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Beware of Hidden Dangers When Taking On New Clients
Practical and ethical considerations to address.Taking on a new representation is exciting, to be sure. Not only is there the potential for making money, but also, there’s the thrill of validation. To...
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Weddings, Engagements and Prenups
Help clients address the “what ifs” before the “I dos.”Tying the knot. Settling down. Getting hitched. Taking the plunge. Regardless of what you call it, getting married is one of life’s great events....
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Three Pressing Issues for Business Owners Going Through a Divorce
The most significant asset in a marital estate is often the family business.Splitting up a marital estate can be a long and complicated process, particularly if one of the assets includes a privately...
View ArticleTrusts & Estates Magazine February 2018 Issue
Program Trusts & Estates Primary category Trusts & Estates Published DateTime Jan 31, 2018The WealthManagement.com journal for estate-planning professionals Privacy Settings anonymous user...
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IRS Releases Notice on U.S. Passport Revocation Process
Affected taxpayers will be given 90 days to resolve their tax delinquencies.On Jan. 16, 2018, the U.S. Internal Revenue Service released Notice 2018-01 regarding the passport revocation process for...
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Tips From the Pros: Decanting Dilemmas
Charles A. Redd reports that although decanting has its benefits, a few recent cases show otherwise. As readers of Trusts & Estates know well, decanting is the process by which a trustee,...
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When Terminable Interests Prevent the Marital Deduction in Estate Disputes
Strategies to avoid this result in settlements and litigation.As estate attorneys and advisors, one of our primary goals is to do what’s in the best interests of the estate. We strive to minimize the...
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How Tenancies by the Entirety Can Help Your Clients
Use them to gain “extra” marital benefits.The great comedian Richard Pryor is quoted as saying, “Marriage is really tough because you have to deal with feelings ... and lawyers.”1 Which isn’t all that...
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The Challenges and Opportunities Of Family Leadership
Six best practices to consider.The challenges of effective leadership impact not only business and politics but also affluent families. Few things trouble today’s wealth creators as much as how the...
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Rethinking Trustee Responsibility For Addicted Beneficiaries
Take action and minimize liability.Here’s a quiz: A trustee’s responsibilities include which of the following:a) Managing a beneficiary’s assetsb) Completing all of the necessary financial and tax...
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The OECD’s CRS and Trust Protectors
An exercise in doublethink?In his bestseller, 1984, George Orwell explores a society where Big Brother, the head of the only political party, sees all and controls everything from the daily news to the...
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Governance for Business-Owning Families: Part II
It starts at the top.The world is full of family businesses. Literally. Most of the world’s businesses are owned, controlled and often managed by a group of family members.1 These families face...
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Avoiding the Fire Sale of the Family Business at Death
Three strategies are available that involve borrowing to pay the estate taxes owed.Let me state the obvious. Many family business owners (particularly founders) want to keep the business in the family...
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How Tax Reform Affects Family Business Owners
Key considerations to discuss with your clients.Private business owners typically have a lot on their plate. Now, with the new Tax Cuts and Jobs Act1 (the Act), there’s even more. As if building,...
View ArticleTrusts & Estates Magazine March 2018 Issue
Program Trusts & Estates Primary category Trusts & Estates Published DateTime Mar 01, 2018The WealthManagement.com journal for estate-planning professionals Privacy Settings anonymous user...
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ABLE After the 2017 Tax Act
Significant changes enable individuals to save more to help themselves.The recent Tax Act of 2017 (the Act) made some sweeping changes to the Internal Revenue Code, including some important...
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Delaware’s Modification by Consent Statute
Potential tax consequences to consider.On July 29, 2016, Delaware enacted 12 Del. C. Section 3342, Modification of trust by consent while trustor is living (the modification statute).1 The modification...
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Hiring an Advertising and Public Relations Firm
General guidelines to follow when seeking professional advice.Estate planners, CPAs and financial planners in solo and small-to-medium size firms grapple with how to advertise or otherwise get the word...
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Investing for Trusts
A guide for trustees and their advisors.Asking the right questions is critical when investing trust assets. What’s the time horizon of the trust? Are there any unusual tax characteristics? Why was it...
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The Ways and Means of Tax Planning With Life Insurance After Tax Reform
Possible answers to tricky questions from clients.Imagine that an estate planner gives a presentation to clients on the estate and gift tax provisions of the Tax Cuts and Jobs Act (the Act). The...
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