Steve Akers: Heckerling Musings 2021 and Estate Planning Current Developments

Steve Akers has made available for download his summary of the 2021 Heckerling Program. The summary is as follows: A summary of observations from some of the sessions at the 55th Annual Heckerling Institute on Estate Planning held virtually May 3-6, 2021, as well as observations from other current developments, is available on the link … Continue reading Steve Akers: Heckerling Musings 2021 and Estate Planning Current Developments

Boyle, Huang & Kronenberg (Bessemer Trust): The Changing Tax Landscape

Patrick S. Boyle, James L. Kronenberg, and Calvin Huang, all of Bessemer Trust, have made available their article, A Closer Look: The Changing Tax Landscape. The summary is as follows: Tax rates appear likely to move higher in the near term. Several of the proposed tax changes would be material if enacted, including increasing the … Continue reading Boyle, Huang & Kronenberg (Bessemer Trust): The Changing Tax Landscape

Deloitte: Private wealth tax planning in an uncertain tax rate environment (June 15, 2021)

Deloitte is hosting a webinar to discuss wealth planning in the current environment. The summary is as follows: Participants will gain important insights into potential tax code changes and their timing, and they will explore various considerations for responding if the proposals become law. Host: Wendy Diamond, partner, Deloitte Tax LLPPresenter: Jim Calzaretta, Eddie Gershman, and Jeff Kummer 1 … Continue reading Deloitte: Private wealth tax planning in an uncertain tax rate environment (June 15, 2021)

NY Times: Rich Americans Like Bezos, Musk, Buffett Paid Little or No Federal Income Taxes (June 8, 2021)

The New York Times is reporting that an analysis by ProPublica based on Internal Revenue Service documents showed billionaires like Jeff Bezos and Elon Musk benefited from vagaries in the tax code, often paying little to no federal income taxes.. That NY Times articles comes at a time when the Biden Administration is proposing significant … Continue reading NY Times: Rich Americans Like Bezos, Musk, Buffett Paid Little or No Federal Income Taxes (June 8, 2021)

ILS Heckerling Review Webinar – May 17, 2021 at 4.00 PM (EDT)

The press release and reservation information is as follows. Couldn’t leave the ranch for Heckerling? Looking for a stray session that wandered off?  As in prior years, Marty Shenkman spent the week of (Virtual) Heckerling 2021 riding herd on all the sessions to drive home the best from the 55th Annual Heckerling Institute on Estate Planning. … Continue reading ILS Heckerling Review Webinar – May 17, 2021 at 4.00 PM (EDT)

2021 – 55th Annual Heckerling – Summaries

The Heckerling Institute on Estate Planning has long been recognized as the nation’s premier conference for estate planning professionals, offering unparalleled educational and professional development opportunities for all members of the estate planning team. Due to COVID, the 55th Institute was delivered virtually rather than in person this year. Steve Gorin, of Thompson Coburn, has made … Continue reading 2021 – 55th Annual Heckerling – Summaries

Ways & Means Approves SECURE 2.0 Bill

The House Ways & Means Committee approved, on a bipartisan basis,  H.R. 2954, the “Securing a Strong Retirement Act of 2021,” sometimes referred to as SECURE 2.0 SECURE 2.0 seeks to expand retirement plan coverage and increase retirement savings, through a variety of provisions. expanding automatic enrollment, increasing the age mandatory distributions are required to … Continue reading Ways & Means Approves SECURE 2.0 Bill

Bloomberg News: Biden Tax Rule Would Rip Billions From Biggest Fortunes at Death (May 4, 2021)

Bloomberg News has published an article examining the impact of the Biden proposal to eliminate the step up in basis at death on the fortunes of the wealthiest individuals. The Article begins as follows: Jeff Bezos has an ex-wife, a girlfriend, four children and billions of reasons to watch whether Joe Biden’s tax overhaul wins … Continue reading Bloomberg News: Biden Tax Rule Would Rip Billions From Biggest Fortunes at Death (May 4, 2021)

Estate of Michael J. Jackson v. Commissioner, T.C. Memo 2021-48 (May 3, 2021)

In the Estate of Michael J. Jackson v. Commissioner, T.C. Memo 2021-48 (May 3, 2021) the Tax Court determined the values of the following assets for estate tax purposes: The decedent’s image and likenessThe decedent's interest in a music-publishing trustThe decedent's interest in a music-publishing catalog that owned the copyrights to compositions that the decedent … Continue reading Estate of Michael J. Jackson v. Commissioner, T.C. Memo 2021-48 (May 3, 2021)

Ray Dalio: The Biden Tax and Spend Plan & The Big Cycle Swing (May 3, 2021)

Ray Dalio has posted his latest installment reflecting where current events fall into patterns that have occurred in the past. The consistent theme of this series is that, by looking at past history, we can get a rough idea of what the future holds. The current article, posted on linked in, begins as follows: President … Continue reading Ray Dalio: The Biden Tax and Spend Plan & The Big Cycle Swing (May 3, 2021)

