For many individuals new to estate planning, particularly younger couples, there is something almost taboo when you start to discuss a revocable trust: does that mean our children will be trust fund babies?...more
A recent Chief Counsel Advice issued by the IRS has been described by one team of estate planning experts as “the most important IRS ruling in a decade,” and it directly contradicts the prior IRS position on the issue. Should...more
Effective January 1, 2024, a sweeping anti-financial crimes law – the Corporate Transparency Act – will affect every small business. If you own an interest in a small business, even a single-member LLC, you may be subject to...more
Despite ultimately finding in favor of a taxpayer surviving spouse, IRS Private Letter Ruling 2023-22-014 (the “PLR”) is chock-full of reasons to ensure proper planning is in place when it comes to IRAs....more
Prospective clients often call and tell me they “need a simple living will.” They usually mean they want a will – and likely a trust, general power of attorney, health care power of attorney, living will, and real estate...more
This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more
10/25/2022
/ Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Inflation Adjustments ,
IRS ,
Revenue Procedures ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Returns
A mere 26 months after passage of the SECURE Act, the IRS has kindly blessed us with 275 pages of regulations to address all of our lingering questions.
As you know, one of the more consequential effects of the SECURE Act...more
Cryptocurrency -
There are currently more than 4,000 different types of cryptocurrency. Bitcoin, Ethereum, and even Dogecoin are among the most well-known. As cryptocurrency continues to become more mainstream, its value...more