IRC 264 – Is there a deduction loophole? Advisory Alert for Attorneys and Accountants

By Guy Baker and Stanley Mountford The insurance industry is one of the most creative and adaptive group of marketers and agents ever assembled. But they must adhere to the tax laws and respect the intent of the law. A popular strategy has been circulated recently that flies in the face of legal precedence and … Continue reading IRC 264 – Is there a deduction loophole? Advisory Alert for Attorneys and Accountants

Is A C Corporation Preferred After Tax Reform?

By Annette Nellen, CPA, Esq. So, is a C corporation preferred after the TCJA? The best answer: “it depends.” Many tax rules and non-tax considerations are important for choice-of-entity decisions. As shown in the following examples, the QBI deduction is a significant benefit to non-corporate businesses to complement the 21% flat rate for C corporations. … Continue reading Is A C Corporation Preferred After Tax Reform?

Cahill: Facts, Takeaways and Thoughts

By Richard L. Harris, CLU ® AEP ® For those of you that don’t follow intergenerational split-dollar arrangements here’s a quick and dirty about how they normally work. Three generations involved Senior is wealthy and older, often in 80’s or 90’s Senior makes an advance or a loan to an ILIT for the benefit of grandchildren. In … Continue reading Cahill: Facts, Takeaways and Thoughts

The 1846 Last Will of John Sutton—What’s Not So New in Will Drafting and Contests

By Terrence M. Franklin © 2018 University of Miami School of Law.  This material was prepared for the 52nd Annual Heckerling Institute on Estate Planning sponsored by the University of Miami School of Law, and published by LexisNexis. It is reprinted with the permission of the Heckerling Institute and the University of Miami. Introductory Remarks ALAN F. ROTHSCHILD, … Continue reading The 1846 Last Will of John Sutton—What’s Not So New in Will Drafting and Contests

The Role of Elder Law Attorneys

By Lawrence A. Frolik Many clients have heard of “Elder Law,” but not many are aware what it is or how an elder law attorney can help them. The short answer is that elder law attorneys help their clients with later life legal problems. Just as older clients have unique financial issues, so do older … Continue reading The Role of Elder Law Attorneys

The More Things Change, the More They Stay the Same? Foreign Investment in U.S. Real Estate after the Tax Cuts and Jobs Act

By Jonathan E. Gopman, Esq. and Paul J. D'Alessandro, Jr., Esq. On December 22, 2017, President Trump signed into law what is commonly referred to as the Tax Cuts and Jobs Act (the "Act").1 The Act represents the most comprehensive reform to U.S. tax law since 1986. In particular, the Act changed many long-standing U.S. international tax … Continue reading The More Things Change, the More They Stay the Same? Foreign Investment in U.S. Real Estate after the Tax Cuts and Jobs Act

Fiduciary Compensation in Georgia

By Kimberly E. Civins & Melissa Sprinkle Introduction Historically, trustees and executors served without any compensation.1 In recognition of the fact that technological advancements have increased the complexity of dealing with assets in a trust or estate, modern legislation allows fiduciaries to collect commissions for their service. The character of fiduciary compensation varies from state … Continue reading Fiduciary Compensation in Georgia

Michael King: The Generous Business

How clients can use their businesses as engines for generosity By Michael King Key Takeaways Giving an interest in a business may enable owners to double their current cash giving, while dramatically reducing their tax liability. Most business owners are not aware they can give a portion of their business to charity. Giving an interest … Continue reading Michael King: The Generous Business

Linda Kotis: Your Heirs May Find Your Single Member LLC Taxing

By Linda Kotis I. SMLLC Scenario and Potential Consequences Archie and Edith were married for 50 years. After Archie’s death, Edith sold their home in Queens, New York for a tidy profit. Archie also named his wife as the beneficiary of a large insurance policy he bought when he first started working at the loading … Continue reading Linda Kotis: Your Heirs May Find Your Single Member LLC Taxing

Stanley I. Foodman: Will Optional GIIN Reporting on Form 8938 continue to be Optional? Or is it the beginning of a new IRS Cross-Reference?

