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The Effect of Generational Changes on Family Businesses
Over time, the dynamics and planning techniques have changed.Tom Brokaw wrote The Greatest Generation“to tell the story of America’s citizen heroes and heroines who came of age during the Great...
View ArticleMarch 2019 Issue
Program Trusts & Estates Primary category Trusts & Estates Published DateTime Mar 01, 2019Committee Report on Family Business, Where's There's a Will, There's a Family; Turn(er)ing Back to...
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Tips From the Pros: The Final Phase of My Practice: The 4-3 Model
Louis S. Harrison suggests a way for an estate-planning attorney to plan for his own retirement. On my wedding day, I worked in the morning, got married at noon in Probate Court and then ventured back...
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Planning at the Eleventh Hour: Part II
Augmenting a practitioner’s checklist for clients near death. In our prior article,1 we introduced a 20-point checklist for practitioners to consult when planning for clients who are near death and...
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Changing Domiciles to Save on Taxes
What do “Morning Joe’s” Joe and Mika know that we don’t? It recently was reported that Joe Scarborough and Mika Brzezinski have been broadcasting their “Morning Joe” news show from their new home in...
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U.S. Owners of Foreign Corporations Face New Hurdles
The innocent found GILTI. The Tax Cuts and Jobs Act of 2017 (TCJA) had a dramatic impact on U.S. owners of closely held foreign corporations. TCJA overhauled many international provisions of the...
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Paying Premiums for Life Insurance Policies in Trusts
An overview of the funding methods available. There are numerous ways to fund premium payments on life insurance when the policy is held in trust. They include using an existing funded trust and...
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Private Placement Variable Universal Life Insurance and Variable Annuity...
What role should the broker play? Private placement variable universal life insurance (PPVUL) and annuity products are hot topics today because they provide effective ways to invest without taxation...
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IRC Section 6166 Revisited
A way to avoid a forced or fire sale of a closely held business to pay taxes. Closely held businesses comprise a substantial percentage of the U.S. economy. One study estimated that only 30 percent of...
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What Advisors Should Know About Hybrid Long-Term Care Policies
The 2006 Pension Protection Act offered tax benefits for plans with these features. Hybrid long-term-care (LTC) policies, which allow individuals to combine life insurance with an LTC benefit, have...
View ArticleApril 2019 Issue
Program Trusts & Estates Primary category Trusts & Estates Publish Date Mar 25, 2019 Gating level paid premium Promote in Site List Promote in RSS: Promote in Google News: Syndicate: Target...
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Deducting Charitable Art Donations
Avoid pitfalls and pratfalls—seize windfalls. Girl With a Balloon by British street artist Banksy was shredded in its frame seconds after the winning telephone bid of $1.4 million at a Sotheby’s...
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Fiduciary Law Trends
A roundup of significant court cases. We’ve read through many of the most interesting cases in 2018, and as in the previous years, the content doesn’t disappoint. Here are some highlights.PrivilegeCan...
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Optimal Marital Trust Planning for Non-U.S. Citizen Surviving Spouses
Maximizing income can minimize federal estate tax. Qualified domestic trusts (QDOTs), established under Internal Revenue Code Section 2056A, are used by decedents with taxable estates who wish to...
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Serving as Trustee Without a Safety Net
When not obtaining a beneficiary’s consent may be a fiduciary’s best option. Serving as a trustee requires managing risk. That takes many forms—among them, requesting or requiring the consent of a...
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Show Me the Money!
Does settlor intent matter when a beneficiary wants to change an irrevocable trust? To what extent does a trustee have to consider the settlor’s intent when beneficiaries request a modification to a...
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Tax Law Update: May 2019
David A. Handler and Alison E. Lothes highlight the most important tax law developments of the past month. • Deduction for income in respect of a decedent (IRD) denied—In Schermer v. Commissioner,...
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Gifts of Non-Cash Assets—A Phoenix Rising From the Ashes of Recession?
Robert F. Sharpe, Jr. discusses the greatest impact on philanthropy during the Great Recession. The mythical Phoenix is said to periodically self-combust before rising from the ashes of its own...
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Tips From the Pros: When Diversification By a Trustee May Not be Necessary
Charles A. Redd discusses cases in which trust instrument language may enable or even compel a trustee not to diversify.Diversification in investing trust assets has been a default expectation for as...
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May 2019 Issue
Program Trusts & Estates Primary category Trusts & Estates Publish Date May 01, 2019 Committee Report on Fiduciary Professions, Formula General Powers of Appointment to the Rescue, Recapturing...
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