The upcoming federal elections are a reminder that estate plans should be reviewed frequently to make sure the plan carries out your wishes in a tax-efficient manner. You may want to revise your plan depending upon the...more
9/16/2020
/ Estate Planning ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
Inheritance Tax ,
IRS ,
Presidential Elections ,
SLAT ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Rates
At McNees we understand that the last few weeks have been anxious ones as our clients and their loved ones navigate the onset of Coronavirus COVID-19 and volatile financial markets. Our first priority is the health and...more
The current year sees us coming off a good year in the stock market and an economy that is strong. However, in November there is another presidential election cycle, which could bring change to which political party controls...more
3/3/2020
/ Asset Management ,
Beneficiaries ,
Beneficiary Designations ,
Estate Planning ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Trustees
With the pace of bank mergers and consolidations showing no signs of slowing down anytime soon, trust officers and administrators continue to be tasked with reviewing the past administration of old trusts and integrating the...more
Guardians and Guardianships -
Some statistics to consider – according to recent governmental estimates, 8.5% of people worldwide (617 million) are age 65 or older. This is projected to jump to nearly 17% of the world’s...more
On March 13, 2018, the Internal Revenue Service announced that it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (“OVDP”) and will close the program on September 28, 2018. The OVDP is currently offered...more
A beneficiary of an estate will often receive property other than cash as a part of an inheritance. It is common for the beneficiary to be unfamiliar with the circumstances under which the decedent obtained the property or...more
IRS Simplifies Rules for Correcting Late Rollovers -
On August 24, 2016, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2016-47, which greatly simplifies the procedure for correcting late rollover...more
Earlier this month, the IRS issued long-awaited proposed regulations under Section 2704 of the Internal Revenue Code that, if adopted, will have a substantial impact on traditional estate planning techniques commonly utilized...more
8/24/2016
/ Business Ownership ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Generation-Skipping Transfer ,
Gift Tax ,
Internal Revenue Code (IRC) ,
IRC Section 2704 ,
IRS ,
Proposed Rules ,
Real Estate Transfers ,
Valuation
In 2016, every U.S. citizen and non-citizen resident is able to shelter $5,450,000 from the federal estate tax. As a result, with minimal planning spouses can effectively shelter $10,900,000 from the federal estate tax....more
Proper estate planning for young families is essential, despite often being overlooked by both clients and attorneys. Many young families view their estate as being “simple” because in their minds they “don’t have much,” and...more
Trust agreements often give trustees the power to make loans. When and how to exercise the power should be given significant thought. Upholding the fiduciary duty owed to all beneficiaries is always a key concern. ...more
In This Issue:
- Year-End Tax Planning 2014
- Pennsylvania Makes Significant Changes to Power of Attorney Law
- Have You Reviewed Your Estate Plan Recently?
- Excerpt from Year-End Tax...more
Act 95 of 2014, signed July 2nd by Governor Tom Corbett, made significant modifications to the law governing Powers of Attorney (Chapter 56 of the Probate Estates and Fiduciaries Code, 20 Pa.C.S.A §5601, et. seq.). The...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
There are a number of ways in which clients can incorporate their desire to benefit charities into an estate plan. At the most basic level, the Internal Revenue Code (the “Code”) generally provides for a federal estate tax...more
With another tax season recently behind us, the Internal Revenue Code and its many reporting requirements are fresh in our minds. Do you encounter beneficiaries who want to know why you need so much of their personal...more
It is often said that the law lags behind technology. One area where this sentiment is particularly applicable is estate planning for digital assets. In a world where our lives are becoming ever more digital, many estate...more
In This Issue:
Who Gets Your IRA? – Six Common Mistakes; Estate Planning for Digital Assets; and Post-Production Issues and Oil & Gas Leases.
Excerpt from Who Gets Your IRA? – Six Common Mistakes:
Do you...more
In This Issue:
Qualified Family Business Exemption for Inheritance Tax; 3.8% Medicare Tax on Net Investment Income; and Payable on Death Accounts – Pros and Cons.
Excerpt from Qualified Family Business...more
Beginning in 2013, Section 1411 of the Internal Revenue Code imposes a 3.8% “net investment income tax” (“NIIT”) on the net investment income (a specifically defined term) of individuals, estate and trusts that have income...more