Each year, “proposal season” begins around Thanksgiving and ends on Valentine’s Day. Then the planning begins — the date, the venue, the guests — and, for many couples, a premarital agreement....more
Many closely held businesses have shareholder buy/sell redemption agreements. These agreements are critical to maintaining business continuity when a key shareholder exits the company. When the redemption agreement is...more
8/20/2024
/ Closely Held Businesses ,
Connelly v United States ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Valuation
Countless couples celebrate the romance of St. Valentine’s Day by getting engaged – and then the wedding planning begins. Increasingly, couples are choosing destination weddings in locations outside the United States. What...more
January 1, 2024, was a milestone for small businesses and their owners, as well as bankruptcy trustees, receivers, and chief restructuring officers (“CRO” and collectively, “Troubled Company Fiduciaries”) of small businesses...more
1/18/2024
/ Beneficial Owner ,
CEOs ,
CFOs ,
Chief Compliance Officers ,
Corporate Officers ,
Corporate Restructuring ,
Corporate Transparency Act ,
Creditors ,
Debtors ,
Fiduciary ,
Financial Institutions ,
FinCEN ,
Foreign Corporations ,
Limited Liability Company (LLC) ,
Receivership ,
Reporting Requirements ,
Trusts
January 1, 2024 is quickly approaching and it will be a milestone for small businesses and their owners. Why? Because it is the effective date of the Corporate Transparency Act (the “Act”) – historic legislation that requires...more
$860,000 – that is the amount of the increase in the gift, estate, and generation-skipping transfer (“GST”) tax exclusion that came into effect on January 1st when the exclusion increased from $12.06 million for 2022 to...more
Increasing demand for transparency and tax rules focused on the ownership of foreign financial accounts and interests in foreign trusts and entities affect private wealth planning. There are steps you can take to comply with...more
11/10/2022
/ Data Privacy ,
Disclosure Requirements ,
FBAR ,
Financial Crimes ,
FinCEN ,
Foreign Bank Accounts ,
Foreign Entities ,
Foreign Financial Accounts ,
Limited Liability Company (LLC) ,
Partnerships ,
Reinstatement ,
Reporting Requirements ,
Revocable Trusts ,
Transparency ,
Trusts ,
U.S. Treasury ,
Wealth Management
$50,000 or $2.72 million? Those are the penalty amounts for the non-willful failure to timely file to report foreign financial accounts at issue in U.S. v Bittner, which will be argued before the U.S. Supreme Court in...more
10/6/2022
/ Beneficiaries ,
Dual Citizenship ,
Failure to Report ,
FBAR ,
Foreign Bank Accounts ,
Foreign Financial Accounts ,
Grantor Trusts ,
IRS ,
Mutual Funds ,
SCOTUS ,
Trustees
In this Thanksgiving season, with the ongoing tax tumult in Washington DC, we pause for a moment to consider not only how we might Build Back Better, but how we can Build Back Generously.
Giving is good for the giver, and...more
It is said that two things are certain in life: death and taxes. True, but incomplete. What is missing from this short list is a third inevitable occurrence – tax law changes. We now have a new and pressing series of proposed...more
9/23/2021
/ Business Taxes ,
Capital Gains ,
Estate Tax ,
Exclusions ,
Fair Market Value ,
Generation-Skipping Transfer ,
Gift Tax ,
Grantor Trusts ,
Income Taxes ,
Irrevocable Trusts ,
Like Kind Exchanges ,
Retirement Plan ,
Surcharges ,
Tax Deferral ,
Tax Planning ,
Tax Rates ,
Transfer Taxes ,
Valuation
As a business owner, you care about your business, your employees, and your customers. Deeply. And as a parent, grandparent, spouse or sibling, you care about your family. But when it comes time to transition your business,...more
“Insurance.” The word itself evokes different reactions. The range of emotions expands when we mention “life insurance.” And if we add, trust – “life insurance trust” – you may just stop reading. But don’t. Now is exactly the...more
5/4/2021
/ Estate Planning ,
Estate Tax ,
Exclusions ,
Inflation Adjustments ,
Insurance Industry ,
Irrevocable Trusts ,
Life Insurance ,
Tax Code ,
Tax Planning ,
Trustees ,
Trusts
Executives of public companies looking to their personal and company compensation planning in the New Year face a host of challenges. They and their compensation committees do, however, have the benefit of long-awaited...more