The Greatest Gift: Your Individual + Family Estate Plan
Appreciation of fine art can create challenging tax issues, but with proper planning collectors can minimize the estate, gift, and income tax consequences of their collections.
For taxpayers hoping to keep their works...more
With the current estate tax regime of a high gift and estate tax exemption amount and low estate tax rates, transferring wealth is becoming the focus of estate planning rather than reducing estate tax liability. And with...more
Affluent families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking...more
In our last blog post, we discussed estate taxes, federal gift taxes, and how non-citizen spouses are treated differently in the eyes of the law. Unfortunately, while husbands and wives can leave an unlimited amount of money...more
Especially if you have significant wealth, planning carefully for your future and the future of your loved ones is vital. Although many people are familiar with the basics of estate planning, from drawing up a will to naming...more
An appellate opinion granting a 44.75% discount for a fractional ownership interest in artwork has limited precedential value.
The Fifth Circuit Court of Appeals recently overruled the Tax Court's 10% fractional...more
What You Need to Know About Corporate Inversions -
It seems like every day brings news of another possible corporate inversion transaction. The news reports usually describe these transactions as another United States...more
The following are some of the more salient tax items adjusted unofficially for inflation by Research Institute of America. While unofficial they represent a very good estimate of predicted adjusted items for 2015. This list...more
In United States of America v. Estate of Robert Reitano, Civil Action No. 12-11944-RWZ, 2014 U.S. Dist. LEXIS 123200 (D. Mass. Sept. 4, 2014), the federal district court issued a warning shot to estate fiduciaries who fail to...more
In this issue:
- The True Cost Of Giving – Charitable Donations In A No-Estate-Tax Environment
- Could An Exchange Help Cover LTC Insurance Costs?
- Family Meetings Help Ensure Estate Planning...more
While the American Taxpayer Relief Act of 2012 extended tax cuts for some individuals and increased rates for others, one resulting benefit that most can agree on is the “permanency” it brought to the uncertain world of...more
In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were...more
A new grandparent often considers making a gift to the newest member of the family. However, before taking action, it’s important to understand how the generation-skipping transfer (GST) tax may affect an estate plan. The GST...more
Chris owed money to the IRS, and had federal tax liens filed against him. He was also a 1/3 beneficiary of his mother’s estate.
To avoid the IRS collecting against his share of the estate, Chris disclaimed his interest...more
In This Issue:
- Thinking of Moving to Florida? Maybe a Little Further South is a Better Option
- New Investment Thinking for Trustees?
- Excerpt from New Investment Thinking for...more
Since 1998, charities have been able to own S corporation stock (“S stock”). However, the ownership of S stock by an exempt organization may result in either an unexpected tax burden or a liability rather than an asset for...more
Using a will to give a commercial building to a loved one, a business partner or even a charitable organization is not ideal planning. Adverse tax consequences, the public probate process and operational difficulties aside,...more
The tragic death of actor Philip Seymour Hoffman has given us an opportunity to consider his estate planning, with lessons and strategies for the rest of us....more
In This Issue:
- Transitioning The Family Business to the Next Generation
- Charitable Trusts and Estate Planning
- Recent Tax Developments
- Excerpt from Transitioning The Family Business to the...more
If an estate files to extend the due date of its Form 706 estate tax return, it can elect to defer the portion of the estimated estate tax that will be deferred pursuant to its Code §6166 election. It does not make the...more
The Society of Trust and Estate Practitioners (STEP Canada) held its 16th annual national conference on June 16-17 in Toronto. As it has in previous years, the conference featured a Canada Revenue Agency Roundtable wherein...more
Decanting refers to the distribution of trust property of one trust (the “first trust”) to another trust (the “second trust”). Over the past several years, the number of states specifically authorizing decanting by statute...more
On May 20, 2014, in the case of Whitewood v. Wolf, Judge John E. Jones III of the U.S. District Court for the Middle District of Pennsylvania struck down Pennsylvania’s ban on same-sex marriages. Like many of the rulings...more
Without a well-designed, properly funded buy-sell agreement, an owner’s death can have a negative effect on the surviving owners. A buy-sell agreement requires (or permits) the company or the remaining owners to buy the...more
For those in the know, a “family office” is something that many wealthy families rely on to provide financial support and advice. A family office can do a little bit of everything: providing investment management services,...more
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