In a recent post on the FPA Practice Management Center Blog, Are You Selling Silver Foxes?, Kristin Harad writes about financial planners' use of generic imagery and ambiguous copy and messaging. She writes:Ad agencies literally spend thousands of dollars...
March 2011 Archives
In a recent article on PopEater.com, The Fight Begins Over Elizabeth Taylor's Fortune, Rob Shuter writes about the status of Taylor's estate.Taylor made arrangements to have her jewelry collection auctioned off, with the proceeds going to the Elizabeth Taylor...
Continue reading "The Fight Begins Over Elizabeth Taylor's Fortune"
On April 5, the ABA Section of Real Property, Trust and Estate Law is sponsoring a live audio webcast, Same-Sex Spouses, Partners and Adult Adoptions: Trust Admin. Issues w/ Beneficiary Relationships on fiduciary and trust administration issues when a beneficiary has...
Continue reading "CLE on Trust Administration Issues for Same-Sex Spouses"
The Wall Street Journal published an article by Robert Frank titled "Young, Wealthy Investors Trust Facebook More Than Their Advisers." In the article, Mr. Frank discusses the latest shift among under 50 crowd away from their financial advisers. About a third of...
Continue reading "WSJ: Young, Wealthy Investors Trust Facebook More Than Their Advisers"
In a December article in the New York Times, In France, Civil Unions Gain Favor Over Marriage, Scott Sayare and Maia De La Baume write about the civil union's increase in popularity in France.French couples are increasingly opting for civil...
Continue reading "In France, Civil Unions Gain Favor Over Marriage"
Jason Zweig posted an article, Will New Rules Stop Brokers From Nibbing on Your Returns?, Wall Street Journal, March 26, 2011. FINRA is contemplating ways to prevent brokers from charging excessive fees. One provision that could be altered is one...
Continue reading "Will New Rules Stop Brokers From Nibbing on Your Returns?"
Dan Jamieson posted an article Third of Advisers may blow ADV deadline, Investment News, March 25, 2011. Compliance consultants estimate that a third or more investment advisers will miss the ADV part 2 deadline. Many advisers have been challenged by...
Joe Nocera published an article in the New York Times entitled, "In Prison for Taking a Liar Loan." The article provides a critique in how the IRS pursues criminal cases. Specifically the article discribes the situation of a borrower who...
Continue reading "Joe Nocera: In Prison for Taking a Liar Loan"
CBS in their 60 Minutes show published a show entitled, "A Look at the World's New Corporate Tax Havens." The piece discusses the business of creating international tax havens.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "Lesley Stahl: A look at the world's new corporate tax havens"
A recent article by Wendy Gerzog, Professor at the University of Baltimore School of Law, claims the Ninth Circuit's recent ruliing in Linton reversing the summary judgment ruling in favor of the government and remanding for further findings of fact...
Continue reading "Gerzog: Linton Should be Reversed in Favor of Government"
The Heritage Foundation criticized President Obama's 2012 budget for raising taxes on wealthy taxpayers and limiting itemized deductions. Heritage says that the changes will limit the amount of wealth available for transfer to charities, effectively shifting the donations to the...
Continue reading "Heritage: Obama 2012 Budget Will Hurt Charities"
A recently introduced House version of the America Invents Act (S.23) would prohibit tax strategy patents but offers more extensive provisions on tax matters than its Senate counterpart.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "House Bill Offers More Extensive Tax Strategy Patent Provisions"
According to IRS Return Preparer Office Director David Williams, the IRS will begin testing return preparers in September. The IRS will soon seek comments on what to include on the test but said there will not be any materials published...
Continue reading "Tax Preparer Testing to Begin in September"
The article published on MercuryNews.com and titled "Opinion: Myths about the rich and poor in U.S." rebuts the common misconception that the rich keep getting richer, while poor keep getting poorer. The article discusses and analyses the elements that...
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Business School Directory published an article containing a list of celebrities who hate paying taxes. While it may seem that after making tremendous amount of money, it should be easier to set some aside for Uncle Sam, some celebrities just...
The Wealth Strategies Journal has posted eight great articles in the month of March. We hope you enjoy their depth and insight. Tax Relief Act Extends IRA Owners' Opportunity to Make Tax-Advantaged Direct Gifts to Charity By Richard Sills...
Continue reading "The Wealth Strategies Journal - March 2011 Issue - Eight Great Articles"
The IRS has published Revenue Procedure 2011-26 "under § 2022(a) of the SmallBusiness Jobs Act of 2010." Most of the Revenue Procedure explains the technical requirements that must be met for property to be eligible for the 100% bonus depreciation.Posted...
Continue reading "IRS provides Guidance on 100% Bonus Depreciation"
Congressman Devin Nunes (R-California) introduced H.R. 1147 on March 17, 2011. The Bill would permit taxpayers to claim a deduction for certain types of payments that reduce debt on commercial real estate. The Bill is currently under review by the...
Congressman John Lewis (D-Georgia) introduced H.R. 1191 on March 17, 2011. The Bill would require that income, estate, and gift taxes paid by conscientious objectors would not be allowed to be spend on military programs. The Bill is currently under...
Michael Roberts posted an article, Estate Tax Strategies and the New Tax Code: Embracing Occam's Razor, Financial Planning, March 23, 2011. The estate of a decedent who died in 2010 can decide to either pay a 35% estate tax rate or pay no...
Continue reading "Estate Tax Strategies and the New Tax Code: Embracing Occam's Razor"
The Wealth Strategies Journal has posted a new article entitled, "Will Taxpayers Ante Up to Participate in Round Two?: The IRS Offers a New Voluntary Disclosure Program," by Kevin E. Packman of Holland & Knight LLP.In his article, Mr. Packman...
Michael Wines posted an article, A Psunami Robbed Life, It Also Robs Rite of Death, New York Times, March 23, 2011. Although cremation is the norm in Japan, it would be virtually an impossibility to cremate all of those who have...
Continue reading "A Psunami Robbed Life, It Also Robs Rite of Death"
Robert Frank posted an article Are the Self-Made Rich More Generous Than Heirs, Wall Street Journal, March 28, 2011. Although there are stories that the self-made rich are more generous than their inheritors, there is no reliable scientific data to support or...
