By Kim Kamin I. SYNOPSIS1 This article first reviews some fundamentals of how charitable deductions apply in the context of trusts and then shares ideas for how estate planning professionals can help clients think about situations when it might be desirable to tap into noncharitable trusts for charitable giving. The piece examines (1) how to … Continue reading Considerations for Charitable Giving with Noncharitable Irrevocable Trusts
Category: Articles
Forbes- Bob Carlson (Forbes Magazine): Key RMD Changes In The SECURE Act 2.0 You Should Know (February 15, 2023)
Bob Carlson, of Forbes Magazine, has made available for download his article, Key RMD Changes In The SECURE Act 2.0 You Should Know, published in Forbes. The abstract is as follows: It’s hard for people to keep up with the more than 100 changes the SECURE Act 2.0 made in retirement plans and related tax … Continue reading Forbes- Bob Carlson (Forbes Magazine): Key RMD Changes In The SECURE Act 2.0 You Should Know (February 15, 2023)
Forbes- Bob Carlson (Forbes Magazine): Know The Risks Of Self-Directed IRAs (February 19, 2023)
Bob Carlson, of Forbes Magazine, has made available for download his article, Know The Risks Of Self-Directed IRAs, published in Forbes. The abstract is as follows: A coalition of regulators recently issued warnings about the risks of some self-directed IRAs that many investors aren’t aware of. There are a couple types of self-directed IRAs. Most … Continue reading Forbes- Bob Carlson (Forbes Magazine): Know The Risks Of Self-Directed IRAs (February 19, 2023)
Paul Kiel and Jeff Ernsthausen (ProPublica ):How the Wealthy Save Billions in Taxes by Skirting a Century-Old Law (2/9/2023)
Paul Kiel and Jeff Ernsthausen, of ProPublica, have made available for download their article, How the Wealthy Save Billions in Taxes by Skirting a Century-Old Law, published in ProPublica. The abstract is as follows: At first glance, July 24, 2015, seems to have been a brutal trading day for Steve Ballmer, the former Microsoft CEO. He dumped … Continue reading Paul Kiel and Jeff Ernsthausen (ProPublica ):How the Wealthy Save Billions in Taxes by Skirting a Century-Old Law (2/9/2023)
Building a Successful Practice: Business Development From the Perspective of The Estate Planning Lawyer
By Stuart C. Bear and Ryan M. Prochaska Just thinking about implementing and funding a marketing plan to build your estate planning practice can be not only daunting but expensive. Complex marketing schemes, however, are not the only way to develop a practice and can miss the core of what clients and peers find most … Continue reading Building a Successful Practice: Business Development From the Perspective of The Estate Planning Lawyer
Can’t We All Just Get Along: Fostering Family Harmony In Estate Administration
By Stuart C. Bear and Ryan M. Prochaska “I just want the children to get along,” say Mom and Dad in virtual unison. The ability of the children and grandchildren to get along is a direct result of the family’s functionality. Unfortunate as it may be, dysfunctionality is not an uncommon state of affairs for … Continue reading Can’t We All Just Get Along: Fostering Family Harmony In Estate Administration
Non-Fungible Tokens: What Every Estate Planner Needs to Know
by GERRY W. BEYER Your client may own non-fungible tokens (NFTs) and ask you for estate planning advice. Would you be caught off-guard and give your client the classic “deer in the headlights” look? Obviously, that would not be prudent. To make sure this doesn’t happen to you, this article uses a FAQ approach to … Continue reading Non-Fungible Tokens: What Every Estate Planner Needs to Know
Five Tips for Wealth Advisors: Protecting Clients with Diminishing Mental Capacity
November 9, 2021 ~ ANNA NOÉ-NORDBERG & RYAN FRANT By Charles R. Jacob III & Marshall D. Senterfitt An estimated 6.2 million Americans aged 65 and older are living with Alzheimer’s dementia in 2021, a number that is projected to rise to nearly 13 million by 2050.* In the U.S., trends show a larger portion of the population … Continue reading Five Tips for Wealth Advisors: Protecting Clients with Diminishing Mental Capacity
Asset Protection: Is it the Right Rite of Passage for your Client (and for You)?
November 15, 2021 ~ RYAN FRANT & ANNA NOÉ-NORDBERG By Karen L. Witherell, Esq., Melissa Langa, Esq. As every estate practitioner knows, trends happen in estate planning just as often as they happen in all other aspects of life. Some days in our practice, we get the sneaking suspicion that all of our clients got together and … Continue reading Asset Protection: Is it the Right Rite of Passage for your Client (and for You)?
