Derek Tharp (Kites.com & University of Southern Maine): Using Asset-Map To Develop A (Gestalt) Visualization Of The Holistic Financial Plan (October 25, 2021)

Derek Tharp, of Kites.com and the University of Southern Maine, has made available for download his article, "Using Asset-Map To Develop A (Gestalt) Visualization Of The Holistic Financial Plan," published in Kites.com. The abstract is as follows: When preparing comprehensive financial plans, financial advisors must consider their clients’ entire financial situation, which consists of a … Continue reading Derek Tharp (Kites.com & University of Southern Maine): Using Asset-Map To Develop A (Gestalt) Visualization Of The Holistic Financial Plan (October 25, 2021)

Forbes: Residence Under Water Due to Liens Not an Asset That Could be Fraudulently Transferred in Tootian (October 21, 2021)

Forbes has published an article, “Residence Under Water Due to Liens Not an Asset That Could be Fraudulently Transferred in Tootian”, which discusses how underground transactions are being used to stop creditors from taking properties. The article begins as follows: Sometimes debtors will engage in a lot of shady transactions to save a property, but … Continue reading Forbes: Residence Under Water Due to Liens Not an Asset That Could be Fraudulently Transferred in Tootian (October 21, 2021)

NY Times: The City of London Is Hiding the World’s Stolen Money (October 11, 2021)

Nicholas Shaxson in his New York Times article, discusses the Pandora Papers and how it has exposed Britain’s role in money laundering. His article, “The City of London Is Hiding the World's Stolen Money”, begins as follows: In 1969, two years after the Cayman Islands, a British territory, passed its first law to allow secretive offshore trusts, … Continue reading NY Times: The City of London Is Hiding the World’s Stolen Money (October 11, 2021)

Tiffany Brentley (Burns & Levinson LLP): Altering Estate Plans Before or After Divorce (September 30, 2021)

Tiffany Brentley of Burns & Levinson LLP, has made available for download her article, "Altering Estate Plans Before or After Divorce," published in JDSUPRA. The article begins as follows: In the early stages of this blog, I reviewed and discussed several ways that we could “Learn from Famous Mistakes,” such as failing to update an estate … Continue reading Tiffany Brentley (Burns & Levinson LLP): Altering Estate Plans Before or After Divorce (September 30, 2021)

CNBC: Nearly 70% of millionaires are worried about leaving ‘too much’ money to their kids, survey finds (September 19, 2021)

CNBC has published an article, “Nearly 70% of millionaires are worried about leaving 'too much' money to their kids, survey finds", which discusses concerns held by several high income individuals over how their money will be used when passed down to their children. The article begins as follows: Wealthy celebrities like Daniel Craig and entrepreneurs like Warren Buffett and Kevin … Continue reading CNBC: Nearly 70% of millionaires are worried about leaving ‘too much’ money to their kids, survey finds (September 19, 2021)

Sheppard, Mullin, Richter, & Hampton LLP: Possible Changes to Estate and Gift Tax Law (September 24, 2021)

Sheppard, Mullin, Richter, & Hampton LLP has made available for download their article, “Asset Basis and the Future of the Federal Estate Tax”, published in JDSUPRA. The abstract is as follows: Last week the House Ways and Means Committee released a draft of proposed tax law changes to include in a reconciliation bill. While it … Continue reading Sheppard, Mullin, Richter, & Hampton LLP: Possible Changes to Estate and Gift Tax Law (September 24, 2021)

Beth DeCarbo (Wall Street Journal): The Biggest Mistakes Home Buyers and Sellers Make (September 18, 2021)

Beth DeCarbo has made available for download her article, “The Biggest Mistakes Home Buyers and Sellers Make”, published in the Wall Street Journal. The article begins as follows: When people say they “fell in love with a house,” they would do well to remember another common saying: Love is blind.Overcome by strong emotions, potential buyers … Continue reading Beth DeCarbo (Wall Street Journal): The Biggest Mistakes Home Buyers and Sellers Make (September 18, 2021)

Casey Dorman Lawson: Asset Basis and the Future of the Federal Estate Tax (August 18, 2021)

