If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each...more
With a new Administration in town there are rumors everywhere about the “new Estate Taxes” and the “Loss of our Tax Exemptions”. What should you expect? What should you do to plan and prepare for possible changes?...more
One of the primary objectives of estate planning is protecting assets from unreasonable creditors’ claims, frivolous lawsuits or financial predators ? the reason being to pass as much wealth to family members as possible....more
With proper planning, owning vacation property with other family members can be a pleasant and even bonding experience. The key is to determine, as early as possible, what the parties expect and desire from the property...more
Proposed Regulations for Internal Revenue Code § 2704 Significantly Limit Valuation Discounts for Intra-Family Transfers - On August 2, 2016, the United States Department of the Treasury (the "Treasury Department")...more
The Internal Revenue Service (IRS) has issued long-expected proposed regulations aimed at eliminating the availability of certain valuation discounts for most family-controlled entities. These proposed regulations are...more
On August 2, 2016, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations under section 2704 (the "Proposed Regulations") of the Internal Revenue Code of 1986, as amended (the...more
Transferring a family vacation home to the next generation without causing family strife takes serious planning. Even if the ultimate decision is to have the children own the property outright and figure out how to make it...more
A shared family vacation home can be a great place for family bonding, but don’t get too relaxed. A little planning — together with some clear rules about the usage of the home — can go a long way toward avoiding conflict and...more
The IRS may take action very soon to eliminate or reduce a widely used and valuable family business entity wealth transfer strategy. The window of opportunity to take advantage of this strategy may close within the next month...more