A recent post on the Planned Giving Design Center's website, Gift of House and Related Expenses Not Deductible, notes that a recent Tax Court decision holds that a donor may not take charitable deduction because that donor did not "establish...
Continue reading "The Tax Court Holds Donation of House and Related Expenses Not Deductible"
Robert Frank has written a new article, Why the Rich Envy the Super-Rich, in the Wall Street Journal's The Wealth Report blog. Frank writes that "the largest wealth gap today is between the rich and super-rich." Mere millionaires have found...
Washington Business Journal in an article titled "D.C. Estate Tax at $35 Million Six Months Early" reports that through the first two quarters of the fiscal year 2011, the District has collected $34.96 million in estate taxes, hitting the projected...
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Scott Martin recent posted an article on the Trust Advisor Blog, Wilmington's Wealthy Clients Rattled as Loan Loss Scandal Unfolds. Martin writes about the recent sale of Wilmington Trust to M&T Bank. In the article, Martin describes Wilmington's failure to "mark...
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Scott Martin recent posted an article on the Trust Advisor Blog, Wilmington's Wealthy Clients Rattled as Loan Loss Scandal Unfolds. Martin writes about the recent sale of Wilmington Trust to M&T Bank. In the article, Martin describes Wilmington's failure to "mark...
Continue reading "Loan Loss Scandal Rattles Wilmington Trust's Clients"
Gregg D. Polsky, a professor at the UNC School of Law, recently published a paper, High Volatility, Negative Correlation, Roth IRA Conversions, and the Codified Economic Substance Doctrine. Polsky's research paper analyzes ways in which to reduce the tax cost...
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In a recent article in the ABA Journal, Law News Now, Most of Joseph Flom's Millions Will Go to Charity, Debra Cassens Weiss reports on the status of the estate of the recently deceased Flom.Half of Flom's estate will go...
Continue reading "Joseph Flom's Multi-Million Dollar Estate Will Mostly Go to Charitable Causes"
The Trust Advisor Blog posted an article titled "Savvy Advisors Using 'Lock in Estate Tax Exemptions Now' Marketing Opportunity to Gain New Client Relationships." The article describes recent changes to the estate tax law and how the year 2013 may...
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A recent article on Elder Law Answers, New Rule Requires Homebound Medicare Patients to See Doctors, details a new rule for Medicare patients.Now, doctors must meet with their homebound Medicare patients in person in order to receive reimbursements for home...
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ABA published an excerpt from an article written by Sheila M. Blackford and titled "Managing Your Client Trust Account." The excerpt concentrates on eight tips that Ms. Blackford offers in her article concerning client trust accounts. They are:Always remember that...
Continue reading "ABA: Dos and Don'ts of Client Trust Accounts"
In a guest column in the Cleveland Plain Dealer, Estate tax repeal, other cuts would devastate, Martin R. Kolb writes in opposition to bills in the Ohio legislature that would repeal Ohio's estate tax. Although he admits to personally disliking...
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The Planned Giving Design Center reports that under Revenue Ruling 2011-11, the applicable section 7520 rate remained unchanged from April to May and is currently at 3%. The rate is used to determine the present value of an annuity, a...
Tax Notes has published an article by Shamik Trivedi. The article discusses how home builders and developers recovering from devastating losses in the real estate market collapse are struggling with burdensome administrative compliance and IRS audits, industry professionals said April...
A Tax Notes article reports that Senate Finance Committee Chair Max Baucus announced that a hearing will be held evaluating the fairness of the federal tax system on May 3, 2011. Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal ...
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Tax Notes has published an article by Drew Pierson. The article reports that the Senate will vote on the fiscal 2012 Republican budget resolution drafted by Congressman Ryan. Reid expressed his dislike for the Bill especially because of its harsh...
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Tax Notes has published an article by Nicola M. White. The article discusses the stories of seven women who are fighting the IRS to overturn the Service's two year statute of limitations on Section 6015 innocent spouse relief and get...
According to the Planned Giving Design Center, earlier this month, the IRS released a private ruling (No. 2055.12-10) approving the reformation of a testamentary trust under section 2055(e)(3) of the Estate Taxation Code thereby creating two trusts: a Charitable Lead...
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The IRS released its list of the "Dirty Dozen," the top twelve tax scams for 2011. They include hiding income in offshore accounts, identity theft, filing false tax forms, and misusing tax-exempt organizations.Posted by Jessica Rebarber, Associate Editor, Wealth Strategies...