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Jonathan Gudema posted an article, New Lead Trust Opportunities Created by Tax Relief Act, OnPhilanthropy.com, March 28, 2011. Gudema argues that with a 5 million dollar gifting window, now might be the ideal time to establish a Charitable Lead Trust. Posted...
Continue reading "New Lead Trust Opportunities Created By Tax Relief Act?"
The United States Patent Office has published several patent applications of interest to tax planners. They include:-Managing Investment Assets - a method for tax advantaged real property investments-Roth Aware Financial Advisory Platform - a system to analyze retirement strategies including...
Continue reading "Patent Office Publishes Tax Related Patents and Patent Applications"
In Schrimsher v. Commissioner, the Tax Court denied a charitable contribution deduction for a facade easement that a taxpayers granted to a historical commission. The court noted the failure to discuss any consideration received from the commission in its denial...
In a recent Financial Times article, Estates that donate attract lower IHT, Alice Ross writes about changes to England's inheritance tax (IHT).Ross writes that plans have been announced to lower the IHT on estates that have made substantial charitable donations....
In a recent post on the McGuire Woods Legal Updates blog, Changes to Virginia Uniform Trust Code Facilitate Popular Estate Planning Techniques, the firm writes about Senate Bill 1072, recently signed into law by Virginia Governor McDonnell.The bill alters Virginia...
In a recent article on People.com, Elizabeth Taylor's Funeral Delayed 15 Minutes at Her Request, Elizabeth Leonard and Mike Fleeman write that, at Elizabeth Taylor's request, her funeral was delayed for 15 minutes. A family representative said that "[s]he even wanted...
Continue reading "Elizabeth Taylor's Funeral Delayed 15 Minutes at Her Request "
The article Nevada's Banking Regulator Tells Lawmakers Tough Laws More Important than More Business, discusses the controversial tenure of Nevada Banking Commissioner George E. Burns. In a recent showdown with the State's legislature Burns opposed lossenig the cash requirement to...
In the article The Price of Taxing the Rich, Wall Street Journal columnist Robert Frank discusses the extreme volitility of tax revenues in states relying too heavily on the top 1% of earners for revenue. States such as New York...
Continue reading "Dependence on Taxing Top Earners Cuts Both Ways for States"
The article published in Forbes and titled "How Marriage Can Boost or Cut Your Income Tax Bill" highlights the ways in which marriage can affect income taxes. Taxing combined incomes rather than separate ones may actually lead to a...
Continue reading "Forbes: How Marriage Can Boost or Cut Your Income Tax Bill"
The article published on The Ohio Trust & Estate Blog and titled "Posthumously Conceived Children and Their Uphill Battle for Inheritance Rights" highlights difficulties faced by children who were conceived after a death of a parent. At the present time,...
Continue reading "Inheritance Rights of Posthumously Conceived Children"
If you think dog therapy would work for you as a stress relief, then Yale Law School is the place to be. The article published by The New York Times and titled "For Law Students With Everything, Dog Therapy...
Wills and Trusts are not only for very wealthy. The article published on smartmoney.com and titled "Why Most People Need and Estate Plan" describes the reasons why everyone needs an estate plan. The plan need not be elaborate and...
As the wedding of the century draws near, speculations began to circulate about whether or not William will be the first royal ever to sign a prenup agreement. The article published on Afuahirsch's Lawblog published on guardian.co.uk titled...
ElderLawAnswers posted an article You Can't Opt Out of Medicare Without Losing Social Security, Judge Rules, March 22, 2011. A Federal Judge ruled that a person cannot drop out of Medicare Part A without losing Social Security benefits. The Judge reasoned...
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Jerry Gleeson posted an article Succession Not Succeeding for Family Business, Registered Rep, Mar. 22, 2011. Although 27 percent of family owned or managed businesses will change hands in the next 5 years, only 47 percent of the companies have succession...
Continue reading " Succession Not Succeeding for Family Business"
Robert Frank posted an article The Myth of the Permanent Rich, Wall Street Journal, March 23, 2011. Based on data from 2004 to 2007, the article asserts that in the United States the rich do not necessarily keep getting richer and...
The Tax Policy Center posted an article Tax Proposals in the 2012 Budget. The article serves as a resource guide, analysis, and commentary of the tax provisions of President Obama's 2012 budget. HAT TIP: Tax Prof Blog Posted by Adam Fleischer,...
If you want a job at UBS, it's time to stock up on flesh-colored underwear. The article published on CNBC and titled "Wear Flesh-Colored Underwear, UBS Tells Employees" describes a new dress code for UBS's retail-client employees. Among the provisions,...
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In a recent blog post on Forbes, Why Women Need An Estate Plan (Hint: Want The Kids To Get All Your Spouse's Assets?), Susan Hirshman writes about the importance of estate planning for women.Hirshman writes that a lot of wills...
In a recent article in the Christian Science Monitor, 2012 budget is full of contradictions, Donald Marron writes about President Obama's 2011 budget proposal.Marron writes that according to the Tax Policy Center's analysis, President Obama is either proposing a $2.4...
The Wealth Strategies Journal has posted a new article entitled "Estate Analyst: The Perils of Portability," by Robert L. Moshman, Esq.Mr. Moshman discusses the portability of the estate tax exclusion amount for a surviving spouse and the danger that more...
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In the article The Inheritors, Forbes Columnist Ashlea Ebeling provides advice to baby boomers on spending their $8.4 trillion inheritence. Ebeling offers several anecdotes as well as advice from financial professionals regarding the treatment of assets between members of...
Continue reading "For Boomers Expecting and Inheritance Planning is Key"
In the article IRS Targets Family Real Estate Transfers, Forbes columnist William P. Barrett reports that the IRS has filed suit in a California district court, In the Matter of the Tax Liabilities of John Does, seeking access to the California state...
Continue reading "IRS Files Suit in California Seeking Access to Real Estate Tax Records"
Wealth Strategies Journal Hosts Lively Panel Discussion at Bernstein Global Wealth ManagementBy: Trevor Kosmo On February 23, 2011, The Wealth Strategies Journal sponsored a panel discussion at the offices of Bernstein Global Wealth Management in Washington, D.C. which featured a...
