Alexandre M. Denault & Jonathan E. Gopman – Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities By: Alexandre M. Denault & Jonathan E. Gopman On May 10, 2016, Treasury issued proposed regulations (the "Proposed Regulations") which enable the Internal Revenue Service (the "Service") to collect certain information about domestic disregarded entities with a single foreign owner. The purpose of the … Continue reading Alexandre M. Denault & Jonathan E. Gopman – Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

HERE COMES THE MOUNTAINAIR TRUST – WEST VIRGINIA PASSES ASSET PROTECTION TRUST LEGISLATION (EFFECTIVE JUNE 8, 2016)

WEST VIRGINIA PASSES ASSET PROTECTION TRUST - TRUST LEGISLATION EFFECTIVE JUNE 8, 2016  - HERE COMES THE MOUNTAINAIR TRUST By Jonathan Gopman, Michael Sneeringer and Alan Gassman Almost haven, West Virginia, Advances its trust law, Throwing future creditors in the river.   Trusts are old there, Like the Confederacy, Until now creditors, Could take about everything they see. … Continue reading HERE COMES THE MOUNTAINAIR TRUST – WEST VIRGINIA PASSES ASSET PROTECTION TRUST LEGISLATION (EFFECTIVE JUNE 8, 2016)

By Regina A. DeMeo: 7 Points to Consider Before Parting Ways

Summer is almost here, and while the kids are out of school, this is the time when a lot of parents considering a separation decide to plan a move. But before vacating the marital residence, here are 7 key points to consider: 1. Get legal advice. It is critical to understand your rights and obligations, … Continue reading By Regina A. DeMeo: 7 Points to Consider Before Parting Ways

Irrevocable Life Insurance Trust Bank? – Richard L. Harris

A trust metaphor may help you better communicate with clients. By Richard L. Harris Have you ever had a client tell you they want a charitable lead annuity trust, a grantor-retained annuity trust or a sale to a (defective) grantor trust? No? Along with trusts and life insurance, the estate-planning terminology causes people’s eyes to … Continue reading Irrevocable Life Insurance Trust Bank? – Richard L. Harris

Special Needs – Special Trusts Part. 1: Overview & Taxation – Bernard A. Krooks

SPECIAL NEEDS - SPECIAL TRUSTS - WHAT YOU DON’T KNOW CAN HURT YOUR CLIENTS AND YOU! Part. 1 Overview & Taxation By Bernard A. Krooks Littman Krooks LLP New York, New York / http://www.littmankrooks.com I. Overview Special needs planning is a niche practice area within the estate planning field that requires a working knowledge of many … Continue reading Special Needs – Special Trusts Part. 1: Overview & Taxation – Bernard A. Krooks

What is Reasonable? Determining Fiduciary Fees in Massachusetts

By Amy R. Lonergan and Joshua S. Miller For an attorney in Massachusetts, serving as a personal representative or trustee (“fiduciary”) for a trust or estate can be a rewarding and fulfilling role. However, there are numerous pitfalls for an attorney when setting and collecting his or her fees for serving as a fiduciary. The will or … Continue reading What is Reasonable? Determining Fiduciary Fees in Massachusetts

By Regina A. DeMeo: Is Your Wedding Budget Realistic?

Welcome to wedding season in the DC Area, which according to the Washingtonian Magazine enjoys revenues of over $1 Billion a year thanks to all the brides and grooms that choose to tie the knot here.  The average cost for a wedding in the U.S. is about $25,000, although in DC it is over $32,000. … Continue reading By Regina A. DeMeo: Is Your Wedding Budget Realistic?

By Regina A. DeMeo: 4 Challenges That Can Make Or Break A Marriage

A lot of people these days focus on how lucky you have to be to attract the right person, but really shouldn't the focus be on what it takes to keep a relationship intact? When you talk to couples that have been together for decades, you can see a clear pattern in the incredible storms … Continue reading By Regina A. DeMeo: 4 Challenges That Can Make Or Break A Marriage

Espen Robak and Richard L. Harris – Intergenerational Economic Benefit Split-Dollar Transaction Passes Crucial Test in Tax Court (Estate of Morrissette Wins First Round)

Intergenerational Economic Benefit Split-Dollar Transaction Passes Crucial Test in Tax Court Estate of Morrissette Wins First Round By Espen Robak and Richard L. Harris Intergenerational[i] split-dollar transactions have become a popular way for families to purchase life insurance, and to do so in a tax efficient transaction structure that minimizes transfer taxes on the senior generation’s … Continue reading Espen Robak and Richard L. Harris – Intergenerational Economic Benefit Split-Dollar Transaction Passes Crucial Test in Tax Court (Estate of Morrissette Wins First Round)

Richard L. Harris – No-Gift Irrevocable Life Insurance Trust Funding

By Richard L. Harris How would you like to be able to fund life insurance policies in an irrevocable life insurance trust (ILIT) without making any taxable gifts? Doing so is helpful when the premiums are high. Furthermore, the trust can be generation-skipping, and the technique is specifically covered by Treasury regulations. Funding the ILIT … Continue reading Richard L. Harris – No-Gift Irrevocable Life Insurance Trust Funding