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The Agent's Sales Journal has published several great new articles this week on annuities and related issues.Annuities: Suitability Changes and Challenges State insurance regulators continue to focus heavily on consumer protection in the annuity sales arena. With an increase in...
Steve James, in Questions you Absolutely must ask your Interviewer, avers that there are several questions every interviewee should ask his/her interviewer. These include the company's policy on work/life balance, how many clients the company has gained/lost in the past...
Continue reading "The Questions every Employment Candidate should Ask"
The ABA Journal is reporting in Biz Cards go Digital that digital business cards are becoming more prevalent in law firms. A mid-size firm in Virginia is jumping out ahead of the curve, allowing its attorneys to give a Quick...
In a recent Letter to the Editor of Tax Notes Today, Robert Feldgarden examines the recent Tax court decision in Tempel v. Commissioner. The Court held that a state tax credit is a capital asset when sold, but the income included 85...
An April 15th, 2011 IRS release provides the 2010 revisions to form 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). The release discusses the tax treatment of canceled debts such as those that result from foreclosures. See, IRS Releases Publication on Canceled...
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The April 18, 2011 Fact Sheet, details how tax cuts passed by the Democratically controlled Senate have resulted in the lowest tax burden in 60 years. The article details the various measure that have been enacted including the Tax Relief, Unemployment Insurance Reauthorization And...
Continue reading "Fact Sheet: Senate Democrats Have Passed $1.5 Trillion in Tax Cuts"
Colorodo Democratic Representative Jared Polis has introduced the Investment Property Opportunity Act of 2011, H.R. 1481. If enacted the bill would amend the Internal Revenue Code of 1986 to encourage the purchase of residential property by providing an exclusion from...
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On April 25, 2011, the IRS announced that it has taken action against 19 of the more than 700,000 tax return preparers who registered with the IRS as part of the agency's new oversight regime. The 19 unnamed prepares failed...
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In a recent article, Robert S. Chase II, Carol P. Tello, and Dwaune L. Dupree discuss the final foreign bank account report ("FBAR") regulations released on February 24, 2011. The authors argue that despite the fact that the final FBAR...
House Ways and Means Committee member David G. Reichert, R-Wash., has introduced the S Corporation Modernization Act of 2011, H.R. 1478, which would reform the tax treatment of S Corporations. The bill would amend the Internal Revenue Code of 1986 to allow non-resident...
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According to Foley & Lardner in Kiss-immee of Death, Florida is now taking the minority-approach to deathbed marriages. The state is now allowing heirs to challenge deathbed marriage's after the spouse becomes deceased.Posted by Jessica Rebarber, Associate Editor, Wealth Strategies...
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A recent report from the Congressional Budget Office ("CBO") estimates that under President Obama's budget proposal the deficit will grow by $2.8 trillion over baseline projections by the year 2021 to a total of $9.5 trillion. The CBO estimated that...
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A recent article by Ellen P. Aprill, Professor of Tax Law at Loyola Law School, reports on the costs and benefits of registering a congressional legal defense fund as a s Section 527 organization. The report concludes that contributions to...
There were a flurry of letters to the editor in response to the NY Times Article The Pirates of Capitol Hill. The letters further reflect the current polarity in America regarding tax policies and the arduous road to bipartisan compromise.Posted...
According to the New York Times in Family Physician Can't Give Away Solo Practice, small medical practices, and therefore the doctors who own them, are a dying breed. In addition to there being less solo practitioners annually in favor of...
Continue reading "Solo Medical Practitioners Finding it Difficult to Retire or Sell"
If you are a zip car member and get into a car accident, the company only provides up to $300,000 in insurance for drivers 21 and above (less for drivers below age 21). According to Consider the Worst Case with...
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The Wealth Strategies Journal has posted a new article entitled, "What Wealth Management Professionals, Trust Officers and Estate Planners Need to Know About Trust Protectors" by Professor Richard C. Ausness of the University of Kentucky College of Law.Posted by Matthew Engler,...
In a recent post on the McGuire Woods Legal Updates blog, Tax Day for Tax-Exempt Organizations (But Not Yet), the firm shares the reminder that tax returns for 2010 are due on May 15, unless the tax-exempt organization requests an...
The McGuire Woods Legal Updates blog reports in a recent article, Family Offices May Have More Time: Compliance with Dodd-Frank Act Adviser Registration Delayed, that, according to the SEC, the deadline for registration will probably be delayed until early 2012....