The Agent's Sales Journal has published terrific new content this week on the topics of annuities, health care reform, long term care insurance, and Medicare.A Regulatory Roadmap for Annuities. In the aftermath of the 151A victory, there have been many...
IRS Publication 559 (rev. 2010), which helps in the administration of estates by providing guidance on 2010 changes to Public Law 111-312, Act section 301 including:1. Reinstatement of the estate tax for 2010,2. Repeal of the modified carryover of basis rules of section...
Continue reading "IRS Releases Revised Publication 559: Survivors, Executors, and Administrators"
In Etchinson v. Commissioner, T.C. Summ. Op. 2011-30; No. 4110-08S, The Court ruled that the taxpayer failed to produce any substantiating documents to support any of the deductions in dispute. According to the taxpayer, her records were stolen from a...
H.R. 1069 would require the Treasury Department to prepare tax returns for unmarried taxpayers who do not itemize. The bill was introduced by Rep. Jim Cooper (D-TN).Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "New Bill Would Force Treasury to Prepare Returns (for Some)"
H.R. 1058, Seniors' Tax Simplification Act of 2011 introduced by Rep. John Fleming (R-LA) would create a new Form 1040SR simplifying filing requirements for seniors by making social security benefits, distributions from retirement plans and other income common to seniors...
Continue reading "New Bill Would Simplify Returns for Seniors"
In a blog post on the website AVC.com, Airbnb, a New York venture capitalist shares a story about what venture capitalists like Union Square Ventures look at when deciding whether to invest.In the end, the author reaches the conclusion that...
Continue reading "What Venture Capitalists ("VCs") Look At When Deciding to Invest"
In Conwill v. Greenberg Traurig, the United States District Court for the Eastern District of Louisiana dismissed, with prejudice, RICO allegations against an attorney for claims in an opinion letter regarding a tax shelter. The taxpayer engaged in a transaction...
Continue reading "Court Dismisses Tax Shelter Case in Favor of Attorney"
In an email to tax professionals, the IRS warned that some returns for filers claiming the Home Buyer Credit may be delayed. Processing difficulties could delay returns for joint filers who received a 2008 home buyer credit and for other...
Continue reading "IRS: Home Buyer Credit Filer Refunds May be Delayed"
In a recent article on Venable LLP's website, It Doesn't Pay to "Pay to Play", several Venable attorneys write about Investment Advisers Act Rule 206(4)-5.Rule 206(4)-5 was adopted to prevent "pay-to-play" activity, in which "investment advisers may seek to influence...
The IRS has issued seven frequently asked questions regarding Form UTP required to be filed by certain corporate filers for uncertain tax positions. The seven questions issued address common problems with filing the form. The IRS said that more FAQs...
Continue reading "IRS: New FAQs for Uncertain Tax Positions"
In a recent post on The Trust Advisor Blog, New Hampshire Sets Sights on Becoming the New Delaware of the East, Scott Martin writes about New Hampshire's enticing trust environment.Martin writes that in the past five years, New Hampshire's state...
Continue reading "New Hampshire Sets Sights on Becoming the New Delaware of the East"
In a recently published article, Reflecting on the Language of Death, Professor Deborah S. Gordon writes about the difficulty of discerning intent from testamentary documents.Gordon examines how these documents might be written differently. Specifically, her article "explores the advantages and...
Roberton Williams posted an editorial Do Estate Taxes Matter, New York Times, December 16, 2010. The estate tax has never achieved the goal of preventing wealth to pass to subsequent generations. Nevertheless, it taxes wealth that has gone untaxed in a...
Anne Tergesen posted a new article A Will and a Way, The Wall Street Journal, March 21, 2010. A small number of states are allowing individuals to contest estate plans prior to the decedent's death. Although a pre-death determination can...
Continue reading "How to Safeguard a Will from Disgruntled Heirs"
In a recent post on Trusts & Estates, Drafting Wills and Trust Agreements, Donald H. Kelley rates a new software program, Drafting Wills and Trust Agreements (DWTA) version 9.0.Kelley writes that DWTA develops documents with a question and answer interview approach...
In a recent feature in the New York Times Opinion Pages, Rising Wealth Inequality: Should We Care?, a number of contributors debate this question.Posted by Kyle Petit, Associate Editor, Wealth Strategies Journal....
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In a recent article on the Wall Street Journal's Wealth Report, IRS Targets Rich Taxpayers: Audit Rates Up 80%, Robert Frank writes about the IRS increase in audits of rich taxpayers.Frank cites the 2010 IRS Data Book, which shows that...
Continue reading "IRS Targets Rich Taxpayers: Audit Rates Up 80% "
The State Bar of Texas is sponsoring the Advanced Elder Law 2011 and Advanced Guardianship Law 2011 courses in Houston on April 7-8, 2011.Highlights include:Healthcare Reform ActSocial Security Benefits and Your ClientsElder Abuse and ExploitationTrial of a GuardianshipComplex Guardianship Administration IssuesClick here to register.Hat tip: Wills, Trust &...
Continue reading "State Bar of Texas Sponsors Advanced Elder and Guardianship Law Courses "
Omar T. Mohammedi (Attorney at Law, New York, NY) recently published his article entitled Shariah-Compliant Wills: An Overview, 25 Prob. & Prop. 58 (Jan./Feb. 2011). In the article Mohammedi discusses how ensuring an estate distribution in accordance with Islamic Shariah law can prove...
Continue reading "ABA Article Discusses Estate Distribution in Accordance with Islamic Shariah law"
The Tax Policy Center has published a report discussing how President Obama's tax policies would affect the deficit. President Obama's recommendations would reduce the deficit by approximately $700 billion over 10 years. However, that would still leave a deficit of...
Representative Michael Burgess (R-Texas) has introduced H.R. 1040. The Bill would allow taxpayers to opt to pay a flat tax instead of an income tax. The Bill is currently being reviewed by the House Ways and Means and Rules Committees.Posted...
Continue reading "House Bill permits Taxpayers to pay Flat Tax Instead of Income Tax"
It depends who you ask, but there are indications that conspicuous consumption is back. The Wall Street Journal published an article by Robert Frank titled "Top Signs Conspicuous Consumption is Back." In the article Mr. Frank discusses the latest indications...
