Trusts and Estates Checklist of Information to be Maintained02/27/2020
Gathering and Organizing The first step in implementing your estate planning is to prepare lists of personal and financial information. These should include lists of assets, estate planning documents, personal information, important people and personal directives. Once gathered and organized, keep the information up-to-date and stored in a safe place. Here is a closer look at what information you should…
Letters of Wishes: An Administrative and Moral Headache in Disguise?02/04/2020
Trustees may have difficulties determining whether to make distributions when the grantor’s intentions are unclear.
New Illinois Statute Creates Presumption of Invalidity as to Transfers to Caregivers Over $20,00010/11/2015
A new section in the Illinois Probate Act, 755 ILCS 5/4-a, et seq., titled "Presumptively Void Transfers," which took effect January 1, 2015, creates a rebuttable presumption that a document that transfers assets upon a person's death, referred to as a "transfer instrument," that transfers $20,000 or more to a caregiver is invalid. The intent of the new law is…
Leaving S Corporation Stock to a Special Needs Individual09/24/2015
An owner of an S corporation with a special needs child may be faced with a dilemma. If the S corporation is a family business, much of the S corporation holder's wealth may be held in the S corporation, but the business owner may feel strongly about treating all of his or her children equally in terms of gifts and…
Gay Marriage, Unequivocally, Now the Law of the Land06/26/2015
In a 5-4 decision handed this morning, the U.S. Supreme Court held that the Fourteenth Amendment of the U.S. Constitution guarantees the right to marry to same-sex couples.
From Father and Son to Married Same Sex Couple05/29/2015
For the first time in Pennsylvania’s history, a gay couple who had existed legally as father and adopted son for over a decade to legitimate their relationship, ended their father-son relationship to finally legally marry.
Same Sex Marriage and Tax Law: A Rough Landscape01/23/2015
Another tax season is upon us, and the hardships of complying with another annual tax return filing requirement affects most of us. However, for same sex couples, the hardships are further exacerbated by the different tax laws at the state level.
Gay Marriage: A Split amongst the Circuits11/11/2014
On November 6th, those fighting for the right to gay marriage across the entire U.S. were dealt a heavy blow when the U.S Court of Appeals for the Sixth Circuit ruled against the practice of gay marriage in four states (Kentucky, Michigan, Ohio and Tennessee)…
Coordinate Your IRA Beneficiary Designation with the Terms of Your Estate Plan10/01/2014
In a recent Private Letter Ruling (201438014), the IRS issued a taxpayer a triple-whammy…The moral of the story is that the tax issue could have been avoided by simply better coordinating the various parts of the client?s estate plan, including the IRA….
Developments in Estate Valuations and C Corporations09/04/2014
On August 4, 2014, the U.S. Tax Court issued a final decision in the case of Estate of Franklin Z. Adell v. Commissioner (T.C. Memo 2014-155). The case involved Franklin Z. Adell, deceased. At the time of his death, Franklin owned 100 percent of the …
Recent Changes in State Transfer Taxes07/29/2014
According to a list published by Forbes magazine in 2013, Maryland was among the worst states for retirement for several reasons.
FBAR: Costly Noncompliance and Heightened Scrutiny06/11/2014
The Department of Justice and Carl A. Zwerner (“Taxpayer”) have agreed to settle the case of United States v. Zwerner (S.D. Fla., No. 1:13-cv-22082). The settlement calls for the Taxpayer to pay penalties and interest totaling about $1.8M in connection with the Taxpayer’s failure to …
Recycle Your Charitable Dollars06/06/2014
For private foundations interested in a “return on investment” on the distribution of their foundation’s charitable dollars (that is, a return beyond the satisfaction of doing good), Program Related Investments (“PRI’s”) are generally the tool of choice. A PRI can be counted as part of …
How Do You Define “Philanthropy”?05/20/2014
For many Gen Y’ers (a/k/a Millennials, and generally understood to be people in their 20’s and 30’s today), philanthropy goes far beyond writing a check to one?s favorite public charity (or, even, texting a donation to the Red Cross following some natural disaster or another). …