Benefit Charity and Save Taxes Too
Jun 03, 2014
This month’s e-alert shows readers how a charitable remainder trust can be used to eliminate the 3.8% surtax, defer income taxation of assets, provide an income stream to the grantors, and benefit charity.
Read MoreIRS Grants Relief for Late Election of Portability
Mar 31, 2014
This month’s Alert examines a new IRS release concerning portability. The Alert shows how taxpayers who thought they had missed their opportunity to elect portability on the first spouse to die’s estate tax return now have another chance
Read MoreThe Case of the iPhone Will
Feb 28, 2014
This month’s Alert examines how a "Will" might be in various different forms, like on an iPhone. The Alert also discusses how it may be prudent to use other devices to avoid probate.
Read MoreA New Paradigm: Planning for State Estate Taxes
Jan 31, 2014
This month’s Alert examines issues concerning state estate taxes. While the federal exemption has increased to over $5 million per person, about 1/3 of the states have exemptions as low as $675,000.
Read MoreCharitable Planning Ideas
Jan 22, 2014
This month’s Alert focuses on charitable giving. Often, people like to think of charitable giving at year-end. In addition to year-end giving for income tax purposes, a client may wish to think about including charitable giving in their estate plan to capture income, gift, or estate tax savings. Whenever they do the giving, charitable giving is a great way to give back to the community!
Read MorePlanning for Children with Special Needs
Nov 30, 2013
This month's Alert examines how to preserve government benefits for beneficiaries with special needs. A "Special Needs Trust" can ensure assets you leave the beneficiary do not disqualify them from government benefits.
Read MoreTax Court Says Taxpayer Cannot Have it Both Ways
Oct 31, 2013
This month’s alert examines a case involving the rule of consistency. In the case, beneficiaries of a trust were trying to contest the income tax basis of a property. The basis had derived from the estate tax valuation as reported by the executor of the decedent’s estate. The court concluded that the beneficiaries were bound by the executor’s position because of the rule of consistency.
Read MoreProtecting an Inheritance as Opposed to Ruling from the Grave
Sep 30, 2013
How much protection is enough? This month’s alert examines this quandary and the tension between protecting beneficiaries and giving them control of assets.
Read MoreNew Rules for Same-Sex Couples
Sep 11, 2013
This alert discusses the IRS’ recently-released ruling regarding married same-sex couples. It examines how the IRS will treat such couples, even when they live in a state which does not respect their marriage.
Read MoreEstate of Hurford: a Taxpayer's Tale of Woes
Aug 16, 2013
This month’s alert examines a case which illustrates the importance of choosing an estate planning attorney. It also demonstrates the importance of the implementation of a strategy, in this case a Family Limited Partnership (FLP).
Read MoreU. S. Supreme Court Rules DOMA Unconstitutional: Estate Planning for LGBT Couples Just Got Easier – and More Complicated
Jul 18, 2013
The U.S. Supreme Court recently released two decisions concerning same-sex marriages. This alert examines the landscape of same-sex marriage and estate planning for LGBT couples in light of Windsor and Petty.
Read MoreBankruptcy Court Delivers Unfavorable Ruling Relating to Alaska Domestic Asset Protection Trusts
May 31, 2013
In a case of first impression relating to Bankruptcy Code Section 548(e)(1), the court in In re Huber, 201 B.R. 685, 701 (Bankr. Rptr. W.D.WA. May 17, 2013) held that an Alaska self-settled trust offered no protection with respect to claims of the grantor’s creditors in bankruptcy.
Read MorePresident’s Budget Proposal for 2014: Greater Estate Taxes, Income Taxes May Be in Your Future
Apr 30, 2013
This month’s Alert examines the tax aspects of the Administration’s proposed 2014 budget.
Read MorePlanning for Retirement Assets Can be Difficult
Mar 29, 2013
This month’s Alert examines the rules regarding distributions from IRAs and retirement plans. In particular, it examines reasons to make a trust the beneficiary and rules regarding who is the measuring life for minimum required distribution purposes.
