Joseph Marion, III

Joseph Marion, III

Adler Pollock & Sheehan P.C.

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Estate Planning Pitfall: You’re blindsided by tax on intrafamily loans

What’s worse than being taxed on income received? Having to pay tax on income never actually collected. That can happen if a family member borrows money from another loved one (an intrafamily loan) on an interest-free basis....more

6/9/2016 - Estate Planning Income Taxes Interest Rates Intra-Family Loans

Social Security loopholes close, but options remain open

The Bipartisan Budget Act of 2015 (BBA) closed two popular loopholes for future Social Security benefits. As a result, certain retirees may now realize less in the way of benefits during their lifetime and leave a smaller...more

6/8/2016 - Estate Planning Social Security Administration (SSA) Social Security Benefits

Should life insurance be a part of your estate plan?

Today, the federal gift and estate tax exemption stands at $5.45 million, so fewer families are facing estate tax liability. This begs the question: Can life insurance continue to play an important role in estate planning?...more

6/7/2016 - Charitable Remainder Trust Estate Planning Estate Tax Gift Tax Gift-Tax Exemption Life Insurance Long-Term Care Tax Exemptions

Portability is a thoroughly modern estate tax break

Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies estate planning by allowing a surviving spouse to use the...more

6/6/2016 - Estate Planning Estate Tax Gift Tax Portability Surviving Spouse

Insight on Estate Planning -June/July 2016

Portability is a thoroughly modern estate tax break - Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies...more

6/3/2016 - Estate Planning Estate Tax Intra-Family Loans Life Insurance Portability Social Security

Estate Planning Pitfall - Your college-age child doesn’t have an estate plan

In addition to essentials such as clothing, toiletries, bedding and a laptop, students heading off to college in the fall also should “pack” all the necessary financial and medical documents. This brief article details...more

4/11/2016 - Estate Planning HIPAA Power of Attorney Students Wills

Donate art and secure a tax break

Valuable works of art may be ideal candidates for charitable donation. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes. Because the top capital gains rate for art and other...more

4/8/2016 - Art Charitable Deductions Charitable Donations Estate Planning IRS

Keying into your digital assets: Revise your estate plan to account for online documents

In the not-so-distant past, one likely kept copies of vital estate planning documents locked in a fire-resistant vault or file cabinet, with copies at an attorney’s office. However, in this digital age, it’s more likely that...more

4/6/2016 - Digital Assets Estate Planning Passwords UFADAA

Have you addressed elderly parents in your estate plan?

Typically, an estate plan includes accommodations for one’s spouse, children, grandchildren and even future generations. But some members of the family can be overlooked, such as parents or in-laws. This article offers a...more

4/5/2016 - Beneficiary Designations Estate Planning Gifts Living Trust Look-Back Measurement Period Medicaid Power of Attorney Social Security Income Wills

Insight on Estate Planning - April/May 2016

Have you addressed elderly parents in your estate plan? Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But some members of the family can be...more

4/4/2016 - Art Digital Assets Estate Planning Gifts Tax Deductions Trusts UFADAA Wills

Estate Planning Pitfall - You haven’t taken state estate taxes into account

A generous gift and estate tax exemption means only a small percentage of families are subject to federal estate taxes. But it’s important to consider state estate taxes as well. Although many states tie their exemption...more

2/5/2016 - Estate Tax Estate-Tax Exemption Residency Status State Taxes

Trusts and taxes - Understanding how one affects the other can benefit your estate plan

Trusts typically are a main component of an estate plan. But many may not know how higher taxes can impact a trust’s overall effectiveness. This article explains how the current tax environment affects trust planning....more

2/4/2016 - Capital Gains Estate Planning Income Taxes Intentionally Defective Grantor Trusts Net Investment Income Nongrantor Trusts Trusts

Asset protection: Back to basics

Asset protection trusts can be highly effective vehicles for protecting wealth in today’s litigious society. But these trusts can be complex and expensive, so they’re not right for everyone. For those seeking simpler asset...more

2/3/2016 - Asset Protection Family Limited Liability Companies Family Limited Partnerships Fraudulent Conveyance Gifts Qualified Retirement Plans Risk Assessment Tenancy by Entirety

