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New Rules for Inherited IRAs By Surviving Spouses
Changes made by the SECURE 2.0 Act. Section 327 of the SECURE 2.0 Act of 2022 (SECURE 2.0 Act), effective in 2024, which modified Internal Revenue Code Section 401(a)(9)(B)(iv), will provide over $1.1...
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How to Protect IRAs From Excise Taxes and Penalties
These are costly but avoidable in many cases. Individual retirement account excise taxes and penalties range from 6% to 25% and can eat into or even completely erode an IRA’s accrued earnings. But an...
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RMD Rules for Disabled and Chronically Ill Beneficiaries of Retirement Accounts
Planning is more flexible and less challenging. The Setting Every Community Up for Retirement Enhancement (SECURE) Act’s proposed Treasury regulations (proposed regs) provide some guidance regarding...
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Trusts & Estates: June 2023 Digital Edition
Program Trusts & Estates Primary category Trusts & Estates Publish Date May 31, 2023 Features on Fiduciary Professions and Perspectives, plus columns on Tax Law Update, Philanthropy and Tips...
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The Lingering Effects of the Public Health Emergency
“Unwinding” of PHE Medicaid rules exposes deeper flaws in the system. When asked to pen an article on the subject of the effects of “unwinding” of the special rules put in place for Medicaid...
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Paying Employees Directly From a Trust
Best practices to mitigate risk and safeguard assets. Among the variety of tasks trustees manage on behalf of their clients, a common one is coordinating wage payments to individuals providing...
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Special Needs and Elder Law Update
A rundown of recent court decisions. Over the past few years, courts have considered various issues involving elderly individuals and those with special needs. These issues included, among others,...
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The Four-Circle Governance Model
A conceptual decision-making framework. The challenges of perpetuating wealth and enterprise across generations—with the breakdown of governance as a key factor—are well researched and documented.1 To...
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Decision to Stop Eating and Drinking
Understanding and explaining this option to your client. Just imagine. Your client is diagnosed with an irreversible medical condition, perhaps the early or middle stages of Alzheimer’s Disease (AD)....
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Prepare to Comply With Upcoming Corporate Transparency Act Reporting Rules
Implications for family offices and their advisors. You’re likely already aware that the 2021 National Defense Authorization Act included a controversial new law, the Corporate Transparency Act (CTA),...
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ESG: Backlash to the Backlash
A valid investment discipline regardless of the politics. As with any function that impacts the public domain, environmental, social and governance (ESG) investing has become political. Media...
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Navigating International Legal Considerations for Advisors Serving...
Evolving global tax and disclosure regimes to consider. The role of the family office continues to evolve to meet the changing needs of high-net-worth and ultra-high-net-worth (UHNW) families who are...
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Considerations for Private Equity Investments in a Changing Environment
What’s happening with this asset class? For ultra-high-net-worth (UHNW) clients, private equity (PE) has gone mainstream, with sizable assets owned through their trusts or co-investment entities. Last...
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Trusts & Estates: July/August 2023 Digital Edition
Program Trusts & Estates Primary category Trusts & Estates Publish Date Jul 25, 2023 Features on Fiduciary Professions and Perspectives, plus columns on Tax Law Update, Philanthropy and Tips...
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Tips From the Pros: Importance of State Taxes in Estate Planning
Al W. King III provides an overview of the uncertain current and future status of state taxes and how they can impact your client’s planning needs. Several states have either passed or introduced...
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Gift Tax Returns: Four Filing Tips
Martin M. Shenkman and Joy Matak give advice for explaining to clients the importance of and complexities in filing gift tax returns. Many clients view gift tax returns as merely a simple formality...
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Deciding and Converting Between Grantor And Non-Grantor Trust Status (Part I)
Evaluation of planning opportunities and potential pitfalls. While properly structured trusts are effective vehicles for achieving transfer-tax planning objectives, clients are increasingly interested...
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Sizing a Transfer-Tax Strategy for Success
A two-part solution. With a substantial drop in the basic exclusion from federal gift and estate tax (the federal exclusion amount) set for 2026,1 high-net-worth individuals may feel intense pressure...
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The Modern Art of Delegation
Avoiding pitfalls in assigning investment management functions as a trustee. Many practitioners don’t realize the Uniform Prudent Investor Act (UPIA) provides two standards for managing and investing...
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Ethics Considerations When Entering Into Office Sharing Arrangements
ABA Formal Opinion 507 addresses some of these issues. Significant changes in the traditional model of law firm offices have been occurring in recent years, accelerated by the COVID-19 pandemic’s...
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