Read MoreGuardianship Provisions Essential To a Comprehensive Estate Plan
Feb 28, 2013
This month’s Alert examines two high-profile cases which illustrate the importance of naming guardians for minor children.
Read MoreMore Reasons for Clients to Review Their Estate Plans
Jan 31, 2013
This month’s Alert examines how the “fiscal cliff” legislation could result in changes for estate plans. Depending on the couple, it might mean they could simplify their plan. However, there are many non-tax reasons that they may want to keep a more complex plan.
Read MoreNew Year's Resolution #3 - Get My Estate Plan Reviewed
Jan 14, 2013
This month's Alert discusses how the "fiscal cliff" legislation impacts your clients' estate plans.
Read MoreEstate Planning for LGBT Couples: Possible Changes on the Horizon
Nov 30, 2012
This month’s Alert gives an overview of developments affecting estate planning for same-sex couples. It recounts how recent elections approved same-sex marriages in several states. It also examines several cases which address the constitutionality of bans on same-sex marriage, including the Defense of Marriage Act.
Read MoreLast Chance for Estate Tax Savings?
Oct 31, 2012
This month’s alert focuses on the narrowing window to lock-in the current $5.12 million estate and gift tax exemption by gifting prior to year-end. The alert also examines why it may not be possible to wait and do this planning at the last minute.
Read More2010 Tax Law Leads to 2012 Litigation
Oct 01, 2012
This month’s Alert focuses on the increased trust litigation arising from the unintended consequences of the temporary repeal of the estate tax in 2010.
Read MoreUse It Before You Lose It" Planning Equally Applicable to LGBT and Unmarried Partners
Aug 31, 2012
In this month’s alert we examine how your clients, including LGBT clients and unmarried partners, can remove over $5 million free from estate tax and how this opportunity may be vanishing soon.
Read MoreTax Break Extension Legislation Excludes Estate Tax; Act Now to Lock In $5.12 Million Exclusion Amount
Jul 31, 2012
The estate tax exclusion is scheduled to revert to $1 million at year-end from the current level of $5.12 million. This Alert examines the current political landscape concerning the estate tax and suggests taking advantage of the current, historically-high exclusion amount before it’s too late.
Read MoreIRS Issues "Portability" Guidance
Jun 30, 2012
The Alert this month examines "portability" and the steps necessary to take advantage of it under newly-released regulations.
Read MorePlanning Blunder Leads to Increased Income Taxes
May 31, 2012
This month's Alert examines the importance of proper IRA beneficiary designations. The Alert examines a case in which the stretch of IRA distributions was not maximized because of the beneficiary designation.
Read MoreHis, Hers, or Ours? - Estate Planning for Blended Families
Apr 30, 2012
With more than half of marriages ending in divorce, an increasing number of families are “blended families.” The Alert this month examines the unique issues faced in planning for blended families.
Read MoreMillions in Tax Savings Available to Clients Who Act Quickly
Apr 03, 2012
This month’s alert examines the current, perhaps short-lived, opportunity for clients to give away millions of dollars during their lifetime without a gift tax. Unless the law changes, this narrow window will close at year-end.
Read MoreDouble Disclaimer Saves Millions in Estate and GST Tax
Feb 29, 2012
This month's Alert examines how effective use of disclaimers can save millions in taxes. The Alert examines a ruling request presented to the IRS involving such a situation.
Read MoreTax Changes for 2012
Jan 31, 2012
This month's Alert reviews the inflation adjustments applicable to federal taxation in 2012. It examines changes in the estate, gift, and generation skipping transfer taxes, as well as income taxes.
Read MoreIncome from Trust Excluded in Determining Alimony Payments
Dec 30, 2011
This month’s Alert examines when the income of a trust may be considered available to creditors. The Alert examines a case involving the availability for purposes of determining alimony.
Read MoreFate of Estate and Gift Taxes Remains Uncertain - But, Many Planning Options Remain Available For Now
Nov 30, 2011
This month’s Alert examines the continuing uncertainty with the Estate and Gift Tax and the unique, limited-time opportunities which are available now.