When interest rates are low, it’s high time for estate planning

Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to implement estate planning strategies that are most effective in a...more

2/1/2016 - Charitable Lead Annuity Trust Grantor Retained Annuity Trust Intentionally Defective Grantor Trusts Interest Rates Intra-Family Loans IRS Transfer Taxes

Insight on Estate Planning - February/March 2016

When interest rates are low, it’s high time for estate planning - Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to...more

1/29/2016 - Estate Tax Family Limited Liability Companies Family Limited Partnerships Gifts GRATs Intentionally Defective Grantor Trusts Interest Rates Intra-Family Loans IRS Qualified Retirement Plans

Estate Planning Pitfall - You’re selling your interest in a charitable remainder trust

Recently finalized regulations eliminate a potential tax shelter involving the sale of an interest in a charitable remainder trust. This brief article offers an example of how the tax shelter worked before the new regs and,...more

12/7/2015 - Capital Gains Charitable Remainder Trust Estate Planning Popular Securities Tax Rates Tax Shelters

The family vacation home Relax — but don’t relax the rules

A shared family vacation home can be a great place for family bonding, but don’t get too relaxed. A little planning — together with some clear rules about the usage of the home — can go a long way toward avoiding conflict and...more

12/4/2015 - Estate Planning Family Limited Liability Companies Family Limited Partnerships Legal Title Property Tax Vacation Homes

Paying for LTC insurance using a tax-free exchange

Nothing can throw a monkey wrench into an estate plan like incurring long-term care (LTC) expenses. An LTC insurance policy can offset these costs, but the premiums can be expensive. One potential source for funding LTC...more

12/3/2015 - Estate Planning Life Insurance Long-Term Care Pension Protection Act of 2006 Tax-Free Exchanges

Defined-value gifts: A formula for estate planning success?

Affluent families who wish to make large lifetime gifts should consider using defined-value clauses or other formula clauses to minimize or eliminate gift taxes. This article discusses why these clauses are especially...more

12/2/2015 - Defined Value Gifts Estate Planning Gift Tax

Insight on Estate Planning - Year End 2015

Paying for LTC insurance using a tax-free exchange - Nothing can throw a monkey wrench into an estate plan like incurring long-term care (LTC) expenses. These expenses — for nursing home stays, assisted-living...more

12/1/2015 - Charitable Remainder Trust Defined Value Gifts Estate Planning Long-Term Care Vacation Homes Year-End Tax Planning

Estate Planning Pitfall: You jointly own property with a family member

A common estate planning mistake that many people make is to own property jointly with a child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple...more

10/9/2015 - Creditors Estate Planning Estate Tax Gift Tax Income Taxes Jointly-Owned Property

Addressing adopted children or stepchildren in your estate plan

Families that have children who are adopted, or stepchildren who haven’t been legally adopted, face unique estate planning challenges. Additional consideration must be taken when a family includes an unmarried couple in a...more

10/8/2015 - Adopted Children Cohabitation Domestic Partnership Estate Planning Inheritance Stepchildren Trusts Wills

Use a noncharitable purpose trust to achieve a variety of goals

Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One popular type of purpose trust is a charitable trust. But don’t overlook the noncharitable purpose (NCP)...more

10/7/2015 - Art Collections Beneficiaries Estate Planning Family Businesses Jurisdiction Noncharitable Purpose Trusts Pets Public Interest Trusts

The net investment income tax and your estate plan How one affects the other

The 3.8% net investment income tax (NIIT) can affect an estate plan in two ways: First, it can increase tax on capital gains, taxable interest and other investment income, reducing the amount of wealth available to heirs....more

10/6/2015 - Estate Planning Estate Tax Modified Adjusted Gross Income Net Investment Income NIIT Trusts

Insight on Estate Planning - October/November 2015

In This Issue: - The net investment income tax and your estate plan: How one affects the other - Use a noncharitable purpose trust to achieve a variety of goals - Addressing adopted children or stepchildren in your...more

10/5/2015 - Adopted Children Estate Planning Estate Tax Gift Tax Income Taxes Inheritance Jointly-Owned Property Modified Adjusted Gross Income Net Investment Income Noncharitable Purpose Trusts Stepchildren Trusts

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