By Stanley I. Foodman, CEO, of Foodman CPAs & Advisors, Miami Florida   IRS Form 8938 (a FATCA created form) is the Statement of Specified Foreign Financial Assets in which Taxpayers are required to report their specified foreign financial assets when their value meets the obligatory reporting threshold. It has been a required form for … Continue reading Stanley I. Foodman: Will Optional GIIN Reporting on Form 8938 continue to be Optional? Or is it the beginning of a new IRS Cross-Reference?

What Makes Or Breaks A Relationship? By Regina A. DeMeo

Last week on the Washington Post Express FB Live segment of Baggage Check, I got to cover major issues that come up for couples with respect to money.  But hopefully it is clear that money is just the topic, and the real issue is usually something much deeper like a need for safety and security, … Continue reading What Makes Or Breaks A Relationship? By Regina A. DeMeo

Why Is There A Surge In Divorces After The Holidays?

During the holidays, many families struggle with these three questions: 1. Where will we be for the holidays? 2. Who will we be with? 3. How much will we spend? If a couple is not on the same page with respect to these issues, they tend to face a perfect storm that can bring out … Continue reading Why Is There A Surge In Divorces After The Holidays?

By Regina A. DeMeo: 3 Great Take Aways From Divorce

Imagine that one day someone tells you that you have to find a new place to live relying on only half your household income, while at the same time your assets are reduced by 50%. Be honest, no matter who you are that's going to hurt. To make matters worse, in addition to the huge … Continue reading By Regina A. DeMeo: 3 Great Take Aways From Divorce

By Regina DeMeo: 6 Main Reasons to Modify a Parenting Plan

Parenting Plans, which are private agreements between parents, and Custody Orders, which are approved by judges, are not written in stone.   Separated parents need to be prepared to discuss changes as needed because modifications are actually quite common in custody cases, especially in those like the one involving Angelina and Brad Pitt's six children, … Continue reading By Regina DeMeo: 6 Main Reasons to Modify a Parenting Plan

Ted Dougherty and Lisa Sergi – Tax Planning Using the Constructive Sale Rules – When is a Constructive Sale not a Constructive Sale?

Tax Planning Using the Constructive Sale Rules – When is a constructive sale not a constructive sale? By Ted Dougherty and Lisa Sergi Notwithstanding strong headwinds in the financial markets, a number of hedge funds are sitting on large unrealized gains in their portfolios. Concerns arising from the outcome of elections in the United States, Brexit, … Continue reading Ted Dougherty and Lisa Sergi – Tax Planning Using the Constructive Sale Rules – When is a Constructive Sale not a Constructive Sale?

By Regina A. DeMeo: 5 Key Issues In A Divorce

What most people going through a divorce dwell on  is the why, or how did we get to this point?  Unfortunately, not everyone is capable of having a closure conversation, and many will be deprived of the apology they so long for, and perhaps rightly deserve.  Ultimately, it only takes one person to call it quits, … Continue reading By Regina A. DeMeo: 5 Key Issues In A Divorce

By Regina A. DeMeo: What Is Conscious Uncoupling?

Conscious uncoupling is not something invented by Gwyneth Paltrow and Chris Martin, who decided to separate amicably in 2014.  It is actually a movement that has been around for decades, and it is skillfully executed by trained mediators, who promote Alternate Dispute Resolution ("ADR") methods for couples that want to avoid World War III. ADR … Continue reading By Regina A. DeMeo: What Is Conscious Uncoupling?

By Regina A. DeMeo: 3 Key Costs In a Divorce

They say freedom is priceless, and yet when you are contemplating a divorce, there are some pretty significant costs to consider before calling it quits, unless you are economically on par with couples like Brad Pitt and Angelina Jolie. Here are the top 3 expenses you must budget for when contemplating a separation: 1. Family … Continue reading By Regina A. DeMeo: 3 Key Costs In a Divorce

By Regina A. DeMeo: Are You Ready To Get Engaged?

Most couples get engaged between November and February each year, and then the wedding planning takes over for another 6-9 months until the big day. During that time, a couple will formulate a guest list that will not only drive the choice of a venue, but also the costs of the caterer and floral arrangements. … Continue reading By Regina A. DeMeo: Are You Ready To Get Engaged?