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Laura Landro posted an article A Push for Better End-of-Life Planning, Wall Street Journal, March 15, 2011. Studies note that most people are not adequately thinking about end of life medical decisions, and consequently, most people are not having health...
Elizabeth Ody posted an article Richest Investors Come Back to Big-Cap Stocks in Hunt for Yield, Bloomberg, February 24, 2011. Many wealthy investors are beginning to invest their money in large-cap stocks as the market returns to levels not reached...
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In the article Can Dementia Be Contagious, Forbes Columnist Carolyn Rosenblatt reports findings from Johns Hopkins and Utah State University that a person is more likely to develop dementia if their spouse has dementia. According to Rosenblatt, regular exercise for...
Continue reading "Johns Hopkins Study Examines Dementia in Couples"
A recent report by the Heritage Foundation claims that President Obama's 2012 budget will slow the economy with unnecessary taxes. Heritage says that efforts should be placed on reforming individual and corporate taxes rather than burdening consumers and companies with...
Continue reading "Heritage: Obama Budget Will Slow Economy With Unnecessary Taxes"
The Tax Policy Center has released new estimates based on the provisions of President Obama's 2012 budget. The estimates include distributional impacts on individual and corporate income, capital gains and transfer taxes. It also estimates the impact of familiar deductions...
Continue reading "Tax Policy Center Estimates Impact of Obama's Budget"
After the expiration of a three year QPRT, decedent died prior to payment of all of the rent on her personal residence. The Tax Court in the Estate of Sylvia Riese et al. v. C.I.R. ruled that the decedent showed an intent to...
It's good time to be a pet. The Wall Street Journal published an article titled "Trust Funds for Pets are on the Rise" discussing the rise of the trusts for pets. A tale of Leona Helmsley's dog Trouble who...
Continue reading "WSJ: Trust Funds for Pets are on the Rise"
The Wall Street Journal published an article titled "A Matter of Trust: Giving Away a Home." The article discusses an estate planning tool known as "qualified personal residence trusts" or QPRT. In the times of the economic downturn moving a big...
Continue reading "WSJ: A Matter of Trust: Giving Away a Home"
Guy Adams published a new article Ansel Adams, the 'Lost Negatives' and a $200m Lawsuit, The Independent, March 17, 2011. A ten-year old court battle has recently been settled between the Estate of Ansel Adams and the owner of negatives of pictures allegedly taken by Adams,...
Continue reading "Ansel Adams, the 'Lost Negatives' and a $200m Lawsuit"
In Revenue Ruling 2011-10, the IRS provides the April 2011 prescribed applicable federal rates for purchases under sections 1274(d) and 1288(b) as well as the adjusted federal long-term rate and the long-term tax-exempt rate described in section 382(f). The Ruling also provides the appropriate percentages for determining the...
Continue reading "Revenue Ruling 2011-10: Prescribed Rates for Federal Income Tax Purposes"
In a post on their Legal Updates site, COF Proposes Legislative Agenda for Philanthropy for 112th Congress, McGuire Woods outlines the COF's proposed legislative agenda for philanthropy for the 112th Congress. This outline includes:the simplification of the private foundation excise tax...
Continue reading "COF Proposes Legislative Agenda for Philanthropy for 112th Congress"
In a recent article on Yahoo, Madoff trustee: Lawsuits delay money for victims, Jonathan Stempel writes about the current status of Madoff victims' recovery.Stempel writes that although the trustee seeking money for Madoff's victims hopes to begin distributing money to the...
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In an article in the Wall Street Journal's Wealth Report, Billionaires Stoke Sales of Private Jumbo Jets, Robert Frank writes that while Gulfstream jets are "a dime a dozen after the financial crisis," sales of private jumbo jets have "surged throughout...
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Arden Dale posted a new blog, How to Help Parents Without Paying More Taxes, Smart Money, March 17, 2011. The author suggests ways that a wealthy couple can give gifts to their parents without paying taxes. Some of the strategies include giving parents up to $52,000 a...
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Harold W. Pskowsiarch posted a new blog IRS Issues New Gift Tax Return; GST Exemption Issues Unaddressed, BNA, March 16, 2011. The IRS recently released the final version of the Form 709. The author mentions that the revised form fails to make any...
Continue reading "IRS Issues New Gift Tax Return; GST Exemption Issues Unaddressed"
McGuire Woods posts an article Virginia General Assembly Confirms that National Banks can Serve as Virginia Fiduciaries without an In-state Office on March 16, 2011. On March 14, the Virginia governor signed into law a bill that states a bank without an...
The Journal of Accountancy posted a new article IRS Releases 2010 Gift Tax Return on March 18, 2011. The IRS recently released the final version of the Form 709 and the accompanying instructions. The changes reflect the new GST tax rate, the new...
The release includes forms for 2010 tax returns and terminations, as well as instructions.Form 706-GS(D): Generation-Skipping Transfer Tax Return for 2010 DistributionsForm 706-GS(T): Generation-Skipping Transfer Tax Return for 2010 TerminationsInstructions for Form 706-GS(D), Generation-Skipping Transfer Tax Return for DistributionsInstructions for...
Continue reading "IRS Releases Form 706 for Generation-Skipping Transfers"
The course will take place in Fort Worth on June 8-10, 2011. Highlights include:2011 Statutory Changes Affecting Probate, Guardianships, Trusts, Powers of Attorney, and Other Areas of Interest to Estate and Probate PractitionersA Look at Decisions in 2011 and Beyond...
Continue reading "State Bar of Texas Sponsors 35th Annual Estate Planning and Probate Course"
Graeme Wood has written an article, Secret Fears of the Super-Rich, The Atlantic Magazine, April 2011.The article discusses a recent study entitled "The Joys and Dilemmas of Wealth," suggesting that assets in the tens of millions of dollars and above may contribute to...
Bryan Polcyn reports, Former probate lawyer Leonard Brady target of FBI investigation:The Wisconsin Supreme Court has revoked the license to practice law of Leonard Brady, a highly regarded probate attorney in Milwaukee, dubbed the "grand master of probate." The Court also...