Bloomberg: Rich Americans Fleeing Tax Hikes May Turbocharge Shift to ETFs (May 2, 2021)

Bloomberg News reports that affluent individuals are looking at ETFs as one way to mitigate the possibility of higher capital gains taxes. The article begins as follows: The booming ETF industry may be set to lure even more cash in the coming years as rich Americans facing higher capital gains taxes look to limit what … Continue reading Bloomberg: Rich Americans Fleeing Tax Hikes May Turbocharge Shift to ETFs (May 2, 2021)

Bloomberg Tax: What’s in $1.8 Trillion Biden Spending Plan Funded by Taxes (April 28, 2021)

Bloomberg Tax has published a summary of the key tax provisions of the Biden $1.8 Trillion Spending Plan. The article begins as follows:Plan includes funding for child care, education, tax credits Plan includes funding for child care, education, tax creditsBiden would pay for plan with higher taxes, focused on wealthyPresident Joe Biden’s administration on Wednesday unveiled … Continue reading Bloomberg Tax: What’s in $1.8 Trillion Biden Spending Plan Funded by Taxes (April 28, 2021)

Bloomberg News: What Financial Advisers Are Telling Rich Clients About Biden’s Tax Hike (April 30, 2021)

Bloomberg News writes about what financial advisers are advising their high net worth clients in light of the Biden tax proposals. The article begins as follows: President Joe Biden’s proposal to roughly double the capital-gains tax for the rich has put financial advisers in the unusual position of acting as part therapist and part fortune teller. Frantic calls are … Continue reading Bloomberg News: What Financial Advisers Are Telling Rich Clients About Biden’s Tax Hike (April 30, 2021)

Biden Individual Tax Proposals Fact Sheet: The American Families Plan (April 28, 2021)

The White House has released the Biden Individual Tax Proposals Fact Sheet: The American Families Plan (April 28, 2021). The fact sheet begins as follows: Today, President Biden announced the American Families Plan, an investment in our kids, our families, and our economic future.In March, the President signed into law the American Rescue Plan, which … Continue reading Biden Individual Tax Proposals Fact Sheet: The American Families Plan (April 28, 2021)

Bloomberg News: Biden to Omit Estate-Tax Expansion From Coming Economic Plan (April 27, 2021)

Bloomberg News is reporting that the President's individual tax proposals will exclude changes in the estate tax. The article begins as follows: President Joe Biden and his economic team are planning to forgo an expansion of the estate tax in the administration’s coming individual tax-hike proposals, according to people briefed on the plan.Biden during the … Continue reading Bloomberg News: Biden to Omit Estate-Tax Expansion From Coming Economic Plan (April 27, 2021)

Ron Aucutt (Bessemer Trust): Legislative Update: Biden Administration Priorities, Senator Sanders’ Proposals, and Deemed Sales upon Gifts and at Death (April 2021)

Ron Aucutt, Senior Fiduciary Counsel, Bessemer Trust, has released his summary of Biden Legislative Proposals. The Summary is below: This update from Senior Fiduciary Counsel Ronald D. Aucutt addresses federal tax legislative proposals that could affect estate planning, including: Observations, building on what we learned in last year’s presidential campaign, about the Biden Administration’s likely … Continue reading Ron Aucutt (Bessemer Trust): Legislative Update: Biden Administration Priorities, Senator Sanders’ Proposals, and Deemed Sales upon Gifts and at Death (April 2021)

Bloomberg News: Biden Aims to End ‘Step Up in Basis’ Benefit for Estates (April 27, 2021)

Bloomberg News reports that President Biden's coming tax package, as expected, will propose ending the step up in basis at death. The article begins as follows: President Joe Biden’s coming tax package will feature an end to a major benefit for wealthy estates that drastically minimizes the levy for inheritors, along with a bump up … Continue reading Bloomberg News: Biden Aims to End ‘Step Up in Basis’ Benefit for Estates (April 27, 2021)

McDermott Will On Demand Webinar: Legislative Proposals for Taxing Wealth & Wealth Transfers (April 21, 2021)

McDermott Will & Emory provides an online recording of a webinar on Legislative Proposals for Taxing Wealth & Wealth Transfers, which was recorded on April 21, 2021. The presenters were Ellen K. Harrison and Carlyn S. McCaffrey, with Scott A. Bowman moderating. To view the webinar click McDermott Will On Demand Webinar: Legislative Proposals for … Continue reading McDermott Will On Demand Webinar: Legislative Proposals for Taxing Wealth & Wealth Transfers (April 21, 2021)

Ray Dalio: Free Personality Assessment for You and Your Team (April 22, 2021)

Ray Dalio, founder of Bridgewater and author of the bestselling book, Principles, has made available a free personality assessment that anyone can take advantage of. Our entire team, individually, took the personality assessment and shared results. It was great fun and enlightening for all. Its easy and takes only about 40 minutes to go through … Continue reading Ray Dalio: Free Personality Assessment for You and Your Team (April 22, 2021)