The estate of late Detroit Pistons owner Bill Davidson is suing Deloitte Tax LLP over what it calls a risky and flawed estate plan. The suit claims that the tax planner intentionally used dubious planning techniques to create the perception of savings in order to draw in Davidson in as a high profile client they could use to lure other high net worth individuals. The estate seeks in excess of $500 million in damages to cover the increased tax the estate was forced to pay plus interest and penalties. As of now, no trial date has yet been set.
See Mark Hicks, Davidson estate sues Deloitte Tax over $2.7B IRS bill, The Detroit News, September 24, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
