Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:
The Greatest Gift: Your Individual + Family Estate Plan
The 2010 Tax Relief Act and your estate plan
Are your estate planning documents protecting your assets?
Same-Sex Marriage Cases in 90 Seconds
Should you Opt-Out of the Voluntary Disclosure Program?
Death and Foreign Asset Disclosure. What you don't know can cost you…a lot
Safeguard Your MVA: Devising a Business Succession Plan that will Preserve your Most Valuable Asset
Divorce can be costly, especially when it reveals undisclosed foreign assets.
Estate Planning: Wills, Trusts, & Power of Attorney in Arizona - Putting Family First
Foreign Asset Disclosure Program
Plan sponsors should consider whether they need to make certain plan amendments or provide certain plan notices prior to the end of the year.
The end of the year marks the deadline by which sponsors of qualified...more
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
Life insurance and irrevocable trusts are great tools to ease family business succession issues and mitigate exposure to shareholder oppression and disputes. Irrevocable life insurance trusts (ILIT), in particular, play an...more
This article discusses the use of private placement products - private placement deferred variable annuities (PPVA) and private placement life insurance (PPLI)- in post mortem income tax and transfer tax...more
The May § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is a slight decrease from April's rate of 1.4%. The applicable federal rate ("AFR") for use with a sale to a...more
In This Issue:
- How to fund long-term care insurance with a tax-free exchange
- Should a CRT be part of your estate plan?
- The key to an effective trust is education
- Estate Planning Pitfall:...more
Long-term care (LTC) insurance is a major expense, especially for someone who purchases it at or after retirement age. One potential source for funding LTC insurance premiums is a total or partial tax-free exchange of an...more
High net worth and income taxpayers find themselves in a world of hurt following tax reform at the end of 2012. The top marginal bracket for taxpayers with more than $400,000 (single and $450,000 married)...more
Plan sponsors know that errors and failures in administering a retirement plan happen. All too often, changes in administrators, service providers and other staff uncover errors and compliance problems that should be...more
In This Issue:
- Fiscal cliff deal brings some certainty to estate planning
- Strong governance enhances a family business’s value
- Should you donate life insurance to charity?
- Estate Planning Pitfall -...more
Donating life insurance to a favorite charity is an excellent opportunity to make a larger donation than may otherwise be affordable. This article shows why this is so and discusses the most tax-effective way to donate life...more
Part I and Part II have focused on the tax planning possibilities of small business owners and owners of professional corporations utilizing an exemption for collectively bargained plans. This exemption allows...more
The IRS recently released the long-awaited updated version of the Employee Plans Compliance Resolution System (EPCRS), Revenue Procedure 2013-12. EPCRS allows the sponsor of a tax-deferred retirement plan to voluntarily...more
The wait is over. The taxpayer got dangled over the Fiscal Cliff and was allowed to have a controlled fall. For the high income taxpayer, the fall resulted in a broken ankle, bruised ribs and a minor...more
On December 31, 2012, the Internal Revenue Service (the “IRS”) released Revenue Procedure 2013-12, which contains long-awaited updates to the Employee Plans Compliance Resolution System (“EPCRS”), previously set forth in...more
Originally published in the Journal of Taxation of Investments in December 2012.
This article is designed to provide an overview of the benefits of private placement life insurance (PPLI) and private...more
Ready, set, go! Following the Presidential election last night, the race is on for year-end tax planning and bracing for the fall off the fiscal cliff.
While no one can tell exactly what the tax outcome will be after...more
Life insurance policies can be great vehicles for income tax deferral. Part of this arises from the fact that earnings growth that occurs inside the policy is not subject to current income tax (and may never be taxed if the...more
Originally published in Tax Management Estates, Gifts, and Trusts Journal, x, 11/08/2012.
The current tax environment suffers from a lot of economic and political uncertainty. The general consensus...more
The Emergency Economic Stabilization Act ended the not so well well-kept secret of hedge fund managers, the deferred compensation arrangement with their offshore funds or as the New York Times described, “an...more
In Part I of this series, I introduced the Super Roth IRA an alternative to the Roth IRA and traditional IRA. The Super Roth IRA uses the tax-advantages of permanent life insurance and is a more flexible...more
Over the last few weeks I have been diligently outlining tax planning strategies for trial attorneys with contingent fee income. These strategies have ranged from structured settlement arrangements using private placement...more
In Part 5, I focus on the utility of the QSF from an investment funding perspective to illustrate how private placement life insurance can be used in a split dollar life insurance funding format in order to to create a...more
Certain life insurance, such as whole life, carries a cash value with the policy. The premiums you pay each month go towards a certain amount of coverage for your beneficiaries when you die. In addition, a certain portion of...more
Life insurance proceeds generally are income-tax-free to beneficiaries, but may be subject to estate taxes. One of the best ways to keep life insurance out of one’s taxable estate is to place the policy in an irrevocable life...more