Read MoreWisconsin Appeals Court Holds Assets of Irrevocable Trust are Available for Medicaid Eligibility Purposes
Oct 31, 2011
Elder law is an increasingly important area of law for clients. This month’s Alert examines a Wisconsin case concerning an Irrevocable trust which was included as an available asset for Medicaid purposes. The Alert also examines what they could have done differently to achieve a better result.
Read MoreIRS Issues Instructions for Estate Tax Returns for Decedents Dying in 2011 and 2012
Sep 30, 2011
This month's Alert examines the IRS’ recent release of instructions regarding how to ensure portability of the applicable exclusion amount at the death of the first spouse. Many surviving spouses may see an estate tax return at the death of the first spouse to be unnecessary. This alert shows why advisors should document that they advised the filing of an estate tax return.
Read MoreA "Do-It-Yourself" Mystery: The Case of the Neighbor Girl and the Well-Meaning Widow
Aug 31, 2011
Clients occasionally attempt do-it-yourself estate planning. Sometimes they use software assistance, borrow from others’ documents, or amend their professionally prepared documents themselves. This month’s Alert looks at one such story and the havoc it wrought. In the end, the client’s goals were not achieved and her loved ones were pitted against each other in court.
Read MoreFailure to Review Estate Plans Periodically Can Lead to Unintended Consequences
Aug 01, 2011
The estate tax law is a moving target, both at the federal and state level. This month’s Alert examines a case which illustrates how the changing laws can result in unintended results in your plan. Now, more than ever, it is important to review your estate plan periodically to ensure the outcome you want.
Read More2012 Budget Proposal Includes Permanent Estate and Gift Tax Reforms
Jun 30, 2011
This month’s Alert examines the Obama Administration’s 2012 budget proposal and how it might affect estate, gift, GST, and income taxes. Further, the Alert looks at how our tax system compares to other developed countries.
Read MoreDoing It Yourself Can Sometimes Lead to Disaster
May 31, 2011
Nowadays, a growing number of consumers attempt to prepare estate planning and other documents of legal significance without professional assistance. These do-it-yourselfers are penny-wise and pound-foolish. This Alert examines several cases in which the decedent attempted to create or modify his own estate plan, with disastrous results.
Read MoreCreditor Protection Extended to Inherited IRAs by More Courts
Apr 29, 2011
IRAs and Qualified Plans are an increasing portion of our clients’ wealth. The advantages of the income tax deferral are well-known. This month’s Alert looks at developments regarding the creditor protection such plans provide, not only for the contributor, but also for those who inherit them.
Read MoreElizabeth Taylor's Estate Could Exceed $1 Billion – Much of It Could Benefit AIDS Charities
Mar 31, 2011
Elizabeth Taylor died recently with a $1 billion estate. This month’s Alert focuses on her estate, her philanthropy, and various advanced estate planning techniques with a charitable component. Read this month’s Alert to find out how charitable giving can help you and your clients meet estate planning goals.
Read MoreAnnuity Maximization
Feb 28, 2011
This Alert examines how a tax-deferred annuity may not be the best solution for senior clients. It demonstrates how a single premium immediate annuity, or “SPIA” may be a better alternative for clients, especially if the client is in a lower tax bracket than the children who will inherit it.
Read MoreDouble Disclaimer Saves Millions in Estate and GST Tax
Feb 28, 2011
This month’s Alert examines how effective use of disclaimers can save millions in taxes. The Alert examines a ruling request presented to the IRS involving such a situation.
Read MoreTRA 2010 Creates Opportunity for New Planning Strategy - The FlexTrust
Jan 31, 2011
The question of whether to fund a credit shelter trust has long been a central question in estate planning. With the new tax law and it’s temporarily increased exemption, the question is all the more relevant. This month’s alert discusses a new method of adding flexibility to your clients’ trust. The FlexTrust allows an independent Trust Advisor to decide whether and to what extent the credit shelter trust should be funded.
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