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
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
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
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
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?
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
Financial infidelity is not a legal ground for divorce anywhere that I am aware of, but just because it may not be illegal does not make it right. Just because you can do something does not mean you should do it. Let me give you some examples of what financial infidelity looks like: Scenario 1 … Continue reading What is Financial Infidelity?
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?
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
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
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?
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
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?
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
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?
Anyone over the age of 35 that has gone through a divorce has baggage-- even if there were no children that resulted from that marriage. We all have poured time and energy into a relationship that failed, and when all your hopes and dreams for that marriage are shattered, it is normal (and healthy) to … Continue reading By Regina A. DeMeo: Have You Dealt With Your Baggage?
The Hunt for Tax Apportionment: Lessons from Tom Clancy’s Estate Litigation Edwin Morrow The Hunt for Red October was Tom Clancy's debut novel in 1984. It was a fun, exciting novel written in the Reagan, pre-Glasnost era about a rogue Soviet (remember the Soviet Union?) submarine captain, later turned into a movie with Sean Connery … Continue reading Edwin Morrow – The Hunt for Tax Apportionment: Lessons from Tom Clancy’s Estate Litigation
SPECIAL NEEDS - SPECIAL TRUSTS - WHAT YOU DON’T KNOW CAN HURT YOUR CLIENTS AND YOU! Part. 3: Common Errors By Bernard A. Krooks Littman Krooks LLP New York, New York / http://www.littmankrooks.com Part 2. Drafting Considerations Set forth below are some common errors practitioners make when representing clients in connection with special needs planning and SNTs. … Continue reading Special Needs – Special Trusts Part. 3: Common Errors – Bernard A. Krooks
SPECIAL NEEDS - SPECIAL TRUSTS - WHAT YOU DON’T KNOW CAN HURT YOUR CLIENTS AND YOU! Part. 2: Drafting Considerations & Trust Administration Considerations By Bernard A. Krooks Littman Krooks LLP New York, New York / http://www.littmankrooks.com Part. 1 Overview & Taxation III. Drafting Considerations A. Trustee Selection The selection of a trustee is one of … Continue reading Special Needs – Special Trusts Part. 2: Drafting Considerations & Trust Administration Considerations – Bernard A. Krooks
Wedding season is upon us, and that means lots of revenue for all the vendors in that industry, which in the DC Area yields about $1.1 Billion a year. Truly, one must admire the amazing collaboration of efforts that make that magical day happen, but looking beyond the big day, here are 4 key questions … Continue reading By Regina A. DeMeo: 4 Key Questions To Ask Before The Nuptials