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January 2021 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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Grantor Trust Reimbursement Statutes
A magic wand to allay the woes of grumpy trustors Creating a trust that qualifies for grantor trust status means the creator of the trust (the trustor) will be responsible for payment of the income...
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Unequal Inheritances
A final parental communication When clients design their estate plans, they can alter the default inheritance laws that would otherwise apply in intestacy. While state laws may differ regarding the...
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How to Make Your Practice More Diverse and Inclusive
Set the tone for open and honest discussions about stereotypes Would you like to increase the value of your practice? Diversity is the answer. No really. The more diverse and rich your life and your...
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Next Generation Tech for Estate-Planning Lawyers
Employ lessons learned from going remote to make permanent changes Lawyers have long heard that they’ll be replaced by technology; however, over the past years, law firms have remained busy. The...
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Selling Advanced Estate-Planning Services
Overcoming your client’s perception of a commoditized document With a new administration in Washington, many clients worry about tax increases (particularly with gift, estate and income taxes). Your...
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Starting Family Governance Conversations With Your Clients
Reduce risk of future resentment and dissension Family governance is about family communication and family-focused decision making. Many estate planners shy away from anything that’s overtly...
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New Ways Instead Of New Normal
Embracing unwanted external pressures to improve the practice The most valuable lesson I learned during the pandemic was to focus on those items absolutely critical to my practice without reference to...
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What I Learned During My Summer COVID-19 Vacation
An estate-planning wake-up call That vacation was actually nine months and continuing. For estate planners, the vacation was spelled “24-7.” We know about the professionals on the front line: health...
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Complications of Working Remotely
Getting clients to complete and sign estate-planning documents can be a challenge One aspect of day-to-day life that seemingly changed overnight sometime in March 2020 was the exodus of office workers...
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February 2021 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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Trust Company Requirements In Top U.S. Jurisdictions
Understand the key regulatory and operational provisions Practitioners around the world continue to search for the best jurisdiction for their clients. Several states have persisted in adopting...
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Structuring a Family Office for the Business-Owning Family
How to achieve investment, organizational, legal and tax benefitsFamily offices are as different as the families they serve—one size doesn’t fit all. For families that are seeking to coordinate and...
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Embracing Diversity and Inclusion
Acquiring the best talent is good for business Now that 2020 is in our rear-view mirror, we can think about it with the benefit of hindsight, if only just. Of course, we’ll primarily associate the...
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An Inside Look at Seven Family-Owned Businesses
How each one handled the challenges posed by the pandemic Mention the word “COVID-19” to a family business owner, and it’s a sure way to elicit a variety of responses. For some, the pandemic brought...
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IRS Aggressively Imposes Penalties Against Appraisers
New process makes it easier to start investigations against and fine valuation professionals On Jan. 22, 2020 after no public hearing, no public workshops or any apparent public input, the Internal...
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Tax Court Weighs in on Defined Value Language and Tiered Valuation Discounts
Nelson v. Commissioner clarifies some important issues Nelson v. Commissioner, T.C. Memo. 2020-81, proved to be one of the most important valuation-related decisions of 2020. In Nelson, the Tax Court...
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Planning With SPAC Securities
Taking advantage of new discounting opportunities. Capital markets statistics show it: The Special Purpose Acquisition Company (SPAC) is the new initial public offering.1 For advisors accustomed to...
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Social Contract 2021
What’s your role in determining society’s future? The year 2021 started with a bang, not a whimper. The pain, confusion, conflicts and challenges that families face in the United States and...
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The Importance of Family Businesses’ Contribution to the U.S. Economy
A survey provides some updated figures Everyone involved with family businesses knows that those businesses are important contributors to the U.S. economy. They provide jobs, pay taxes, take care of...
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