Understanding the nuances of the Internal Revenue Code (I.R.C.) is crucial for effective estate planning and tax strategy. For example, estate planners must be familiar with the tax basis adjustment provisions in 26 U.S.C. §...more
Many wealthy families in the US and worldwide utilize family offices to manage their assets and various other needs. In March 2024, CNBC reported that the number of family offices topped 4,500 last year, managing over $6...more
Hard-working Americans spend a lifetime trying to obtain financial stability and to then provide a financial legacy for their families. Often, the strategy to achieve such goals involves the funding of individual retirement...more
As AI increasingly becomes part of our everyday lives, individuals and families are exploring the use of AI programs to prepare estate plans. The answer to whether AI can be used for this purpose is, of course, yes. AI...more
In a landmark decision, the U.S. Supreme Court’s decision in Connelly v. United States will require closely-held business owners to reconsider their current buy-sell arrangement in order to avoid additional federal estate...more
6/14/2024
/ Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Contract Terms ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Small Business
As Trump era estate tax cuts are likely coming to an end in 2025, wealthy business owners are increasingly utilizing Family Limited Partnerships (FLPs) to significantly save the family taxes when they are gone....more
As of April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) has implemented significant changes to its insurance coverage limits, particularly affecting trust accounts. These adjustments aim to simplify coverage...more
In December 2023, the Supreme Court considered the fundamental question: “How is income defined?” Moore v. United States centered on the question of taxation of unrealized income. Unrealized income is defined as a gain that...more
In addition to employer-sponsored retirement accounts such as 401(k) and 403(b) plans, many people choose to save additional retirement assets in Individual Retirement Accounts (IRAs). Regardless of your stage in life, it is...more
During a two-day trial last summer, a Michigan jury concluded that a handwritten note penned by Aretha Franklin in 2014, found in a drawing book beneath sofa cushions in her home, holds legal validity as a will. The jury...more
Wealthy American families are rushing to relinquish wealth before the end of 2025 when Trump’s 2017 estate tax cuts are set to expire. Families with a net worth of approximately $10 million or higher are working with their...more
The Secure 2.0 Act (Secure 2.0), a sweeping retirement bill included in Division T of the Consolidated Appropriations Act of 2023, was a major bipartisan accomplishment of the 117th Congress. The bill included 82 provisions...more
9/25/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compliance ,
Congressional Budget Office ,
Consolidated Appropriations Act (CAA) ,
Employee Contributions ,
Employer Contributions ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
U.S. Treasury
The Corporate Transparency Act of 2020 (CTA) passed through Congress on Jan. 2, 2021. The CTA was enacted to prevent companies from being able to conceal ownership of businesses where concealment could facilitate illicit...more
For more than 130 years, Ohio has strictly prohibited postnuptial agreements and spouses were not able to enter into agreements with each other that altered their spousal rights. Additionally, Ohio has restricted amendments...more
Federal regulators took over Silicon Valley Bank after shutting it down on Friday – two days after SVB’s announcement that it had lost almost $2 billion in Treasury bonds. The bank, which caters to many of the world’s most...more
QUALITY MATTERS -
The other day, my hot water tank broke. At first, I just thought the pilot light went out. I was easily able to follow the directions to get the pilot light back on, but the water didn’t heat up. So, I went...more
If probate is needed, the process usually begins soon after a loved one passes away. The probate process can be long, stressful, and expensive. Some family members are able to manage it on their own without an attorney, but...more
At the very end of 2022, President Biden signed the $1.7 trillion omnibus spending package which includes the SECURE 2.0 Act. SECURE 2.0 builds on The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019...more
For so many of us, pets are part of the family. Everywhere you go, people bring their dogs along these days; and many pets, such as birds and tortoises, have long life spans. ...more
As an Estate, Wealth & Succession attorney, I often assist individuals with a variety of matters ranging from basic estate plans to more complex business succession arrangements. Frequently, when assisting families with...more
7/15/2022
/ Adoption ,
Asset Management ,
Beneficiaries ,
Estate Planning ,
Family Members ,
Financial Planning ,
Foster Children ,
Gay Rights ,
Inheritance ,
Obergefell v. Hodges ,
Same-Sex Marriage ,
Wealth Management
Markets have been unstable for months, causing investors to be on edge with good reason. Already this year, the stock market has fallen and wiped out over $3 trillion in retirement savings....more
6/30/2022
/ 401k ,
Asset Management ,
Employee Benefits ,
Financial Markets ,
Investment ,
Investment Management ,
IRA Rollovers ,
Market Volatility ,
Retirement Plan ,
Risk Mitigation ,
Wealth Management
WHAT IS CRYPTOCURRENCY?
Cryptocurrency is a digital asset that is created and traded online. Miners (computer operators) establish new units of digital currency and record them on a blockchain, a string of verified public...more
4/11/2022
/ Asset Management ,
Beneficiaries ,
Beneficiary Designations ,
Cryptoassets ,
Cryptocurrency ,
Estate Planning ,
Inheritance ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Transfer of Assets ,
Wealth Management
There are many factors to consider when planning your estate in the event of your incapacitation or death. While discussions regarding traditional assets are crucial in the planning process, other factors should also be taken...more
4/4/2022
/ Decedent Protection ,
Digital Assets ,
Electronic Communications ,
Estate Planning ,
Executors ,
Facebook ,
Fiduciary ,
Incapacitated Persons ,
Power of Attorney ,
Social Media ,
Trustees