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According to the Wall Street Journal in Does your Trust Need a Tune-Up?, the new estate tax law that Congress passed in December increased the amount of money individuals can leave to their heirs and give away during their lives. ...
Continue reading "Taking Advantage of the New Portability Estate Tax Provisions"
According to The Real News in their video clip Why Millionaires Migrate, the 2004 New Jersey high income tax rate for the super wealthy, there was no increased migration rate out of the state into states with more favorable tax...
Milton Cerny and Michele A.W. McKinnon published a law journal article entitled, "The Globalization of Philanthropy: International Charitable Giving in the Twenty-First Century." The authors discuss the tax implications of international gifts and the corresponding international tax treaties. The article...
Stacy Curtin published an article entitled, "Forget Harvard and a 4-Year Degree, You Can Make More as a Plumber in the Long Run, Says Prof. Kotlikoff." The article questions what is the value of a college education.Posted by Shahzeb Gaziani,...
Nancy J. Knauer published a journal article entitled, "Gay and Lesbian Elders: Estate Planning and End-of-Life Decision Making." The article discusses challenges for gay and lesbian couples for estate planning. Specifically the article focuses on issues related to chosen family,...
The Transactional Records Access Clearinghouse at Syracuse University has released a report entitled, "IRS Global High Wealth Taxpayer Program Lags." The article discusses how the IRS program to examine high wealth individuals has not been successful in accomplishing its mission. ...
Howard Gleckman published an article entitled, "Will Apostasy On Taxes, Social Security Lead To Deficit Deal?" The article discusses whether or not republicans and democrats can break their ideological positions to compromise on deficit reductions. Specifically, the article examines whether...
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Robert Frank posted an article entitled, "Ireland's Former Richest Man Loses Fortune." The article looks back at Sean Quinn, who was the richest person in Ireland before the financial crisis.Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal....
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Robert Frank published an article entitled, "Can Taxing the Rich Erase the Deficit?" The article criticizes the notion that raising taxes on the affluent is the solution to reducing the deficit. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies...
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The New York Times published an article entitled, "Social Security and Those Who Need It." These articles consisted of letters to the editor from readers in response to Alicia H. Munnell article entitled, "To Cut the Deficit, Look to Social...
Robert W. Wood published an article entitled, "Election For 2010 Estates: Big Headache." The article discusses how the 2010 Tax Relief Act may not have been as beneficial for estate planning purposes as initially assumed. Specifically, the author discusses the...
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The 9th Circuit ruled in ESTATE OF SHAPIRO v. U.S. (9th Cir - Feb. 22, 2011) that a pending appeal in a palimony suit claim could result in an estate that is worth less. Therefore the court ruled that a...
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LexisNexis recently announced the results of the top 25 Estate, Probate, and Elder Law Blogs of 2011. You can still vote for the winner, which will be announced on April 20th....
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In a recent Wall Street Journal Op-Ed, Alan Reynolds of the Cato Institute writes that he believes President Obama's plan to increase tax rates on the highest income brackets will not work. According to Reynolds, it "is a distraction" and "won't...
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In his note, Adeemed if You Do, Adeemed if You Don't, recently published in the Alabama Law Review, Raley L. Wiggins writes about the state of ademption law in Alabama. In this note, Wiggins explores the history and development of...
In a recently published book, Treasure Islands, Nicholas Shaxson tells a story of globalization gone wrong. Shaxson's book is an expose on tax havens, giving the reader an understanding of these "secrecy jurisdictions" in the context of modern history.Posted by...
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President Obama's deficit reduction plan is outlined in a release by the White House Office of the Press Secretary.President Obama's plan includes: a goal of $4 trillion in deficit reduction in twelve years or less, proposed budget cuts, and increased...
The National Business Institute is conducting a CLE on April 18th entitled "Generation Skipping Tax Planning." The course reviews GST planning and compliance. HAT TIP: Wills, Trusts and Estates Prof Blog Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal...
The Ninth Circuit Court of Appeals held, in D.N. vs. U.S., 625 F.3d 1222, that a minor child, a secondary beneficiary of a 401(k) was the distributee and therefore, liable for income taxes owed. The minor unsuccessfully argued that his mother, the primary...
Continue reading "Court Finds Murderous Primary Beneficiary Not Distributee"
Peter Katt posted an article, Business Continuation Planning: Part II, 12 Life Ins Persp. 9 2010. As the second part of a series on business continuation planning, Katt brings two examples to explore the challenges involved in buy-sell planning. HAT...
