Finance & Banking Wills, Trusts, & Estate Planning Family Law

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CFPB Clarifies Heirs, Divorcees and Estate Planning Transferees Are Not Subject to Ability-to-Repay Rules

The CFPB issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will...more

Control Is Everything

In Private Letter Ruling 201423043, (“PLRs” only apply to the taxpayer involved but are often used as “guidance”, and not “precedent”, by taxpayers and the IRS.) the IRS ruled that a surviving spouse could roll over her...more

Who Gets Your IRA? – Six Common Mistakes

Do you want your heirs to have to chase after your 401K or IRA money? It is important to make sure you have an up-to-date beneficiary form. On January 26, 2009, the United States Supreme Court unanimously ruled in the case of...more

2014 Tax Update Letter

Dear Clients and Colleagues, This letter is an update on the most recent gift and estate tax developments, including new provisions applicable to same-sex couples, and presents our current thinking regarding wealth...more

Wealth Management Update - October 2013

The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4%. This is up from September's 2.0% rate. The applicable federal rate ("AFR") for use with a sale to a defective...more

The Post-DOMA World Relating to ERISA-Governed Employee Benefit Plans

As a result of the U.S. Supreme Court’s decision in United States v. Windsor, 133 S. Ct. 2675 (2013), in which the Court held that Section 3 of the federal Defense of Marriage Act (“DOMA”) was unconstitutional, same-sex...more

IRS Defends $2 Billion Tax Dispute with Bill Davidson’s Estate

IRS Defends $2 Billion Tax Dispute with Bill Davidson’s Estate by Frank L. Brunetti on September 9, 2013 The Internal Revenue Service is not backing down on a tax dispute claiming that the estate of the late Piston's...more

Recent Developments in Tax Related Matters

June and July, 2013 have born a number of new developments relating to tax related matters. This article is designed to provide a synopsis of those that might be of interest to PK Law readers...more

First Post-Windsor ERISA Decision

In the first reported ERISA decision post-Windsor, the U.S District Court for the Eastern District of Pennsylvania held (in Cozen O’Connor, P.C. v. Jennifer Tobits) that a same-sex spouse is to be treated as the decedent’s...more

Old Doctrine Misunderstood, New Doctrine Misconceived: Deconstructing the Newly-Minted Restatement (Third) of Property’s Power of...

Old Doctrine Misunderstood, New Doctrine Misconceived: Deconstructing the Newly-Minted Restatement (Third) of Property’s Power of Appointment Sections In was in the course of preparing the 2013 edition of Loring and...more

January 2013 HNW Case Study

Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant,...more

Insight on Estate Planning - Year End 2012

In This Issue: - The spousal lifetime access trust: A safety net in uncertain times - Be prepared for a triggering event: If you own interests in a closely held business, consider a buy-sell agreement - Is your...more

December 2012 HNW Case Study

James is 64, and a few years ago started up a Consulting Company (Consulting Corp) with his business partner Dave. They have acquired some lucrative contracts over the last couple of years, and after spending frugally his...more

November 2012 HNW Case Study

Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international...more

High Net Worth Advanced Planning Case Study

Ben and Sara are 55 and 54 respectively. They own and operate a very profitable well drilling and maintenance business. These growing annual profits have allowed them to continue purchasing significant oil and gas rights and...more

Wealth Management Update -- September 2011

IN THIS ISSUE: - IRS issues Notice 2011-76 Modifying Filing Due Date for Form 8939 and Automatic Extension Rule for Form 706 for Decedents Dying in 2010 - September Interest Rates for GRATs, Sales to Defective...more

Family Wealth Care

Business-owning families are aware of the risks of trying to manage personal wealth inside their companies, in most cases they do not act because they believe change would be difficult, they do not have family support or they...more

Ten Planning Issues to Prepare a Business for Sale

The following ten planning issues will help prepare the business for sale and reduce unanticipated problems that may arise when a prospective buyer begins investigating the business for possible purchase. Regardless of...more

FinCEN: Elder Abuse - Red Flags

On February 22, 2011, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to assist the financial industry in reporting instances of financial exploitation of the elderly, a form of elder abuse. Financial...more

Marietta Estate Planning Lawyer Asks: “What Are Your New Year’s Resolutions For Your Portfolio?”

We all make New Year’s resolutions… Losing weight… Spending more time with family… Learning a new language… Few of us think of our investment portfolio in terms of resolutions. But we should. This is a great...more

Estate Planning and Probate Q&A

Answers common estate planning and probate questions regarding wills, powers of attorney, life support directives, trusts, cost, and the probate process and costs....more

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