Article on Wandry v. Commissioner

James T. McNary (Principal, McNary LawOffice, P.A.) recently published an article entitled, The Wandry Way: ABetter Approach to the Disclaimer of Hard-to-Value Assets?, 27 Prob.& Prop. 44 (July/August 2013).  Provided below is the beginning of hisarticle:

By many accounts Wandry v. Commissioner,T.C. Memo 2012-88 (Mar. 26, 2012), was 2012’s estate planning case of the year.Wandry was significant because it was the first reported case to holdthat a “formula transfer clause” was valid and represented the first time acourt had approved a defined value clause gift when a charity was not involved.Although Wandry is significant primarily for those doing gift andsale planning, it also provides a very useful way to think about the disclaimerof hard-to-value assets.