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
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
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 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
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
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
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
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
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
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
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
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
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
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
By Kevin Matz On December 19, 2019, the U.S. Department of Treasury and the Internal Revenue Service (collectively, “the Treasury Department”) released long-awaited final regulations on qualified opportunity funds (“QOFs”) (the “final regulations”). The final regulations come on the heels of two tranches of proposed regulations, which generated more than 300 comment letters from organizations … Continue reading How the Final Regulations on Qualified Opportunity Funds Come Out on Trust and Estate Related Issues
By Nicole Pursley The Tax Cuts and Jobs Act of 2017 (the Tax Act) made significant changes to the United States Tax Code, with implications on virtually all areas of taxation, including some that affect fiduciaries. This article provides a broad overview of some tax implications that may be of importance to trust and estate … Continue reading Tax Reform Implications for Fiduciaries
by Clark Merrefield, Journalist's ResourceJanuary 14, 2020 Every tax season people try to get out of paying the full share of what they owe the U.S. government in income taxes. The Internal Revenue service usually starts accepting tax returns in late January and returns typically need to be filed by April 15. Here are a … Continue reading Clark Merrefield, Journalist’s Resource: Federal Tax Evasion: Why It Matters and Who Does It (Jan. 14, 2020).
By Lisa C. Henry & Francis J. Rondoni Chestnut Cambronne PA Minneapolis, Minnesota1 2 With the recent trend to sue anyone and everyone, practitioners should be aware of potential liability for their client’s acts. Along with claims for malpractice, courts are coming around to considering a legal practitioner being liable for his or her role in … Continue reading What Do You Mean I Cannot Take that Money? Duties, Responsibilities, and Ethics for Fiduciaries and the Attorneys Who Advise Them
CONSIDERATIONS INVOLVING FIDUCIARY SELECTION By Stuart C. Bear Chestnut Cambronne Minneapolis, Minnesota 1 2 Fiduciary selection is crucial to the success of an estate and disability plan. Even a great plan can go awry if a fiduciary fails to uphold his or her fiduciary duties or fails to follow the terms of the Will or Trust. Add family … Continue reading Why Can’t My Brother-In-Law Bob Be the Executor of My Estate?
By Sarah Moore Johnson, Esq. & Cindy Charleston-Rosenberg, ISA CAPP Misattributed and other forms of stigmatized artwork lurking in important estate collections is far more pervasive than generally appreciated by fiduciaries. If overlooked during the appraisal process, misattributed and unattributed works may result in significant wealth loss through overpayment of tax liability or depressed sale … Continue reading Art Crimes and Misdemeanors: Managing Risk in Estate Administration and in Appraisals of Stigmatized Art