Kathleen Nalty: Outsmart Your Unconscious Biases
© Kathleen Nalty Consulting LLC1 So—what’s in a name? Apparently, a lot. If you are named John, you will have a significant advantage over Jennifer when applying for a position, even if you both have the exact same credentials.2 If your name is José, you will get more callbacks if you change it to Joe.3 And if … Continue reading Kathleen Nalty: Outsmart Your Unconscious Biases
Corporate State Tax Updates – June 2021
By Georgia Lo The following are recent significant State Corporate Tax developments for the month of June that may be of interest to estate and business planners, organized by state. California: On June 3, AB-71, regarding Global Intangible Low-Taxed Income and repatriation income, was moved to the inactive file. Colorado: On June 23, H.B.21-1311 was … Continue reading Corporate State Tax Updates – June 2021
Property or Financial Powers of Attorney
Prudent estate planning or a source of liability? By Paul Hood Property or financial powers of attorney (POAs) are ubiquitous in estate planning and with very good reason. The likelihood of becoming incapacitated prior to death is significantly greater than the risk of dying at any particular time.1 Therefore, the actuarial odds are that the … Continue reading Property or Financial Powers of Attorney
IRS Fails to Recognize Taxpayer Due Process Rights
By Kevin E. Packman The Treasury Inspector General for Tax Administration (TIGTA) conducted an audit for the time period of Oct. 1, 2018 through Sept. 30, 2019, to determine the manner in which IRS Collections issues IRS levies.1 The audit reported a number of problems. However, before reviewing the results from the TIGTA audit, it is … Continue reading IRS Fails to Recognize Taxpayer Due Process Rights
Corporate State Tax Updates – May 2021
Georgia Lo The following are recent significant State Corporate Tax developments for the month of May that may be of interest to estate and business planners, organized by state. Alabama: On May 14, H.B. 588 was signed into law, providing credits to owners, members, partners, or shareholders of an electing pass-through entity in an amount … Continue reading Corporate State Tax Updates – May 2021
Corporate State Tax Updates – April 2021
Georgia Lo The following are recent significant State Corporate Tax developments for the month of April 2021 that may be of interest to estate and business planners, organized by state. Arizona: On April 14, S.B. 1752 was signed into law, updating Arizona’s conformity to Internal Revenue Code (IRC) provisions regarding definitions of adjusted gross income … Continue reading Corporate State Tax Updates – April 2021
Premarital Agreements and the Gray Divorce
By Linda J. Ravdin EXECUTIVE SUMMARY Mature couples planning to marry can benefit from a premarital agreement that determines their economic rights and obligations if the marriage ends in separation or divorce. This article discusses a number of issues that the lawyer for a mature client should consider in planning for the contingency that the … Continue reading Premarital Agreements and the Gray Divorce
February Corporate State Tax Updates – February 2021
By Georgia Lo The following are recent significant State Corporate Tax developments for the month of February 2021 that may be of interest to estate and business planners, organized by state. Alabama: House Bill 170, signed on February 12, 2021, provides new tax provisions in Alabama, including:Changing the apportionment factor to a single sales factor;Retroactively … Continue reading February Corporate State Tax Updates – February 2021
TAXATION OF TANGIBLE PERSONAL PROPERTY
By Laura Angel-Lalanne & G. Warren Whitaker Clients frequently make their choices regarding the disposition of their tangible personal property based on emotional considerations. Nevertheless, they must be aware of the tax costs and benefits associated with the various methods of disposition they may be considering, so they can make fully informed decisions. This article … Continue reading TAXATION OF TANGIBLE PERSONAL PROPERTY
What’s the Upside in a Downturn? —Today’s Environment Has Created Once-in-a-lifetime Wealth Planning Opportunities
By Nicholas J. Bertha IN A CLASSIC IRONY, WE NOW FIND OURSELVES IN PERHAPS THE MOST ATTRACTIVE WEALTH TRANSFER ENVIRONMENT OF OUR LIFETIMES. THE REASONS ARE TWO-FOLD. FIRST, A PAIR OF INTEREST RATES THAT ARE NOW AT THEIR LOWEST LEVELS IN HISTORY, MAKING IT EASIER FOR SEVERAL OF THE MOST WIDELY USED WEALTH TRANSFER TACTICS … Continue reading What’s the Upside in a Downturn? —Today’s Environment Has Created Once-in-a-lifetime Wealth Planning Opportunities
What COVID-19 Means for America’s Economic and Financial Statecraft
By Michael B. Greenwald It is already evident that coronavirus has triggered a deeper recession than that of the Global Financial Crisis. Much like the latter, monetary authorities at the Federal Reserve have undertaken unprecedented actions to support liquidity in global markets. These steps have included support for domestic debt markets, including a recent expansion … Continue reading What COVID-19 Means for America’s Economic and Financial Statecraft
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