Nowotny on Private Placement Variable Deferred Annuities
Nowotny on Private Placement Life Insurance
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Polsinelli Podcast - Getting the Most Out of Your Estate Planning in 2014
The Greatest Gift: Your Individual + Family Estate Plan
The 2010 Tax Relief Act and your estate plan
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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
The “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015? (P.L. 114-41, “the Act”) became law on July 31, 2015. Designed as a 3-month extension of the Highway Trust Fund and related measures, the...more
The UK tax obligations of an individual depend in large part on the individual’s "domicile" under generally applicable English common law principles. The citizenship of an individual is irrelevant under the UK tax system. The...more
This chart is maintained for the McGuireWoods LLP Website and is updated regularly.
Please see full chart below for more information....more
Under IRC §1014(a), the income tax basis of property acquired from a decedent is generally its fair market value on the date of death, or alternate valuation date if the executor makes an election under IRC §2032. Under Treas...more
On June 29, 2015, the Israeli Tax Authority extended the deadline for registration of Family Trusts (sometimes referred to as Relatives Trusts), which are trusts created by a non-Israeli grantor for the benefit of one or more...more
Valuation discounts have been a significant component of estate planning for many years. By contributing assets to a family entity and gifting or selling an interest in the entity to family members, you can effectively...more
On July 31, 2015, the laws addressing the basis of property acquired from a decedent were revised. Among other things, the new laws require an executor to provide to the IRS and to each estate beneficiary a statement...more
The Maine Legislature ended its tumultuous session on July 16, 2015. After an advisory opinion by the Maine Supreme Court, we now know which bills actually became law. As usual, a number of significant tax issues were...more
I recently wrote about the provisions of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 that require estates to give statements to beneficiaries regarding the basis of property if an estate...more
On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the "Act"), which revised a number of different federal tax laws relevant to individuals,...more
Individuals who wish to make gifts or other transfers of interests in family-owned/controlled entities, such as closely-held businesses, limited partnerships, or limited liability companies should consider making such...more
On July 31, 2015, President Obama signed HR 3236, the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015." While you wouldn’t know it from the title, Congress included some important procedural...more
The IRS may take action very soon to eliminate or reduce a widely used and valuable family business entity wealth transfer strategy. The window of opportunity to take advantage of this strategy may close within the next month...more
Borrowing Against Art Collections -
Your art collection may not be as illiquid as you think. It is possible to raise cash by borrowing against works of art. Although some banks do not offer art-secured loans because of...more
Action Item: It is anticipated that Treasury will soon issue new regulations that will affect the valuation discounts applicable to intra-family transfers of interests in closely held entities. It may be advisable to review...more
Recently introduced bills are indicative of the fact that the estate, gift and generation skipping transfer taxes are still a topic of considerable political debate.
Recently, the Responsible Estate Tax Act was...more
Dear Clients and Colleagues:
This summer’s weather is a mix of hot and cold temperatures, and the rain we need so desperately is coming now in sprinkles along with thunder and lightning. Along with changes in the...more
On July 31, 2015, President Obama signed into law P.L. 114-41, the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015." Although this new law was primarily designed as a 3-month stopgap extension...more
Generally, the first criterion for determining whether an individual is subject to probate or to estate or inheritance tax in a state is the individual’s domicile at the time of his or her death.
In an increasingly...more
Because of the increases to the income tax rates and the reduction in the estate tax rates in recent years, anyone holding appreciated assets in a grantor trust should consider exchanging high-basis assets that have less...more
Upcoming IRS regulations may significantly limit and reduce planning opportunities to transfer minority interests in closely held entities to family members and increase the transfer tax cost associated with moving such...more
The laws addressing the basis of property acquired from a decedent were revised on July 31, 2015. Generally, property acquired from a decedent receives a basis equal to its fair market value at the decedent’s date of death,...more
Many areas of the law are left unanswered by Supreme Court's decision in Obergefell , but the fundamental question of whether same-sex individuals can marry has now been answered. There have traditionally been many obstacles...more
Lifetime giving is a smart strategy to reduce a taxable estate, but the gift tax rate of 40% is steep. If one has used up his or her $5.43 million gift and estate tax exemption and would like to potentially reduce his or her...more
Late last year, Congress passed, and the President signed, the Achieving a Better Life Experience (ABLE) Act. The act authorizes a new, tax-advantaged savings account, modeled after the Section 529 college savings account,...more
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