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A Tale of Two Recent QTIP Trust Termination Cases
The Anenberg and McDougall decisions have broad implications for estate planning. Through the years, the U.S. Tax Court has clarified the gift tax consequences of terminating qualified terminable...
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GST Tax Exempt Status Retained for Court-Modified Trust
The proposed changes didn’t shift the beneficial interest or extend the vesting period under the original trust. In Private Letter Ruling 202432012 (Aug. 9, 2024), the Internal Revenue Service...
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Post-Election Estate Planning: A New Era
Strategic insights for business owners, artists and art collectors. As the dust settles from the 2024 elections, significant changes loom for tax and estate planning. For business owners, artists, and...
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Federal Court Suspends Corporate Transparency Act Enforcement
Clients and reporting companies should stay tuned for further updates. On Dec. 3, 2024, in the case of Texas Top Cop Shop, Inc. v. Garland, No. 4:24-cv-00478-ALM (E.D. Tex.), the U.S. District Court...
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Wealth Managers Play a Crucial Role in High-Net-Worth Divorces
Wealth managers bring a unique combination of expertise and experience that many matrimonial attorneys may not possess. Divorces are often messy affairs, even before the division of financial assets...
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Are Your Clients Ready to Comply with the Corporate Transparency Act?
Steps to take before the Jan. 1, 2025 filing deadline. Sophisticated family enterprises often employ legal entities and governance structures to support complex and dynamic economics and decision...
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Senate Selects New Leader, Setting Up 2025 Tax Sprint
John Thune favors pro-growth policies. For the first time in 17 years, and just in time for the “Super Bowl of Tax,” Senate Republicans will have a new leader in Sen. John Thune (R-S.D.). Thune won...
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New Delaware Law Expands Use of Trusts for Well-Being Programs
Five issues to consider. When most people think about Delaware, they think of corporate headquarters and President Joe Biden’s likely new residence. But lost amid the pre-election news cycle this fall...
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Sophisticated Internet Scams Targeting Elderly Clients Are Rampant
Help prevent your clients from falling victim to fraud. Sophisticated internet scams and fraud are alarmingly on the rise in our country, so much so that The New York Times has an entire series,...
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Estate Planning Services Are Becoming Table Stakes
Clients increasingly view estate planning as a core element of holistic wealth management, not just a one-time task, according to a survey from online estate planning platform Vanilla . Estate...
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Strategic Estate Planning: Preparing for Change
Advise clients of economic opportunities and potential shifts based on political developments. As we approach the end of 2024, advisors must guide clients through the intricacies of tax and estate...
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Unlocking the Power of Complex Assets and Legacy Gifts in Philanthropy
As $80 trillion transitions over the next two decades through the Great Wealth Transfer, the value of complex assets and bequests will only grow for charities aiming to maximize their impact. When it...
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Warren Buffett’s Charitable Trust Requires His Kids’ Unanimous Consent
Will this decision create harmony or discord? Warren Buffett’s will leaves more than 99% of his estate to charity. With a net worth of more than $100 billion, that money will do much good. But who...
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Don’t Fall into the Tax-Deferment Trap
A single-minded strategy of tax avoidance is often not in a client’s best interest. Nobody really likes paying taxes. So, what would your clients say if you could make it so they don’t have to pay any...
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IRS Urges Taxpayers to Take Extra Step to Safeguard Their Identity
The agency is promoting its security PIN tool ahead of tax season. Here’s something you may want to recommend to your clients to avoid scams and identify theft when filing their tax returns: Ahead of...
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Charitable Remainder Trusts: A Retrospective with an Eye to the Future
How a versatile planning tool can benefit clients and advisors alike. Over the many years that I practiced, the popularity of the charitable remainder trust ebbed and flowed. Though always recognized...
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Directed Trusts Explained
Used properly, this vehicle can enhance flexibility and control. Estate planning today often encompasses a series of goals, ranging from tax planning to asset management and asset control strategies....
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The Top Five Issues Facing High-Net-Worth Individuals in 2025
And some strategies to potentially mitigate them. As we approach 2025, high-net-worth individuals (HNWIs) are encountering a rapidly evolving financial landscape shaped by shifting tax laws, market...
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Celebrity Estates: Shannen Doherty and the Importance of Timely Planning
The day before she died, Shannen Doherty finalized her divorce, ensuring her assets would be passed to her chosen beneficiaries. Shannen Doherty, a beloved actress, was diagnosed with stage three...
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Commutation of QTIP Trust Results in Taxable Gift
All assets were distributed to the decedent’s husband. In McDougall v. Commissioner, the Tax Court held that commutation of a qualified terminable interest property (QTIP) trust resulted in the...
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