In an article in the National Review, How Much Money Do the Rich Have?, Robert VerBruggen writes about the proposition to close the $1.1 trillion budget gap by taxing the rich.He finds, based on 2008 IRS returns, that "the rich"...
In a recent Bloomberg article, IRS Boosted Auditing of Richest Taxpayers, Almost Doubling Rate Last Year, Richard Rubin writes about an increase in IRS audits of the extremely wealthy.According to Rubin, the IRS audited 18.4% of taxpayers reporting income over...
Continue reading "IRS Boosted Auditing of Richest Taxpayers, Almost Doubling Rate Last Year"
In a recent post on his TaxProf blog, Joint Tax Committee Releases General Explanation of New Tax Legislation, Professor Paul L. Caron writes that the Joint Committee on Taxation released a General Explanation of Tax Legislation in the 111th Congress....
Continue reading "Joint Tax Committee Releases General Explanation of New Tax Legislation"
The Wealth Strategies Journal has posted a new article entitled, "Religious Estate Planning," by Martin M. Shenkman.Mr. Shenkman discusses the implications of preparing estate planning documents in the context of religious households or clients.Posted by Matthew Engler, Managing Associate Editor....
The IRS has released Publication 559, Survivors, Executors, and Administrators. The publication gives guidance to those in charge of a decedents estate. It details the process and responsibilities associated with filing and paying taxes arising from the estate. The publication...
Continue reading "IRS Releases Publication 559, Survivors, Executors, and Administrators"
The IRS has released Publication 536, Net Operating Losses for Individuals, Estates and Trusts. The publication gives taxpayers guidance on how to determine, when to use, how to claim and how to carryover net operating losses.Posted by James G. Haskell,...
The Congressional Research Service has released a new update to its overview of the federal tax system. The updates include changes to tax cut extensions and proposed changes under President Obama's 2012 budget plan.See "CRS Updates Overview of Federal Tax...
The IRS has released Publication 519, U.S. Tax Guide for Aliens. The publication is intended to help both resident and nonresident aliens to determine their filing obligations.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
Continue reading "IRS Releases Publication 519, U.S. Tax Guide for Aliens"
Joe Mont posted a new article Dead Celebs Offer Estate Planning Guidance, The Street, December 6, 2010. Mont discusses a new book that teaches people valuable estate planning lessons based on the blunders of such celebrities as Marlon Brando, Michael Crichton, Heath Ledger and Dennis...
Continue reading "Dead Celebs Offer Estate Planning Guidance"
Trial & Heirs recently posted a video, The Latest in the Charlie Sheen Drama. The video commentators discuss whether Charlie Sheen needs a conservatorship. He is not elderly or incapacitated, yet the courts have shown a trend to appoint a conservator over...
Trial & Heirs posted a blog, Dennis Hopper's Widow Turns Divorce Battle Into New Lawsuit, March 8, 2011. Dennis Hopper's widow filed lawsuits alleging that Hopper's children harassed her and forced her to move out of Hopper's house. She also alleges...
Continue reading "Dennis Hopper's Widow Turns Divorce Battle Into New Lawsuit"
Morningstar published an article by Christine Benz titled "Stay a Step Ahead of the Tax Collector." In the article Ms. Benz discusses current tax law changes and how those changes can minimize the effect on the bottom line. Ms. Benz...
Continue reading "Morningstar: Stay a Step Ahead of the Tax Collector"
CNN Money.com in the article titled "Death Tax Revenue Tumbles 22%" reports that federal estate tax collections in 2010 fell 22% from a year ago. The tax collections were the lowest since 1997. Any collection of federal estate tax in 2010 may come as...
The ABA Section of Real Property, Trust and Estate Law is sponsoring a 90-minute teleconference and live audio webcast, Preparing the Fiduciary Income Tax Return on March 17, 2011During this presentation, participants will:Learn the differences between Form 1041 and Form...
Continue reading "ABA Webcast Aims to Help Fiduciaries with Tax Forms 1040 and 1041 "
Lisa M. Rico published a new article, Borrowing for Postmortem Liquidity, Part 2--A Primer on IRC § 6166, 25 Prob. & Prop. 47 Jan./Feb. 2011.The article discusses IRC § 6166,a which effectively permits an estate composed of at least 35%...
The Agent's Sales Journal has recently published a slew of great articles relating to annuities, asset-based long term care, life settlements, and disability and health insurance.
In Estate of Sylvia Riese et al. v. Commissioner, the Tax Court (judge Vasquez) that even though the QPRT had terminated and the decedent had not paid rent for six months before suddenly dying, there was sufficient evidence of an...
Sally Balche Hurme recently published a new book The ABA Checklist for Family Heirs: A Guide to Family History, Financial Plans and Final Wishes. The book is advertised as a valuable resource in organizing information for one's heirs. It contains checklists regarding personal history;...
Martha Neil published a new article Lawyer is Suspended Over Her Marriage to an Elderly Client, ABA Journal, March 9, 2011. A 54 year-old California attorney received a gift of $339,000 from her 85 year-old client and subsequently married him. The court has...
Continue reading "Lawyer is Suspended Over Her Marriage to an Elderly Client"
The Wealth Strategies Journal has posted a new article entitled "A New Perspective on Employee Stock Ownership Plans," by George G. Cassiere, ASA, CFA &Brian A. Eagle, J.D.Mr. Cassiere and Mr. Eagle describe an estate planning strategy for clients who...
Continue reading "A New Perspective on Employee Stock Ownership Plans"
In the article titled "Millionaires Need $7.5 Million to Feel Wealthy" and published in The Wall Street Journal, Robert Frank discusses relative benchmarks millionaires set for themselves in ascertaining their own wealth. $7.5 million is the number most would need...
Continue reading "WSJ: Millionaires Need $7.5M to Feel Wealthy"
Andie M. Schwartz published a new article, The Cementing of Family Bonds, Feb. 23rd, 2011.Judge Gary R. Cassavecchia of the Hillsborough County Probate Court issued a ruling on August 18th, 2010, upholding a no contest clause that caused a trust...
