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
Category: Articles
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
The Practice of Law or Not the Practice of Law, That is the Question
By Virginia H. Grigg This material was originally prepared for and presented at the Connor-Zaritsky 40thAnnual Advanced Estate Planning and Administration Seminar sponsored by Virginia CLE. As attorneys, we do not have to worry about engaging in the unauthorized practice of law (UPL) because we are licensed to practice law in our given jurisdictions. However, we have … Continue reading The Practice of Law or Not the Practice of Law, That is the Question
Resolving Tax Debts is Easy: It’s All About the Process
By Eric L. Green, Esq. Taxpayers often become frustrated and scared when dealing with the IRS on a back tax debt.In reality, however, resolving a tax debt is reasonably straightforward and can save taxpayers from unnecessary distress. A statutory lien is normally issued after tax returns are filed and payments must be arranged by the … Continue reading Resolving Tax Debts is Easy: It’s All About the Process
The Virtual Family Office and Personal Financial Planning
By Susan M. Tillery Many consumers, as well as professional advisers, continue to think of personal financial planning as a tool to gather assets under management (AUM) or to sell products; however, CPA personal financial planners have developed a fee-for service model which offers integrated personal financial planning without AUM or product sales. This model embodies … Continue reading The Virtual Family Office and Personal Financial Planning
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
Wealth Strategies Journal 