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September 2020 Digital Edition
Features on Estate Planning & Taxation , Valuations and Insurance, plus columns on Tax Law Update and Tips From the Pros
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Tax Law Update: October 2020
David A. Handler and Alison E. Lothes highlight the most important tax law developments of the past month. • Tax Court affirms tax treatment of donations of appreciated stock—In T.C. Memo. 2020-128...
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Tips From the Pros: The Uniform Voidable Transactions Act—Continue to Be Aware!
Al W. King III discusses some important changes to the UVTA and whether it has gone too far with some of its language and comments, particularly regarding domestic asset protection trusts.Since 2014,...
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Bracing for Major Disruptions
Policy proposals for income and transfer tax systems and their effects on charitable giving. The tumultuous Democrat primary for president yielded a consensus about both the candidate and the overall...
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Five Factors That Impact How COVID-19 Affects Philanthropy
The ramifications of the pandemic are now beginning to become clear. My July 2020 column focused on a number of philanthropic gift planning strategies in light of the Coronavirus Aid, Relief and...
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Charitable Tax Planning in an Uncertain Coronavirus and Tax World
Walking-around knowledge on the basics and the new stuff. We take our lead from Groucho Marx: “Before I speak, I have something important to say.”Americans will continue to support charitable...
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Private Foundations and For-Profit Organizations
Friends with benefits? Although it’s well known that a private foundation (PF) can freely make grants to Internal Revenue Code Section 501(c)(3) public charities, many are surprised to learn that a PF...
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Donor-Advised Funds: Flexible, Efficient Donor-Centric Philanthropy
Rebutting the critics. Donor-advised funds (DAFs) have dramatically grown in popularity and significance in recent years.1 First used in the 1930s as described below, DAFs have become the most...
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IRA Beneficiary Distributions to Charity
Getting a private letter ruling turns into a Kafkaesque experience. In October 2019, the Internal Revenue Service issued Private Letter Ruling 201943020 (July 25, 2019), which concerns an individual...
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Are We Missing the Purpose of the Purpose Trust?
Advisors and attorneys shouldn’t be afraid to use it. There are hundreds of family business planning and family office specialists across the country whose specialty is to perform all-around planning...
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October 2020 Digital Editon
Features on Estate Planning & Taxation , Valuations and Insurance, plus columns on Tax Law Update and Tips From the Pros
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Estate-Planning Construction Issues Post-Obergefell
Court interpretations need to acknowledge the legality of same-sex marriages. The U.S. Supreme Court decision in Obergefell v. Hodge1 changed the legal understanding of marriage in the United States....
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Directional Alignment—Carried Interest Estate Planning in 2020
Implement potent wealth transfer strategies (while you still can). As the outcome of the looming presidential election potentially puts at risk the existing lifetime gifting exemption, tax advisors...
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A Modern Look at the Enforceability of No-Contest Provisions
State courts and legislatures have taken various approaches. Your client, Anna, is updating her estate plan in light of the recent passing of her husband. She has two adult children, Sarah and David....
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New PPP Transfer Rules May Limit Use of Estate-Planning Strategies
What can be done in light of SBA Notice 5000-20057? As the end of 2020 approaches, along with the possible end of an $11.58 million per taxpayer estate and gift tax exclusion, planners and their...
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Risk Management and the Prudent Investor Rule
Key findings of empirical study. Mark Twain, in Pudd’nhead Wilson, 1894, wrote:October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April,...
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Philanthropic Tax Planning for Family Members and Charities
Strategies for fat and skinny cat clients. Last month, we wrote about recent changes to charitable giving—from the Setting Every Community Up for Retirement Enhancement Act to the Coronavirus Aid,...
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Hong Kong Residents Moving to The United States
New considerations on the path to Green Card status. In the 1990s, wealthy Chinese began moving money through Hong Kong to the British Virgin Islands (BVI). Some did so for financial or tax reasons,...
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Strategic Uses of Family Investment Companies in Europe and the Middle East
A useful vehicle for planning private wealth. Nuclear and extended family groups are increasingly using family investment companies (FICs) to facilitate succession planning and co-alignment of...
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Cross-Border Estate Planning Under the Tax Cuts and Jobs Act
Navigating the world of subpart F. The Tax Cuts and Jobs Act (TCJA),1 signed into law on Dec. 22, 2017, is the largest piece of tax reform legislation enacted in the United States since 1986. Included...
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