Continue reading "Misuse of Trust Funds Results in $17 Million Judgement Against Beneficiary"
Danny King published a new article, Gene Simmons Plants a KISS on Estate Planning for the Rich, Daily Finance March 9th, 2011.Simmons has joined Cool Springs Life Equity Strategy, a Tennesse based advisory firm, to help the group attract wealthy...
Continue reading "Rock Star Gene Simmons Pitches for Financial Advisory Group"
The IRS released Publication 554, Tax Guide for Seniors. The guide helps taxpayers determine if filing is necessary and gives overviews of tax topics that are more common to seniors.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
In the case of United States v. Rocky Mountain Holdings Inc., a federal judge denied the government's motion for summary judgment. The government was suing under Pennsylvania's Uniform Fraudulent Transfer Act to recover over $3 million in federal tax liability...
A recent article by David Weisbach (professor at the University of Chicago) and Brian Gale (attorney with Sidley Austin LLP) compares the rules governing tax advice in 1990 to those governing today. They conclude that current regulations look much less...
Continue reading "Rules Governing Tax Advisors Getting More Complex"
According to a recent article by Tax Analysts, more taxpayers are seeking out professionals to help with tax preparation this year. The article attributes the growth to increased enforcement efforts by the IRS and confusion about tax law.See "Economy,...
Continue reading "More Taxpayers Seeking Professional Tax Assistance"
Deborah L. Jacobs published an article in the New York Times entitled, "Choosing the Right Executor for Your Estate." The article discusses advice for choosing an executor.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
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Anne Tergesen published an article in the Wall Street Journal entitled, "Family Businesses Catch a Big Break." The article discusses the impact of the tax deal on the gift tax exemption that was raised significantly. Posted by Shahzeb Gaziani, Senior...
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Andrew M. Harris published an article entitled, "Widow's $363,000 Tax Bill Led to Obama Shift on Marriage Act." The article discusses the impact on same-sex couples whose marriage is not recognized by federal law. Specifically, the article discusses the lack...
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John R. Cesario published an article entitled, "Succession Planning and the Duty of Diligence." The article discusses the importance of solo-practioners to plan for death or incapacity in order to lower the adminstrative costs of the attorney's estate and facilitate...
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Jamie Wilson published an article entitled, "How Does the IRS Track Gifts for the Gift Tax?" The article discusses various gift tax exemptions under the code.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
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Richard Rubin and Steven Sloan published an article in Bloomberg Businessweek entitled, "More U.S. Citizens Toss Passports as IRS Seeks Hidden Assets." The article discusses the increasing trend of U.S. citizens giving up their citizenship in order to avoid the...
In the article Planning matters: Keep assets out of grasping hands, Times Harold columnist Matt Wallace discusses the strengths and weaknesses of convienence, family and marital trusts as compared with outright distribution and to what extent each of these trust...
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In the article, Consider Keeping Life Insurance, Wall Street Journal columnist, Anne Tergesen explains how past and future changes to the estate tax may impact the decision to continue paying life insurance premiums. Tergensen notes that for many, life insurance...
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The Trust Advisor Blog recently posted the article, "White House Punches Wealthy Again - This Time, Dynasty Trusts" by Jerry Cooper. Cooper states that the White House proposes to limit the duration of the generation-skipping transfer tax exemption which would...
The New York Times recently published an article "Googles Quest to Build a Better Boss" by Adam Bryant. Bryant outlines Google's research on what eight qualities make an effective manager for its company. Surprisingly, approachability and an even-keeled personality are more...
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In a recent article on the New York Times website, If You Bought Apple Stock Instead of Products, Nick Bilton poses the question: what if you had bought Apple stock in 1997 instead of that Apple Powerbook?If you had spent the $5,700...
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In a recent article on Producers Web, Spousal lifetime access trusts, Julius Giarmarco writes that a spousal lifetime access trust (SLAT) is one way to take advantage of the $5 million gift tax exemption and maintain access to the property and...
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In a recent article on the ABA website, Is DOMA Doomed?, Jerry Simon Chasen writes about the fate of the Defense of Marriage Act.Under DOMA, marriage is defined under federal law as a union between one man and one woman....
Professor Gerry Beyer reports that Manhattan prosecuters have denied a request by "officious interlopers" to appoint a guardian for Hughette Clark. Investigators met with Ms. Hughette, finding that she is "not lucid," and are investigating how Clark's $500 million fortune...
In the article North Carolina Bill Would Let Non-Lawyers Invest In Law Firms, Forbes columnist Daniel Fischer reports on proposed legislation that would permit non-lawyer investors to purchase up to 49% equity in North Carolina law firms. If the measure becomes...
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Keebler & Associated produced a succinct chart on Required Minimum Distributions for IRAs upon the death of a beneficiary under IRC § 401(a)(9). Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal. ...
In the Estate of Palumbo v. U.S., the district court of the Western District of Pennsylvania ruled that a charitable trust had an enforceable right to a residuary estate apart from a settlement agreement. Therefore, the estate of the decedent could...
McGuire Woods posted an article summarizing a report of the Council on Foundations, a nonprofit organization of grantmaking organizations and foundations. The report provides statistical data on a typical foundation's board composition, board compensation, administrative and investment expenses and fiscal...
In the report, Actions Are Needed in the Identification, Selection, and Examination of Individual Tax Returns With Rental Real Estate Activity (2011-30-005), the Treasury Inspector General for Tax Administration ("TIGTA") calls for increased examination of individual returns claiming losses from real estate...
According to recent reports, numbers released by the Treasury Department indicate that the number of individuals expatriating from the United States in 2010 was more than double that in 2009. Taxpayers that renounce their U.S. citizenship or terminate their long-term...
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Bloomberg published an article titled "Accidental Death Becomes Suicide When Insurers Dodge Payouts" by David Evans. In his article Evans argues that ERISA "loopholes" encourage insurers to delay or avoid making payment to the insured. Evans cites several real-life examples to...
Smart Money published an article titled "Can Same-Sex Couples Finally File Jointly" by Bill Bischoff. In his article, Bischoff discusses the tax advantages of marriage which include lower tax rates, tax free employee benefits, better treatment for inherited retirement account balances, and...
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In a recent article in the Wall Street Journal's Wealth Report, Don't Envy the Super-Rich, They Are Miserable, Robert Frank writes that the extremely wealthy tend to be a dissatisfied people with deep anxieties.These findings are based on the results...