Espen Robak: Holliday FLP Transfer Runs Afoul of Sec. 2036

By: Espen Robak In Estate of Holliday, decided March 17, 2016, the IRS won a small (dollar-wise) yet meaningful victory on the Sec. 2036 retained interest issue. The case is instructive, since the facts were not particularly bad for the taxpayer. Thus, and especially in conjunction with recent cases, it can serve as a guide to … Continue reading Espen Robak: Holliday FLP Transfer Runs Afoul of Sec. 2036

William W. Sleeth III – 4 Steps To Take If An Estate Dispute Is Brewing

By William W. Sleeth III If an estate dispute is brewing (but is not yet in litigation), there are several important steps that people can take to maximize their odds of success if the matter proceeds to litigation. In the vast majority of states, people only have judicial standing to challenge a will or a … Continue reading William W. Sleeth III – 4 Steps To Take If An Estate Dispute Is Brewing

John D. Dadakis and R. Scott “Scott” Johnston – Why Being Aware of Estate Planning is Important

By John D. Dadakis and R. Scott "Scott" Johnston As we continue to recognize National Estate Planning Awareness Week for 2015, the case of Bakus v. Bakus, W.D.Ky. No. 14-CV-981 (Aug. 21, 2015) (brought to our attention by Jay Adkisson & Chris Riser) is instructive in demonstrating how the failure to have estate planning tools … Continue reading John D. Dadakis and R. Scott “Scott” Johnston – Why Being Aware of Estate Planning is Important

William W. Sleeth III – Yes, Virginia, There Is A “No Contest” Clause

By William W. Sleeth III Estate planning attorneys frequently insert “no contest clauses” into wills or trusts to attempt to deter a beneficiary from challenging the validity of the instrument. With the Virginia Supreme Court having recently handed down a decision on that issue in Rafalko v. Georgiadis, no contest clauses have come to the … Continue reading William W. Sleeth III – Yes, Virginia, There Is A “No Contest” Clause

Julius H. Giarmarco: Transfers of FLP and FLLC Interests Require Immediate Attention

By Julius H. Giarmarco Family limited partnerships (FLPs) and family limited liability companies (FLLCs), if properly structured, are attractive vehicles for administrative convenience; income, estate and gift tax savings; and creditor protection. It is important that an FLP or FLLC be formed for valid business purposes and not merely as a tax device. Otherwise, the IRS … Continue reading Julius H. Giarmarco: Transfers of FLP and FLLC Interests Require Immediate Attention

Kevin E. Packman – Even Though IRS Executives Do Not Know It, Employee Travel Reimbursements Can be Taxable

By Kevin E. Packman On Tuesday, February 18, 2014, the Treasury Inspector General for Tax Administration (TIGTA) issued a report reviewing the long-term travel of certain IRS executives and found that nine of the thirty one executives whose records they studied made mistakes on their taxes. [1] The mistakes pertained to the taxability of travel … Continue reading Kevin E. Packman – Even Though IRS Executives Do Not Know It, Employee Travel Reimbursements Can be Taxable

Sharon L. Klein – TSB-M15(4)M: New York Issues Estate Tax Guidance for Residents and Nonresidents Owning New York Property – New York State Department of Taxation and Finance Technical Memorandum

By Sharon L. Klein “On October 27, 2015, the New York State Department of Taxation and Finance issued a Technical Memorandum (“TSB”) that provides estate tax guidance for residents and for nonresidents owning New York property. Specifically, the TSB provides guidance on how to compute allowable deductions for resident and nonresident estates, and examples to illustrate … Continue reading Sharon L. Klein – TSB-M15(4)M: New York Issues Estate Tax Guidance for Residents and Nonresidents Owning New York Property – New York State Department of Taxation and Finance Technical Memorandum

Julius H. Giarmarco: 25 Year-End Estate Planning Tips (Part 3/3)

By Julius H. Giarmarco Part 1 / Part 2 / Part 3  Don’t let the chaos of the holiday season prevent you from minimizing federal estate taxes and fine-tuning your estate plan. What better gift for your heirs than avoiding the 40% federal estate tax and making sure your affairs are all in order? Although many of the … Continue reading Julius H. Giarmarco: 25 Year-End Estate Planning Tips (Part 3/3)

Julius H. Giarmarco: 25 Year-End Estate Planning Tips (Part 2/3)

By Julius H. Giarmarco Part 1 / Part 2 / Part 3 Don't let the chaos of the holiday season prevent you from minimizing federal estate taxes and fine-tuning your estate plan. What better gift for your heirs than avoiding the 40% federal estate tax and making sure your affairs are all in order? Although many of the … Continue reading Julius H. Giarmarco: 25 Year-End Estate Planning Tips (Part 2/3)