Shamoun & Norman, a Texas-based law firm, is suing a former client, averring that it is owed a "performance incentive bonus" of $18 million after it settled a family trust dispute below a threshold amount according to the ABA Journal. ...
Continue reading "Law Firm Sues to Collect $18 million Bonus to which Client Denies Agreeing"
According to Elaine Maag in Navigating the Maze of Child Tax Credits, there are two major problems for parent taxpayers attempting to determine which deductions to take for their dependent children: filing for too many benefits for which they do...
McGuire Woods Legal Updates is reporting that IRS Notice 2011-37, released on April 13, 2011, relieves trustees of their "unbundling"obligations until the final regulations are published. The Release serves to extend the no-unbundling-of-unitary-fees pronouncements to fiduciary income tax returns for...
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In a recently published book, "Treasure Islands: Offshore Banking and Tax Havens," author Nicholas Shaxson investigates how banks, multinational corporations and wealthy individuals have come to use off-shore tax havens to "maximize their own rewards" despite the US and global...
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A Joseph Warburton published his article Trusts Versus Corporations: An Empirical Analysis of Competing Organizational Forms, 36 J. Corp. L. 183 (2010). The article compares managers of corporations to managers of trusts, fiduciaries with a higher level of responsibility. Evidence suggests that...
Jeffery V. Bailey, Jesse L. Phillips and Thomas M. Richards recently published their book, A Primer for Investment Trustees, Research Foundation Publications, 2011. The primer is a comprehensive discussion of investment issues relevant to investment trustees and investment professionals who...
Forbes is reporting in Massive Identity Theft With Help from the IRS that the IRS's new e-filing system has allowed William Alexander, using a P.O. box in Las Vegas, to identify himself as a principal officer in Non-Profit Accounting Services,...
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McGuire Woods has included Parish v. Parish in its latest update on "Recent Virginia Cases of Interest to Fiduciaries". In Parish v. Parish, the Virginia Supreme affirmed the lower court's holding that a will made by the victim of a...
The Agent's Sales Journal has published new content this week on the topics of annuities, criticial illness insurance, and long term care insurance, among others.Critical Illness: 3 Producers, 1 Product When it comes to selling critical illness insurance, you'd think...
Robert Frank posted the article Where Have the Wealthy 'Angel Investors' Gone, Wall Street Journal, April 12, 2011. Rich entrepreneurs who invest their money in true start-ups declined 11 percent in the first half of 2010 compared to a year earlier. ...
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United for a Fair Economy launched the site Tax Wealth Not Work. The organization argues that investment income and dividends should be taxed at the same rate as income from salaries and wages. As capital gains rates are much lower than ordinary income...
Gene Marks posted the article Why an Educated Client is a Good Client, Forbes, April 11, 2011. Marks argues that the best clients are the educated ones because they are familiar with the industry, ask the right questions, and know what...
Stuart Robertson posted the article Tax Deadline Buzzer Beaters for Small Business, Forbes, April 11, 2011. Robertson advises a small business to put $5,000 into an IRA. If your business has a 401(k) it may be possible to make additional employer contributions...
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A recent paper by David S. Miller reviews how U.S. federal and state tax law encourages the use of foreign tax haven companies to reduce U.S. federal and state tax liabilities. See, "HOW U.S. TAX LAW ENCOURAGES INVESTMENT THROUGH TAX HAVENS," TNT 70-3....
Continue reading "David S. Miller Reviews How Tax Law Encourages the Use of Foreign Tax Havens"
The IRS recently proposed regulations relating to the exclusion from gross income under section 108(a) of discharge of indebtedness income of a grantor trust or an entity that is disregarded as an entity separate from its owner. The proposed regulations provide...
Continue reading "IRS Proposed Regulations Addressing Discharge of Indebtedness"
In a recent press release Responsible Wealth announced the launch of Tax Wealth Like Work," a joint campaign with United for a Fair Economy. The organizations are seeking to change the capital gains and dividend tax rate to "the same rate that wages and...
In a recent press release, Republicans on the House Ways and Means Committee said that contrary to rhetoric from the Obama administration that no middle-income tax increases would be enacted, President Obama and Congressional Democrats have enacted over $685 billion in gross...
The article by Robert Frank titled "Rich Lists Are in 'Public Interest,' German Judge Rules" and published in The Wealth Report reports that the publications can continue to publish lists of wealthy people and their assets, because such reports are...
