Estate Planning

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
News & Analysis as of

Important Ruling for Residents of Massachusetts Owning Assets in Other States and Countries

TAXES ON ASSETS IN JURISDICTIONS WITH NO ESTATE TAXES - Since 2001, the Massachusetts Department of Revenue ("DOR") has held that persons in Massachusetts who pass away owning real estate or valuable tangibles located in...more

The 5% Solution: IRS Revenue Procedure 2016-42 Provides Relief for the Probability of Exhaustion Test

Charitable Remainder Annuity Trusts (CRATs) can be a very effective charitable planning tool. Choosing to fund a CRAT can remove assets from the estate of the donor, provide a reliable income stream for a family member and...more

IRS Regulations Clarify Definition of Spouse for Federal Tax Purposes in Light of Obergefell v. Hodges

The IRS has issued final regulations clarifying the definitions of “spouse,” “husband,” “wife,” and “husband and wife” for federal tax purposes. The final regulations now define “spouse,” “husband” and “wife” as any...more

2016 Changes to the Pennsylvania Power-of-Attorney Law

On October 4, 2016, Governor Tom Wolf signed into law technical corrections to the Pennsylvania power-of-attorney law designed to address deficiencies in the law included in amendments previously enacted in 2014. In addition,...more

Trusts and Estates Newsletter - October 2016

Connecticut Has a New Power of Attorney Act - A financial Power of Attorney (“POA”) is a document by which an individual can grant another individual (an “agent”) authority to act on his or her behalf with respect to...more

Beyer Beware: An Examination of a Family Limited Partnership Gone Wrong

The opinion issued on Sept. 29, 2016, in the case of Estate of Edward G. Beyer v. Commissioner of Internal Revenue was the culmination of an estate planning exercise that had an unfortunate ending for everyone involved (other...more

[Webinar] Business Planning in Light of Proposed Regulations under Code § 2704 - October 27th, 12:00p.m. CT

In this webinar, Steve Gorin, the author of his quarterly newsletter, will discuss the proposed regulations under IRC § 2704 that would increase the valuation of business entities in many cases. Attendees will learn when the...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

Choosing an Investment Adviser for a Special Needs Trust

Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the...more

Washington’s New Trustee Delegation Law: Allowing Fiduciaries to More Easily Keep Businesses in the Family

If you are a family business owner in Washington who wants to place control of your business in the hands of a trustee until your beneficiaries are ready to assume control, or for other reasons, a recent change in Washington...more

Time to Transfer Early Stage Investments?

New rules may stop “cheap” transfers of business interests to kids and grandkids. Proposed IRS regulations that may be effective as early as the end of 2016 are designed to severely limit use of discounts on gifts or sales...more

Updated Historical Transfer Tax Rates & Exemptions

Please see chart below for more information....more

Should your powers of attorney be springing or nonspringing?

A power of attorney (POA) is an important component of an estate plan because it provides details for making critical financial and medical decisions if a person becomes incapacitated. This article defines a POA and explains...more

Gift giving made easy - Annual exclusion reduces your taxable estate

How can a person reduce the size of his or her taxable estate? There are many ways to accomplish this objective, including the use of irrevocable trusts and other sophisticated estate planning techniques. But one of the most...more

No Later Voiding of Unnecessary QTIP Elections if Portability Elected

Please see chart below for more information....more

Insight on Estate Planning - October/November 2016

Gift giving made easy - Annual exclusion reduces your taxable estate - How can you reduce the size of your taxable estate? There are many ways to accomplish this objective, including the use of irrevocable trusts...more

Estate Tax Changes Past, Present and Future

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Wealth Management Update - October 2016

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

California Passes Revised Uniform Fiduciary Access to Digital Assets Act

On September 24, 2016, the Governor of California approved the California Revised Uniform Fiduciary Access to Digital Assets Act, which “would authorize a decedent’s personal representative or trustee to access and manage...more

Successfully Selling Your Business: 4 Tips – No Matter the Buyer

Among the growing number of business owners looking to sell their business, JR and Sue Ellen Pawlenty are in the market to sell their company Pawlenty Energy. Recently Tilting the Scales highlighted Successfully Selling Your...more

IRS Proposes Regulations That Would Increase Wealth Transfer Taxes in Family-Controlled Entities

The Internal Revenue Service (IRS) proposed regulations on August 2, 2016, under which transfers to family members of interests in family-controlled entities — including partnerships, limited liability companies (LLCs) and...more

Proposed regulations will significantly impact the valuation of interests in many family-controlled entities

New rules have been proposed by the Internal Revenue Service (IRS) which would regulate the valuation of transfers of business interests between family members. Based upon recent interpretation, it appears that the IRS is...more

Hillary Clinton Advises of Changes She Would Make to the Estate Tax Rate

And its not downward – surprise! Last week, Hillary advised that she would like to move the highest estate tax rate from its current 40% to 65%. ...more

Jointly-Owned Property: Not Always the Right Plan

For any number of reasons, you have decided to add a partner, child, or close friend as a joint owner on one or more of your assets. Perhaps you are concerned about becoming disabled, and want to know that your loved one can...more

Estate Planning Valuation Discounts Under Section 2704: An Update

For about a generation, families have taken minority discounts when valuing interest in closely-held businesses for estate, gift and generation-skipping transfer tax purposes. This popular estate planning technique is often...more

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