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Election 2020: Planning for a Democratic Victory
A panel of tax experts discuss how clients should prepare for a Democrat's winning the White House in the upcoming election. As our nation becomes more divided politically, each election takes on...
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Asset Protection Gets Ugly in Bosarge Divorce
The Houston billionaire is accused of using a slew of trusts and limited liability companies to shelter assets from his wife. Ed Bosarge’s high-profile divorce has garnered lots of media attention,...
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The Importance of a Fiduciary Accounting
Accountings provide valuable transparency as to a fiduciary's management of key assets. Acting as a fiduciary isn’t always easy. A fiduciary owes many duties to the beneficiaries, and a breach of a...
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Wealth Planning Recommendations for Post-2020 Election
Although the politically driven urgency around tax planning has subsided, it’s still a valuable time to revisit your client’s plan. While states haven’t officially certified their results, and the...
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Clever Strategies for Capital Gains
Clients can pocket profits without paying too much in taxes. Hopefully 2020 has been kind enough to your clients to generate an oft-desired problem for them: big unrealized capital gains.But those...
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2020 Year-End Estate Planning: Planning in a Time of Uncertainty
This unsettled environment will reward sophisticated, flexible and proactive estate planning. 2020 may rank as the most turbulent year in memory for many Americans, resulting in a highly uncertain...
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Seeking Control? Consider a Directed Trust
Offering a client the ability to more actively guide decisions regarding their estate planning may attract their attention and keep them involved in the process. One common theme among many clients is...
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Don’t Skimp on Notice to Beneficiaries
Ensure that probate orders remain enforceable in perpetuity. A recent ruling by a California appeals court underscores the importance of giving notice to all beneficiaries in cases regarding trusts....
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Two Top Tax-Advantaged Strategies for C-Corp Owners
One that builds the retirement savings of owners/executives and another that protects those valuable assets. Mitigating tax-exposure has long been the single most effective way to increase returns and...
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Ten Finance Lessons From Broadway Musicals
Behind the songs and dances, these musicals illustrate important financial concepts. Financial management is a recurrent theme in Broadway musicals. We selected 10 musicals that illustrate such...
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Starting at $500,000: A Swiss Mountain Vault for Storing Riches
Entrepreneurs plan to build strongrooms in the Bruenig massif. (Bloomberg) -- Long known as a bastion of discrete, secure banking, Switzerland will soon offer the world’s wealthy another choice for...
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The One Question All Trustees Should Ask Themselves
How can a trust be used to improve the beneficiary’s life? Have you ever seen the show The World’s Most Extraordinary Homes? My favorite segment in each episode occurs when the hosts interview the...
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Kestra Seeks to Integrate Trust Services Into Its Wealth Businesses
Kestra is looking for better ways to prevent trust assets from going out the door, with the help of its in-house trust company, Arden. Kestra Financial acquired Reliance Trust Company of Delaware in...
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Court Deems Nonjudicial Settlement Violates Trust
Siblings' agreement ran afoul of the spendthrift protections of their father's trust. In In re Trust Created by Clifford Allen McGregor (308 Neb.405, Feb. 12, 2021), a beneficiary sought to enforce a...
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Michael Jackson’s Estate Moonwalks Past the IRS
The opinion may serve as a helpful guide for valuing the right of publicity and copyrights for tax purposes. The United States Tax Court’s long-awaited opinion on the matter of the Estate of Michael...
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Michael Jackson’s Estate Moonwalks Past the IRS in Tax Court Battle
A deep dive into the recently released tax court opinion on the King of Pop’s assets. The United States Tax Court’s (the “Court”) long-awaited opinion on the matter of the Estate of Michael J....
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Taxation of an Annuity Contract Purchased by a Trust
IRS says it’s taxed as annuity, not ordinary income, in a recent PLR. In Private Letter Ruling 202118002 (May 7, 2021), the taxpayer sought a ruling on whether an annuity contract purchased by a trust...
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A Major Recent Special Needs Trust Development
Courts have ruled funding pooled special needs trusts after age 65 is not an uncompensated transfer. One of the major recent developments in special needs law has centered around the funding of pooled...
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Taxpayer’s Attempt to Hide Assets From Spouse Backfires
Failure to report foreign trust distribution results in double penalty. In Wilson vs. U.S., No. 20-603 (2d Cir., July 28, 2021), the U.S. Court of Appeals for the Second Circuit rejected a taxpayer’s...
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The Sandwich Generation: Supporting Family Without Getting Squeezed
The increasing pressure of having to take care of the oldest and youngest. The coronavirus pandemic poses risks and concerns for the oldest Americans. It also has put strains on the youngest, leaving...
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