Finance & Banking Wills, Trusts, & Estate Planning

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Why the SBA doesn’t like your power of attorney form: An estate planning trap for owners of certified small businesses with...

This article will review the second of two instances where it is very important to make sure your estate plan documents are in compliance with federal regulations if you are an SBA certified, economically-disadvantaged small...more

Tax Law Blog: Prince's Estate Plan (or lack thereof)

News sources are reporting that court documents filed last week indicate Prince died intestate, meaning he did not have a will. His sister filed the paperwork, stating to her knowledge he did not have a will and requesting...more

Trust Planning for Your Lake Home

Part of your family legacy takes place on the lake. Lake homes are significant investments. You have memories of family trips, of children, and maybe even grandchildren, growing up at the home. Preserving the lake home and...more

Prince: Is His Legacy Really Untold?

As we’ve all seen in the news, musician Prince passed away on April 21, 2016 at the age of 57. According to news sources, on April 26, just five days later, one of Prince’s six siblings, his sister Tyka Nelson, filed...more

Family Vacation Home Planning

Transferring a family vacation home to the next generation without causing family strife takes serious planning. Even if the ultimate decision is to have the children own the property outright and figure out how to make it...more

"FIRPTA Reform Impacts Investment Opportunities in US Real Estate"

In recent months, much has been written to describe the reforms to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) contained in the Protecting Americans From Tax Hikes Act of 2015 (the Act), which have been...more

Foreign Financial Asset Reporting - Coming Soon to a Domestic Entity Near You

When Form 8938 reporting for foreign financial assets of U.S. taxpayers was first imposed a few years, only U.S. individuals were subject to it. The IRS has now issued final regulations that will commence reporting by...more

How to Protect Your Personal Treasure in a Legal Lockbox

When you are in a high-profile profession—doctor, attorney, business owner—you have a lot to lose. Being in your position, you are a high liability target for lawsuits and claims. No one wants to lose their...more

Observer Estate Planning - Spring 2016

Pennsylvania’s Revised Power of Attorney Act: Major Changes May Not Necessitate Revising Your Power of Attorney - You may have read about the overhaul of the Pennsylvania laws governing Powers of Attorney used for...more

Why the SBA doesn’t like your joint trust: A common estate planning trap for owners of certified small businesses with government...

It is common for business owners to have different attorneys for their estate planning needs and their business law needs – sometimes, the two attorneys don’t even work for the same law firm. This article will review the...more

New York Supreme Court Dismisses ACE Action Re-Asserting Repurchase Claims against DB Structured Products

On March 29, 2016, Justice Marcy Friedman of the New York Supreme Court rejected the trustee’s attempt to renew previously dismissed claims in ACE Securities v. DB Structured Products, Inc. As we previously reported, the...more

Detecting and Defending Financial Elder Abuse

It is estimated that six million seniors are subject to financial elder abuse each year. Financial elder abuse can take many forms: deceptive advertising for products with hidden charges or that simply do not work as...more

Court Holds That Will Did Not Revoke Inter Vivos Trust

In Gordon v. Gordon, a man and his wife executed a revocable trust agreement and began to fund the trust. No. 11-14-00086-CV, 2016 Tex. App. LEXIS 3357 (Tex. App.—Eastland March 31, 2016, no pet. history). The couple later...more

The Charitable Split Annuity – A Little Bit Country and a Little Bit Rock and Roll

I have written several articles discussing the powerful tax benefits of pooled income funds in the current low interest environment. I have also written on the tax benefits of charitable lead annuity trusts (CLAT). The pooled...more

Parties Settle Closely Watched Tax Court Cases Involving Defined Value Clause

The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...more

SEC Issues Guidance Clarifying Rule 144(d)(1) Holding Period Requirements For REIT Shares Exchanged For Operating Partnership...

On March 14, 2016, the staff of the SEC's Division of Corporate Finance issued a no-action letter (the "No-Action Letter") concluding that, for purposes of Rule 144 promulgated under the Securities Act of 1933, as amended...more

New Basis Reporting Requirements for Executors and Beneficiaries

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

Financial Services Quarterly Report - First Quarter 2016: UK Investment Trust Companies for Credit Portfolios – Their Time Has...

According to statistics published by the Association of Investment Companies (AIC), the UK trade association for closed-end investment companies, in 2015 net fundraising for closed-end investment companies, including...more

Fiduciary Alert: IRS Again Extends Time for Consistent Basis Reporting via Form 8971 until June 30, 2016

Effective March 23, 2016, the Treasury Department and Internal Revenue Service published Notice 2016-27, once again extending, until June 30, 2016, the deadline for executors and other persons to complete and file Form 8971...more

Information Security and Privacy Group News: Cybersecurity Conference Essential Take-Aways Government, Industry and Legal...

Representatives of Connecticut businesses and corporations, educational institutions, and state and local government attended Murtha Cullina’s March 2016 Cybersecurity Conference at the Quinnipiac University School of Law....more

Fold ‘Em or All-In? A Dealer’s Guide to Succession Planning

Bet, fold, bluff, raise, and all-in. These are all common words when playing a game of poker, or as some call it, Texas Hold’em. Would you believe that just as with playing poker, these words could also be used when talking...more

Wealth Management Update - March 2016

March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The March § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Spousal Lifetime Access Trusts

In 2016, every U.S. citizen and non-citizen resident is able to shelter $5,450,000 from the federal estate tax. As a result, with minimal planning spouses can effectively shelter $10,900,000 from the federal estate tax....more

Committee Report: New Tax System for Managed Investment Trusts

On 10 March 2016, the Senate Economics Legislation Committee published the Report on the proposed legislation which will introduce a new system for taxing attribution managed investment trusts (AMITs). Committee's Views on...more

Consistent Basis Reporting Update: Treasury Issues Proposed Rules on Portability Returns, Final Values, and After-Discovered...

On March 4, 2016, the U.S. Department of the Treasury released both temporary and proposed regulations (the “Proposed Regulations”) on the consistent basis and reporting requirements between a decedent’s estate and persons...more

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