Improperly structured buy-sell agreements for closely held businesses will lead to an unexpected increase in the estate tax imposed on the estate of the deceased owner. The Supreme Court decision emphasizes the need for a...more
Any estate planning attorney will tell you that certain years stick out in their professional lives more than others. Here are some recent examples...more
Many parents wish to bequeath their assets to their children in equal shares, yet they don’t consider that a plethora of valuable assets would become worthless if equally divided. How do you dispose of a painting, a family...more
Mom and Dad, a lovely couple in their early 50s, meet with me to discuss their estate planning. Mom shares, “our two children—ages 23 and 25—are special and productive. One just graduated law school and the other finishes...more
The United States is one of two countries in the world that imposes a tax on the worldwide income of its citizens. (The other is the East African country of Eritrea, which imposes a two percent tax on its citizens living...more
Many prenuptial agreements include detailed provisions regulating the division of the parties’ property in a divorce but include no waivers of rights the law provides to a surviving spouse at death. The most well known of...more
On Monday, September 13, 2021, the House Ways & Means Committee released a draft tax plan which provides the clearest direction to date on how Democrats intend to use the estate and gift tax regimes to pay for part of the...more
With a new administration in Washington, D.C. comes new challenges and opportunities. One area that merits attention is your estate plan. Even during this time of uncertainty regarding future legislation, the strategic use of...more
The Democrats now have effective control over the presidency, the Senate, and the House, at least until the 2022 mid-term elections. These political realities, along with current economic conditions, make it more likely that...more
The confluence of several factors—depreciated asset values caused by the COVID-19 pandemic’s effect on the economy, record-low interest rates, and record-high exemption amounts—have created a perhaps once-in-a-lifetime...more
With the growing impact of COVID-19, industries across America are laying off numerous workers, who will be without jobs and income for an undetermined period of time. As this crisis plays out, many business owners are...more
As the calendar turns to another presidential election year, it’s never too early to start thinking about tax preparation as the next occupant of the oval office will likely have a major impact on the nation’s tax laws and...more