Casey Dorman Lawson, of Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., has made available for download her article, “Asset Basis and the Future of the Federal Estate Tax”, published in JDSUPRA. The abstract is as follows: The federal estate tax is often a topic of conversation especially in regards to the tax rate and the … Continue reading Casey Dorman Lawson: Asset Basis and the Future of the Federal Estate Tax (August 18, 2021)

Jenna Fruechtenicht Butler (Ward and Smith, P.A.): Preventing Trust and Estate Disputes (August 13, 2021)

Jenna Fruechtenicht Butler, of ([Ward and Smith, P.A.), has made available for download her article, Preventing Trust and Estate Disputes, published in JDSUPRA. The abstract is as follows: The death of a loved one should be a time for a family to come together. As a trust and estate litigator, unfortunately, I often see families fall … Continue reading Jenna Fruechtenicht Butler (Ward and Smith, P.A.): Preventing Trust and Estate Disputes (August 13, 2021)

Florida Probate & Trust Litigation Blog: If a married couple transfers their tenants by the entireties (TBE) property to a joint trust, have they forfeited its creditor protection shield? (July 12, 2021)

Juan C. Antúnez, in his Florida Probate & Trust Litigation Blog, discusses the implications of using a joint revocable trust between married couples with regards to creditor protection. The article begins as follows: If a married couple transfers their tenants by the entireties (TBE) property to a joint revocable trust, have they forfeited its creditor protection shield? That’s … Continue reading Florida Probate & Trust Litigation Blog: If a married couple transfers their tenants by the entireties (TBE) property to a joint trust, have they forfeited its creditor protection shield? (July 12, 2021)

Christopher Arakaky (Dunlap Bennett & Ludwig PLLC): Asset Protection Trusts and Alternatives (June 14, 2021)

Christopher Arakaky of Dunlap Bennett & Ludwig PLLC, has made available for download his article, "Asset Protection Trusts and Alternatives," published in JDSupra. The abstract is as follows: We live in an incredibly litigious nation. Every year, billions of dollars are spent on lawsuits across the country. Business owners, professionals, and high-profile individuals, among others, … Continue reading Christopher Arakaky (Dunlap Bennett & Ludwig PLLC): Asset Protection Trusts and Alternatives (June 14, 2021)

Jack Townsend (Federal Tax Crimes Blog): FBAR Civil Willful Penalty Sustained Against Long Time Accountant and Tax Preparer Who Claimed He Did Not Have Time to Read the Schedule B Instructions (June 4, 2021)

Jack Townsend has made available for download his article, "FBAR Civil Willful Penalty Sustained Against Long Time Accountant and Tax Preparer Who Claimed He Did Not Have Time to Read the Schedule B Instructions", published on his Federal Tax Crimes blog. The abstract is as follows: In United States v. Kronowitz (S.D. Fla. No. 19-cv-62648 … Continue reading Jack Townsend (Federal Tax Crimes Blog): FBAR Civil Willful Penalty Sustained Against Long Time Accountant and Tax Preparer Who Claimed He Did Not Have Time to Read the Schedule B Instructions (June 4, 2021)

Forbes: Swiss Life Companies Enter Into Deferred Prosecution Arrangement For Abusive Private Placement Life Insurance Policies (May 28, 2021)

Forbes has published an article, “Swiss Life Companies Enter Into Deferred Prosecution Arrangement For Abusive Private Placement Life Insurance Policies,” which discusses private placement life insurance (PPLI) policies, more specifically their supposed benefits and drawbacks as well as the legal ramifications of the use of these policies. The article begins as follows: A private placement life … Continue reading Forbes: Swiss Life Companies Enter Into Deferred Prosecution Arrangement For Abusive Private Placement Life Insurance Policies (May 28, 2021)

Federal Tax Crimes: CFC Grants Summary Judgment Based on Bank Account Record Ownership Even Though Others May Have Been Beneficial Owners (April 20, 2021)