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In a recent article in the Wall Street Journal's Wealth Report, China Becomes "Billionaire Factory to the World," Robert Frank writes about China's rapid increase in its population of billionaires.This is part of the changing geography of the world's billionaire population....
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In a recent article in SmartMoney's Tax Blog, How to Delay Estate Taxes for Centuries, Laura Saunders writes that the wealthy can use "Dynasty Trusts" to put $5 million or more in assets beyond the reach of estate taxes for...
The article Some States Propose to Eliminate Tax Breaks for Seniors draws attention to State proposals to eliminate exemptions for IRA distributions and pensions. Facing large budget deficits, politicians in Michigan, Georgia and Hawaii are considering eliminating these tax exemptions for retirees. See...
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In the article GRATs Let Children Pass Millions to Mom or Granny Free of U.S. Gift Taxes, Bloomberg columnist Elizabeth Ody examines how grantor retained annuity trusts, or GRAT's allow wealth children to gift large sums to their parents without triggering gift taxes or...
Senators Saxby Chambliss (R-GA), Tom Coburn (R-OK), and Mike Crapo (R-ID) sent a joint letter to Grover Norquist of Americans for Tax Reform. The letter challenges Norquist's claim that the GOP plan to reform the tax code would violate Americans...
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A recent report from the Treasury Inspector General for Tax Administration said that higher scrutiny is needed for returns that report losses from rental real estate property. The report predicted that greater scrutiny could lead to over $27 million in...
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In Bradley et al. v MDC Credit Corp et al., the U.S. District Court for the District of South Dakota ruled that a purchasing company which agreed to pay the outstanding tax liabilities from a family-owned business must indemnify the...
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The Wealth Strategies Journal has published four articles in February 2011:ILIT Trustees: Bridge Out Ahead... Lock in Your Navigation System Now By: Melvin A. Warshaw of Financial Architects Partners, LLCEstate Analyst: Estate and Gift Taxes Reunited By: Robert L. Moshman,...
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Forbes has posted its most current list of The Worlds Billionaires. Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal....
Mark and Angel Hack Life blog published a list of 8 Stupid Mistakes Smart People Make. According to the blog, they are:They confuse being busy with being productive.They spend time pursuing bogus achievements.They learn how to do something and never do...
Direct TV is running a humorous commercial about a family's reaction towards the distribution of property in a Will. Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal. ...
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In the article No True "Exemption" From Rhode Island's Burdensome Death Tax, Forbes columnist Hani Saraji discusses the impact of Rhode Island's estate tax on out-migration from the state as well as several bills that have be introduced in the...
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The Senate has passed the American Invents Act, which, among other provisions, bans the patenting of tax strategies.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal....
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James Galbraith (professor at the Lyndon B. Johnson School of Public Affairs and at the Department of Government, University of Texas at Austin) testified before the Senate Finance Committee that a "shift of the tax burden away from labor, onto...
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The Department of Justice just released a press release explaining that Mr. Edward Gurary has pled guilty to "filing flase personal income tax returns for the years 2004 through 2008". Mr Gurary has agreed to pay $300,000 in fines, surrender...
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The Wealth Strategies Journal has posted a new article, entitled "Charging Order Protection for Florida Limited Liability Companies after Olmstead," by Ryland F. Mahathey and Sarah A. Schelling of Redgrave and Rosenthal, LLP.You may find the article by clicking here....
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The Journal of Financial Planning published an article titled "Real-World Index Annuity Returns" by Geoffrey VanderPal, Jack Marrion and David F. Babbel. In their article, the authors attempt to dispel errors that typify previous studies of potential index annuity performance. The...
TIME published an article titled "I Can't Take It With Me" by Joel Stein. In his article, Stein humorously summarizes the experience of meeting with an estate planning attorney. Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal ...
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FPA Practice Management Center blog discusses a tool that can help organize seminars more easily. The tool is Eventbrite and the following are some features highlighted by FPA.Here are some of the cool features of using Eventbrite for seminar registrations:...
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In the article Shifting Strategies for Target-Date Funds, New York Times Business Day columnist Fran Hawthorne disucsses changes several 401(k) fund managers are making to the composition of their target-day retirement funds. Mangers hope that portfolio volatility can be reduced in an...
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In a recent article in Investment News, VA carriers kill some living benefits, raise fees, Darla Mercado writes that insurance carriers ended 2010 with a handful of replacements on variable annuity living benefits, while others increased fees.Mercado writes that, according to...
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In a recent article in the Wealth Strategies Journal, The Outlook for Estate Planning Practitioners, attorney William A. Conway writes that the estate planning industry is poised for growth.Conway notes that in a recent survey of 831 estate planning attorneys,...
In a recent article in the New York Times, Armies of Expensive Lawyers, Replaced by Cheaper Software, John Markoff writes that new "e-discovery" computer software is able to perform document review for a fraction of the time and cost.Markoff offers...
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Chapman's conference, Advising Your Clients Under the New Estate and Gift Tax Law, starts today in Orange, California. Panelists include Chapman Proffesor of Law Frank J. Doti, Renee Gabbard and Douglas Schaff from Paul Hastings Janofsky & Walker, and Michael...
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The IRS has called for comments on Form 8939 "Allocation of Increase in Basis for Property Acquired From a Decedent." The call for comments is part of the continued efforts under the Paperwork Reduction Act.See http://www.federalregister.gov/articles/2011/03/07/2011-4998/proposed-collection-comment-request-for-form-8939.Posted by James G. Haskell,...
Bridget Crawford, professor of law at Pace University School of Law, reviewed her top 10 estate and gift tax related law review articles from 2010.See "Law Review Articles You Should've Read (But Probably Didn't," 2011 TNT 45-10, (February 9, 2011).Posted...
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Steven J. Mopsick, partner at Mopsick & Williams LLP in Sacramento and long time veteran of the IRS wrote a recent article arguing for voluntary disclosure of offshore accounts. Mopsick argues that those who do not take advantage of the...
