In March 2014, I commented on the US Tax Court decision in the Frank Aragona Trust case. In that case, the tax court disagreed with the Internal Revenue Service’s arguments that a trust was incapable of providing “personal...more
Each day, family offices receive, relay, and manage a family’s private information. Depending on the family and the role of the family office, the information managed can be voluminous and include financial information, tax...more
On March 20, 2014, the Colorado Court of Appeals, in Malias v. Malias, upheld the trial court’s determination that grantor retained annuity trust (GRAT) remainder interests were “property interests” for property division...more
Because trusts are subject to the 3.8% Net Investment Income Tax at a very low income level, $12,150 for 2014, trustees of trusts owning interests in operating entities have been considering ways to meet the material...more
As discussed in a prior post, one of the helpful provisions recently added to federal estate tax law allows a surviving spouse to use any “leftover” or “unused” federal estate tax exclusion amount of a deceased spouse. The...more
Toward the end of 2012, many families with wealth tied to a family business were faced with a choice: 1) avail themselves of the expiring $5.12 million estate and gift tax exemption by gifting interests in their family...more