Jack Townsend, in his Federal Tax Crimes Blog, discusses the case: Landa v. United States. In Landa v. United States, 2021 U.S. Claims LEXIS 635 (Fed. Cl. Apr. 19, 2021), here, the Court entered summary judgment for the Government on the FBAR civil willful penalty.  The facts are not good for the plaintiff, Leon Landa, hence the … Continue reading Federal Tax Crimes: CFC Grants Summary Judgment Based on Bank Account Record Ownership Even Though Others May Have Been Beneficial Owners (April 20, 2021)

Sean McKissick (Downey Brand LLP): No Bad Faith Required – Trustee of Spendthrift Trust May Be Compelled to Pay Attorney Fees Under Family Code Section 2030 (May 18, 2021)

Sean McKissick, of Downey Brand LLP, has made available for download his article, "No Bad Faith Required – Trustee of Spendthrift Trust May Be Compelled to Pay Attorney Fees Under Family Code Section 2030", published in JDSUPRA. The abstract is as follows: Section 2030 of California’s Family Code provides an important safeguard to ensure the fairness of marriage dissolution proceedings. … Continue reading Sean McKissick (Downey Brand LLP): No Bad Faith Required – Trustee of Spendthrift Trust May Be Compelled to Pay Attorney Fees Under Family Code Section 2030 (May 18, 2021)

Barbara T. Kaplan and Shira Peleg (Greenberg Traurig LLP): IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements (April 21, 2021)

Barbara T. Kaplan and Shira Peleg, of Greenberg Traurig LLP, have made available for download their article, “IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements,” published in a Greenberg Traurig Alert. The abstract is as follows: On April 19, 2021, the IRS announced the establishment of a new Office of Promoter Investigations (OPI). The creation of OPI … Continue reading Barbara T. Kaplan and Shira Peleg (Greenberg Traurig LLP): IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements (April 21, 2021)

Haghnazarzadeh, T.C. Memo. 2021-47: Married Couple Had Unreported Income in Bank Accounts Now Owes IRS Nearly $3 Million (April 29, 2021)

The Tax Court released Memorandum Opinion for Josef Haghnazarzadeh and Catherine Y. Haghnazarzadeh v. Commissioner of Internal Revenue, T.C. Memo. 2021-47 (April 29, 2021) and announced that decision will be entered under Rule 155. A married couple had unreported taxable income for two tax years at issue. The taxpayers did not produce books or records … Continue reading Haghnazarzadeh, T.C. Memo. 2021-47: Married Couple Had Unreported Income in Bank Accounts Now Owes IRS Nearly $3 Million (April 29, 2021)

Steven Dean and Attiya Waris: Ten Truths About Tax Havens: Inclusion and the ‘Liberia’ Problem (April 8, 2021)

Steven Dean and Attiya Waris, of Brooklyn Law School and University of Nairobi, have made available for download their article, Ten Truths About Tax Havens: Inclusion and the ‘Liberia’ Problem, published in Emory Law Journal, Vol. 70, No. 7, 2021 and Brooklyn Law School, Legal Studies Paper No. 670. The abstract is as followed: There … Continue reading Steven Dean and Attiya Waris: Ten Truths About Tax Havens: Inclusion and the ‘Liberia’ Problem (April 8, 2021)

United States v. Rum: IRS Properly Assessed Penalty for Willful Violation (April 23, 2021)

In United States v. Rum, No. 19-14464 (11th Cir. April 23, 2021), the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s decision in granting summary judgment in favor of the government, enforcing the IRS assessment of a penalty for a willful FBAR violation. The individual placed money in a foreign … Continue reading United States v. Rum: IRS Properly Assessed Penalty for Willful Violation (April 23, 2021)

IRS Memorandum 20211601F-20211606F: Variants of Micro-Captive Insurance Transactions Same As Specific Transaction

In each of six IRS Memoranda cases, the IRS stated that variant of the micro-captive insurance transactions promoted by an entity were the same as, or substantially similar to, the transaction of interest in Notice 2016-66 , I.R.B. 2016-47, 745. The micro-captive transactions involved captives formed by business owners to purportedly insure risks of their … Continue reading IRS Memorandum 20211601F-20211606F: Variants of Micro-Captive Insurance Transactions Same As Specific Transaction