By Laura Angel-Lalanne & G. Warren Whitaker Clients frequently make their choices regarding the disposition of their tangible personal property based on emotional considerations. Nevertheless, they must be aware of the tax costs and benefits associated with the various methods of disposition they may be considering, so they can make fully informed decisions. This article … Continue reading TAXATION OF TANGIBLE PERSONAL PROPERTY
· May 20 -Steve Leimberg's Estate Planning NewsletterBeth Shapiro Kaufman & Megan E. Wernke: GST Exemption Allocation for 2019, Better Late than TimelySteve Leimberg's Business Entities Newsletter· May 18 -Jeff Scroggin & Michael Burns: Checklist for Avoiding Penalties on PPP Loan Certifications· May 18 -Alan Gassman, Brandon Ketron, Lawrence Starr & Kevin Cameron - Newly Published PPP Loan … Continue reading Leimberg Weekly Digest: 2020.05.16-23
By Nicholas J. Bertha IN A CLASSIC IRONY, WE NOW FIND OURSELVES IN PERHAPS THE MOST ATTRACTIVE WEALTH TRANSFER ENVIRONMENT OF OUR LIFETIMES. THE REASONS ARE TWO-FOLD. FIRST, A PAIR OF INTEREST RATES THAT ARE NOW AT THEIR LOWEST LEVELS IN HISTORY, MAKING IT EASIER FOR SEVERAL OF THE MOST WIDELY USED WEALTH TRANSFER TACTICS … Continue reading What’s the Upside in a Downturn? —Today’s Environment Has Created Once-in-a-lifetime Wealth Planning Opportunities
The NAEPC (National Association of Estate Planning Councils) has issued its May 2020 Journal of Estate & Tax Planning. The summary of articles and links are as follows. Regular Columns and Reports Editor's Note: Strategic Estate Planning: The Perfect Storm A confluence of more time on our hands, an urgent reminder of the important things in … Continue reading NAEPC Journal of Estate & Tax Planning – Issue 34 – May 2020
Rebecca MacGregor, of Bowditch & Dewey, writes in a blog post that now is the time to make gifts for wealth transfer planning, in her article, Leveraging Gifts in a Down Market. Her article begins as follows: Down markets are a prime opportunity for tax planning for high net worth families. In the few years … Continue reading Leveraging Gifts in a Down Market – Don’t Tax Yourself
Richard F. Storrow has made available his article, The Secret Life of Testamentary Schemes, published in the Drake Law Review, Vol. 68, No. 1, 2020. The Abstract is as follows: The testamentary scheme, a poorly understood interpretative tool used by courts to determine the meaning of a will’s dispositive provisions, is insufficiently theorized in both … Continue reading Richard F. Storrow, The Secret Life of Testamentary Schemes
Jonathan Hurtarte, of Bloomberg Law's Daily Tax Report, has published his article, Virus Chaos Creates Opening for Millionaires to Slash Tax Bills (Apr. 20, 2020). The article begins as follows: •Transferring depressed assets can help people avoid future estate tax•Planning opportunities may diminish in coming monthsMarket uncertainty caused by the coronavirus pandemic has created an … Continue reading Bloomberg Daily Tax Report: Virus Chaos Creates Opening for Millionaires to Slash Tax Bills (Apr. 20, 2020)
The New York Times reports that the wealthiest individuals are posed to reap tens of billions of tax savings due to CARES Act provisions passed as part of the pandemic response. The article begins as follows: It As the federal government dispenses trillions of dollars to save the economy, small businesses and out-of-work individuals are … Continue reading The New York Times: The Tax-Break Bonanza Inside the Economic Rescue Package (Apr. 24, 2020)
Professors David Horton and Reid K. Weisbord have made available their forthcoming article, COVID-19 and Formal Wills, to be published in the Stanford Law Review. The Abstract is as follows: Most Americans do not have a will. The reasons are easy to understand. Thinking about death is unpleasant, and hiring a lawyer is expensive. However, … Continue reading David Horton, Reid K. Weisbord, COVID-19 and Formal Wills, Stanford Law Review (Forthcoming).
The Kitces Report reports on how to fix an unwanted 2020 required minimum distribution by means of a rollover. The Executive Summary is as follows: With the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act by Congress last month, Americans were provided with a more-than-$2 trillion emergency fiscal relief package that included … Continue reading Kitces Report: Fixing An Unwanted 2020 RMD Via Rollover
Bob Carlson, in his Forbes column, writes that the Social Security Administration does not recognize durable financial powers of attorney. He then goes on to discuss the estate planning ramifications of this fact. His article begins as follows: Social Security benefits are one of the items that fall through the cracks in many estate plans.A … Continue reading Bob Carlson, The Surprising But Essential Estate Planning Step For Social Security Benefits, Forbes (Apr. 17, 2020)
Steve Akers, of Bessemer Trust, has posted a video Estate Planning Update on the Bessemer Trust website, captioned "Heckerling Musings 2020 and Estate Planning Current Developments." The Abstract is as follows: Our thoughts are with the individuals and communities around the world affected by the coronavirus. As we continue to navigate this evolving global crisis, … Continue reading Steve Akers Estate Planning Update (Apr. 17, 2020)
IRS launches tool for nonfilers to receive stimulus payments The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low. Inherited IRA strategies after the SECURE Act By Randy A. … Continue reading AICPA Tax Insider (Apr. 16, 2020) Inherited IRA Strategies and More
John A. Miller & Jeffrey A. Maine have made available for download their forthcoming article, Wealth Transfer Tax Planning after the Tax Cuts and Jobs Act, to be published in the Brigham Young University Law Review. The Abstract is as follows: On December 17, 2017, Congress passed the Tax Cuts and Jobs Act (TCJA). Among … Continue reading John A. Miller & Jeffrey A. Maine, Wealth Transfer Tax Planning after the Tax Cuts and Jobs Act, Brigham Young U. Law Rev.
Paul Sullivan in his weekly Money Matters column writes about opportunities presented by the pandemic relief efforts, noting that government plans to ease the financial impact of the pandemic have created significant opportunities to reduce personal and business tax bills for years. Mr. Sullivan's article begins as follows: Adam Schwartz, who runs his family’s 100-year-old … Continue reading NY Times, Paul Sullivan, Money Matters: Virus Relief Efforts Give Rise to New Tax Strategies
The District of Columbia has passed temporary legislation allowing electronic wills due to the COVID-19. To see text of legislation, click here and look at page 41. Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.
Shanna N. Yonke, of Ruder Ware, notes that many people want to update their estate planning documents due to the COVID 19 crises. Her articles discusses the requirements for a valid will, which go beyond just the execution requirements. The article begins as follows: In our blog post on estate planning in the midst of the global COVID-19 … Continue reading Shanna N. Yonke, How do you create a valid will in Wisconsin (Mar. 31, 2020)
Proskauer has released its Personal Planning Strategies Newsletter for March 2020. Among other recommendations made, Proskauer recommends the following: Update estate planning documents.Using zeroed out GRATs.Save failed GRATs.Renegotiate outstanding promissory notes.Look at tax filing extensions. See full newsletter by clicking Proskauer: Personal Planning Strategies (Mar. 2020).
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
Natalie Banta has made available for download her article, Electronic Wills and Digital Assets: Reassessing Formality in the Digital Age, 71 Baylor Law Review 3 (2019). The Abstract is as follows: The law of Wills, dating back to 1540, is one of the last holdouts against the digital revolution. In 2019, a will in most … Continue reading Banta, Electronic Wills and Digital Assets: Reassessing Formality in the Digital Age (2019)