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As part of the ongoing efforts under the Paperwork Reduction Act, the IRS is soliciting comments concerning From 8925, Report of Employer-Owned Life Insurance Contracts.See http://www.federalregister.gov/articles/2011/03/07/2011-5000/proposed-collection-comment-request-for-form-8925.Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal....
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The U.S. Senate voted 87-3 to end debate to S.23, the Patent Reform Act of 2011. The Act would make tax strategies ineligible for patent protection. Voting to end the debate sets up a final vote on the bill later...
DEBORAH SONTAG recently published an article at New York Times on March 3, 2011. When Jerome Ndayishimiye entered the overheated room at the nursing home where his 58-year-old mother lay under a tightly tucked blanket, he quickly closed the curtains...
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The Wealth Strategies Journal has posted a new article entitled "DCF Valuation Scuttled by Unsound Underlying Projection," from Hempstead & Co.You may find the article by clicking here....
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New England Law Professor Kent D. Schenkel recently posted a paper, Exposing the Hocus Pocus of Trusts, to SSRN.Schenkel writes that through trusts, the costs and burdens associated with owning property seem to disappear. However, these costs do not truly disappear....
Tax Analysts has published an article analyzing who receives the most benefit from the home mortgage deduction. The article compares wealthy zip codes to poor zip codes and compares the average home mortgage deduction in each zip code. The wealthiest...
Continue reading "The Home Mortgage Deduction benefits the Wealthy 100 times more than the Poor"
The IRS has released a memorandum explaining the penalty framework for the new Offshore Voluntary Disclosure Initiative ("OVDI"). With some exceptions, the any taxpayer electing to use the OVDI will be subject to all accuracy-related penalties and failure to file...
Fox news is reporting that the DOJ and the defendant have made an agreement whereby the defendant will pay $2.1 million in fines and have 3 years of probation for filing false income tax returns. The defendant had placed money...
Judge Shaw wrote a decision in the case of Woolley v. Woolley, where the Court of Appeals of Ohio found that a testator who devised real property to his grandson on the condition he pay the testator's two sons $1,000...
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Sarah Rose published an article entitled, "Booming Incentives to Donate Real Property in a Busting Economy." The article discusses the history and background of donating real property. The article also discusses recommendations on donations that will serve the best interest...
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Kimberly Egan, a partner in DLA Piper's Washington office, created a list of skills possessed by the most successful lawyers. Here are a few she includes in an article for the National Law Journal:Associates hoping to become successful lawyers shouldn't...
In a new Forbes article, Tax Breaks For Seniors On The Chopping Block, contributor Janet Novack writes that while the media has been fixated on Wisconsin Governor Scott Walker's battle with unions, little attention has been paid to efforts of other...
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Small business representatives in remarks to Congressional committees discussed how the continual changes to the tax code has made it difficult and expensive for small business owners to make long-term business plans. Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal....
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In comments from the floor of the Senate, Senator Grassley discussed the tax patent provisions of the Patent Reform Bill. Senator Grassley clarified that the Bill was only intended to ban the patenting of tax strategies and nothing related to...
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The Insured Retirement Institute has published a report showing that a majority of investors in tax deferred annuities make less than $75,000 on an annualized basis. In addition, the report analyzes why the tax deferral aspects are so important to...
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The Family Business Consulting Group and Palgrave Macmillan have published two new books concerning building and managing a family business.In Building a Successful Family Business Board, authors Jennifer M. Pendergast, John L. Ward, and Stephanie Brun de Pontet show why...
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The Wealth Strategies Journal has posted a new article entitled, "In Estate of Adler, Section 2036 Trumps Fractional Interest Discounts" by Ori Bash, ASA of Pluris Valuation Advisors....
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Michael D. Bonasera recently published an article One of the top 3 estate planning mistakes - in both frequency and severity - is families not planning after second marriages. These mistakes are so bad because there usually has not been...
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Congressman Mike Pence (R-IN) introduced H.R. 696, the Tax Relief Certainty Act of 2011. The bill seeks to make the Bush tax cuts of 2001 and 2003 permanent. The bill would also provide permanent relief to the alternative minimum tax...
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In Edith Schlain WIndsor v. United States, a surviving same-sex spouse is suing for a refund of estate taxes paid on her spouse's estate. The suit claims the Defense of Marriage Act is unconstitutional and the estate taxes that would...
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A recent article by Tax Analysts discusses the struggle that practitioners have with the recent Canal Corp. v. Commissioner decision. In Canal the Tax Court classified a leveraged partnership transaction as a disguised sale and applied an accuracy-related penalty to...
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Jason Fried, well known co-founder of the tech company, 37signals, and author of Rework and other books, has authored an article on Inc. Magazine's website, How to Make Money in 6 Easy Steps. The points are basic but easily forgotten,...
Howard Gleckman recently published a new article How Congress Could Upend The Mortgage Deduction. Don't grab a pitchfork--under the most likely reform scenarios, typical middle-income households could actually end up paying lower taxes. Normal 0 false false false EN-US ZH-CN...
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Steve Akers and Bessemer Trust are hosting a webcast during which highlights from the Heckerling Conference will be discussed.Steve Akers WebcastFriday, March 4, 20111:00 PM EasternTo access webcast click here.The following is Bessemer Trust's summary of the discussion: HIGHLIGHTS FROM THE...
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The Wall Street Journal published an article by Robert Frank titled "The Fall of a Billionaire's Wife." In the article Mr. Frank tells a story of Mrs. Patricia Kluge who despite her divorce settlement in excess of $1 billion...
The Wealth Strategies Journal has published a new article entitled, "Tax Relief Act Extends IRA Owners' Opportunity to Make Tax-Advantaged Direct Gifts to Charity," by Richard Sills of Holland & Knight LLP.In his article, Mr. Sills covers the advantages for...
The Agent's Sales Journal has published the following new articles relating to insurance and annuities: Maximizing Your Clients' Options for Annuity Investments When you think of a suitable investment vehicle for numerous solutions, the annuity is one of the most...
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The IRS offers free assistance by computer, telephone and in person. The IRS can also help find free tax preparation sites for those who qualify. IRS Tax Tip 2011-41 lists four ways you can get the information you need to file your...
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Military members and their spouses may be eligible to receive free tax return preparation assistance. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program which provides free tax advice, tax preparation, return filing and other...
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