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McNees Insights Newsletter – Estate Planning: November 2016

IRS Simplifies Rules for Correcting Late Rollovers - On August 24, 2016, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2016-47, which greatly simplifies the procedure for correcting late rollover...more

McNees Insights – Estate Planning - June Newsletter

Education Tax Credits - There are two tax credits available to help you offset the costs of higher education: the American opportunity credit and the lifetime learning credit. Tax credits are more favorable than...more

Life Insurance and Estate Planning

Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more

Ten Tips for Preventing Feuds from Wrecking Your Family Business

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

The Use Of Trusts In Business Succession Planning

The transition of a family owned or closely-held business is an important event for estate planning clients. Historically, the use of trusts has played an important role in business succession planning. Recent changes to the...more

Ten Tips for a Successful Business Succession Plan

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

Business Succesion Planning - March 2016

The transition of a family owned or closely-held business is an important event for families. In a prior article, we covered the issues that a business owner faces in general in preparing a succession plan. This article will...more

Business Succession Planning - February 2016

The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more

Business Succession Planning - January 2016

The transition of a family owned or closely-held business involves a variety of legal and tax issues. This goals of this process, however, should be focused on issues that are just as important – if not more important – than...more

Transferring the Family Business Timing is Everything

One of the most important factors to consider in any business succession plan is the timing of the transition of ownership. Whether a sale or a gift (or combination of the two), no transition should occur before the next...more

Estate Planning for Real Estate

Almost all estate planning clients own real estate in one form or another – a residence, a vacation home, or rental property. Real estate presents unique challenges in estate planning because debt is often associated with the...more

Life Insurance and Estate Planning

Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more

3/18/2015  /  Life Insurance , Tax Planning

McNees Insights - Estate Planning - Fall 2014

In This Issue: - Year-End Tax Planning 2014 - Pennsylvania Makes Significant Changes to Power of Attorney Law - Have You Reviewed Your Estate Plan Recently? - Excerpt from Year-End Tax...more

Have You Reviewed Your Estate Plan Recently?

Estate planning has received some recent media coverage with the deaths of celebrities such as Robin Williams, James Gandolfini, and Philip Seymour Hoffman. In the case of James Gandolfini, the coverage focused on his failure...more

11/18/2014  /  Estate Planning , Trusts , Wills

McNees Insights: Estate Planning - Summer 2014

In This Issue: - Transitioning The Family Business to the Next Generation - Charitable Trusts and Estate Planning - Recent Tax Developments - Excerpt from Transitioning The Family Business to the...more

7/24/2014  /  Estate Planning , Estate Tax

Transitioning the Family Business to the Next Generation

The transition of a family owned business involves a variety of legal and tax issues. While most business owners plan to avoid taxes and develop creditor protection strategies, business owners also should be focused on...more

The Use Of Trusts In Business Succession Planning

INTRODUCTION - The transition of a family owned or closely-held business is an important event for estate planning clients. Historically, the use of trusts has played an important role in business succession planning....more

McNees Insights - Asset Planning & Federal Taxation: Fall 2013

In This Issue: Timely Year-End Tax Planning Can Reduce Taxes; Income Tax Cost Basis Planning; and Marriage and Taxes in 2013. Excerpt from Timely Year-End Tax Planning Can Reduce Taxes - Year-end tax...more

Income Tax Cost Basis Planning

Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more

McNees Insights - Asset Planning & Federal Taxation -- Summer 2013

In This Issue: Qualified Family Business Exemption for Inheritance Tax; 3.8% Medicare Tax on Net Investment Income; and Payable on Death Accounts – Pros and Cons. Excerpt from Qualified Family Business...more

8/22/2013  /  Estate Planning , Estate Tax

Qualified Family Business Exemption for Inheritance Tax

The Pennsylvania Inheritance Tax Act was amended recently to exempt interests in a “qualified family-owned business” from the Inheritance Tax. The goal of this exemption is to preserve certain family-owned business...more

Obama Revenue Raising Proposals

The Obama Administration recently released its budget proposal for the federal government’s upcoming fiscal year of October 1, 2013 to September 30, 2014. The budget proposal contains a variety of changes to the tax laws...more

ATRA 2012 – How Does it Affect You?

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on January 1, 2013. Among other things, the Act amended the federal estate, gift, and generation skipping transfer tax laws. The amendments of the Act...more

Mcnees Insights - Asset Planning and Federal Taxation - Spring 2013

In This Issue: ATRA 2012 – How Does it Affect You?; Planning and Paying for Long-Term Care; and Obama Revenue Raising Proposals. Excerpt from ATRA 2012 – How Does it Affect You?: The American Taxpayer...more

Business Succession Planning

Introduction - The transition of a family owned or closely-held business is an important event for families. In a prior article, we covered the issues that a business owner faces in general in preparing a succession...more

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