United States v. Dase, N.D. Alabama (Sept. 23, 2019): Jointly Owned Property Subject to IRS Tax Lien

In United States v. Dase, N.D. Alabama (Sept. 23, 2019), the federal district court for the Northern District of Alabama held that property jointly owned by a tax debtor and his sister was subject to an IRS lien to the extent of the tax debtor's interest in the property. To see full opinion, click United … Continue reading United States v. Dase, N.D. Alabama (Sept. 23, 2019): Jointly Owned Property Subject to IRS Tax Lien

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

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

Adkisson, Charging Order Protection Backfires At Judicial Sale In Preservation Holdings

Adkisson's article describes a Maine court decision "in favor of Preservation Holdings, LLC and against Pamela Gleichman and others. The Maine court entered charging orders against Gleichman's interests in some 51 different limited liability companies (LLCs) and limited partnerships (LPs)." He pinpoints one of the main takeaways from the recent judgement to be the fact … Continue reading Adkisson, Charging Order Protection Backfires At Judicial Sale In Preservation Holdings

Adkisson, Fraudulent Transfers And The Statute of 13 Elizabeth Translated To Contemporary Legal English

Adkisson describes how "modern Anglo-American voidable transactions law traces its roots in some considerable part to the English Fraudulent Conveyances Act of 1571, better known as the Statute of 13 Elizabeth, Chapter 5." However, he notes that most legal commentators have not actually read the Act, partly due to the fact that "finding a translation of the … Continue reading Adkisson, Fraudulent Transfers And The Statute of 13 Elizabeth Translated To Contemporary Legal English

Adkisson, Cortez Rule For California Uniform Voidable Transactions Act Reaffirmed In Potter

Adkisson describes the impact of a recent court case in reaffirming a provision of the California Uniform Voidable Transactions Act (CUVTA). Adkisson outlines the Statute of Extinguishment in the CUVTA Civil Code, explaining that "a Statute of Extinguishment is very much like a Statute of Limitations, but with one key difference: A Statute of Extinguishment … Continue reading Adkisson, Cortez Rule For California Uniform Voidable Transactions Act Reaffirmed In Potter

Supreme Court Petition Filed: BF Hawk v. Commissioner (18-1534) – Fraudulent Conveyance Law and Transferee Tax Liability Decedents Estate

In B.F. Hawk v. Commissioner, the Sixth Circuit held that a decedent’s estate, his widow and two marital trusts were liable as transferees for income taxes owed by the decedent’s business. The Sixth Circuit held that under the Tennessee Uniform Fraudulent Transfer Act, an asset sale followed by the stock sale was a sham transaction … Continue reading Supreme Court Petition Filed: BF Hawk v. Commissioner (18-1534) – Fraudulent Conveyance Law and Transferee Tax Liability Decedents Estate