Interests in Irrevocable Trusts

Catch-Up on Recent Charging Order Rulings

Pierce Valuation Case

Estate Planning in Volatile Markets

Death of Grantor: Conversion of LLC to Tax Partnership

Directions

From Schedule I to Schedule III: Tax and Estate Planning Consequences of Rescheduling State-Licensed Medical Marijuana

Amplatz – The Toothless Section 7517 Without Remedy

Lapsed Life Insurance Policy Generated Taxable Income and Limited Interest Deductions