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

How the Final Regulations on Qualified Opportunity Funds Come Out on Trust and Estate Related Issues

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

Tax Reform Implications for Fiduciaries

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

Clark Merrefield, Journalist’s Resource: Federal Tax Evasion: Why It Matters and Who Does It (Jan. 14, 2020).

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).

What Do You Mean I Cannot Take that Money? Duties, Responsibilities, and Ethics for Fiduciaries and the Attorneys Who Advise Them

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

Why Can’t My Brother-In-Law Bob Be the Executor of My Estate?

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?

Art Crimes and Misdemeanors: Managing Risk in Estate Administration and in Appraisals of Stigmatized Art

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

Successfully Moving to a Zero or Low Tax State

By Mark Klein & Dan Kelly If you have ever moved, you know it’s not easy!  The same can be said about changing your domicile.  Tax Departments are aggressive and thorough in their pursuit of taxpayers who claim to move, and taxpayers who are not focused on the most important actions, primary factors, and who do not … Continue reading Successfully Moving to a Zero or Low Tax State

Ethical Issues in Representing a Client with Diminished Capacity

By Howard S. Krooks, Esq., CELA, CAP, Partner at Elder Law Associates PA Attorneys often encounter working with clients who have declined physically and/or mentally, which is known in legal parlance as diminished capacity. However, the law assumes that every person has legal capacity unless and until a court has determined otherwise. The American Bar Association … Continue reading Ethical Issues in Representing a Client with Diminished Capacity

Emerging Issues for the Family Office

From taxation complexity to cyberthreats, what are today’s top concerns? By Randy Abeles, Tax Partner, RSM US LLP Family offices come in all shapes and sizes and the differences from one to another can be vast. And, yet family offices have common challenges—and opportunities—especially in today’s dynamic business environment. From addressing the complexities of taxation … Continue reading Emerging Issues for the Family Office