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Proposed IRS regulations that would require banks to report interest paid to non-US resident depositors have provoked comments from state officials and bankers.J. Thomas Cardwell of the Florida Office of Financial Regulation expressed his concern that the regulations would impose unnecessary costs on Florida...
Wealth Counsel presenets a Free Live Webcast Sometimes Less Is More Designing Effective Charitable Planning Strategies for Today's Savvy Philanthropist Thursday May 12, 2011 1:00 to 2:00 p.m. Eastern To register, clck here. The following is a list of items...
The IRS recently issued proposed regulations regarding the exclusion from gross income under section 108(a) of discharge of indebtedness income of a grantor trust or an entity that is disregarded as an entity separate from its owner.See http://www.federalregister.gov/articles/2011/04/13/2011-8758/guidance-under-section-108a-concerning-the-exclusion-of-section-61a12-discharge-of-indebtedness.Posted by James...
In a paper by University of Delaware professors Laurence Seidman and Kenneth Lewis propose replacing both the AMT and the estate tax with an 8% surtax on adjusted gross incomes above $1 million. The authors argue that the surtax would...
Continue reading "Proposal Would Use Millionaire Surtax to Replace Estate Tax and AMT"
In a recent article on the Journal of Financial Planning's website, Breaking Through: The State of the Risk Tolerance Conversation, Lisa Holton writes about financial planning clients' tolerance for risk. Holton writes that the 2008 crash has caused clients to...
In an article on Tech Crunch, Viveck Wadhwa writes in response to this earlier Tech Crunch article on Peter Thiel's belief that we are in an "education bubble." Wadhwa writes that Thiel's message encourages students to drop out of school,...
Continue reading "Counterpoint to Peter Thiel's Belief that We are in an Education Bubble"
In a recent article in the FPA Practice Management Center Blog, Daniel C. Finley gives advice for how to react when your client or a prospective client says "no". According to Finley, objections and rejections by clients and prospective clients...
According to Steve Garmhausen in his recent article What Are Advisors Doing to Coax Money off the Sidelines?, Americans are still hesitant to invest in the stock market following the recent financial crisis. However, financial advisers are slowly making progress...
Continue reading "Getting Hesitant Americans to Invest Again: Diversifying Portfolios "
Larry Barrett reports in Financial Planning: Most Boomers Still Dependent on Social Security for Retirement that several recent studies have demonstrated that most Baby Boomers, now reaching the retirement age, will be dependent on receiving social security checks as a...
Continue reading "Baby Boomers Still Need Social Security Checks When they Retire"
In a recent article on Tech Crunch, Sarah Lacy writes about Paypal co-founder, hedge fund manager, and venture capitalist, Peter Thiel's belief that "the bubble that has taken the place of housing is the higher education bubble." Theil, who saw the...
Continue reading "Peter Thiel: We're in a Bubble and It's Not the Internet. It's Higher Education."
Michael S. Fischer of Advisor One writes in a recent article that some tax preparers are making errors using Form 706 software. On March 25, the IRS announced problem areas and changes with Form 706, the U.S. Estate and Generation-Skipping...
Continue reading "Tax Alert: Changes to Form 706 Estate and Gift Tax Return"
CNN is reporting that Donald Trump is proposing that individuals and trusts with a net worth of more than $10 million pay a one-time tax of 14.25% on their wealth to eliminate the national debt quickly. Trump stated that only...
Continue reading "Trump Proposed 1-Time Net Worth Tax on Super Wealthy"
Paul Sullivan posted an article, More Money for Your Kids, CNNMoney.com, January 25, 2011. With the current 5 million dollar gift tax exemption, clients, while alive, can pass to their heirs more money free of estate tax through planning techniques such as the intentionally...
In the recent article "Q. and A.: The Differences Between Philanthropy in the West and the East," New York Times Columist Sonia Kolesnikov-Jessop interviews Noor Quek, founder of NQ International, a Singapore firm providing advisory sevices to family offices in...
In the recent article "Pet Provisions," The Miami Herald columnist Elinor J. Brecher reports on the increasing popularity of pet trusts, which provide an estate planning tool for pet owners to insure that their animal companions will not be euthanized...
In a recent press release Brian Miller, executive director of United for a Fair Economy (UFE), lauds a recent letter from the Congressional Progressive Caucas, which includes proprosals such as a progressive estate tax and an higher marginal tax rates...
Continue reading "UFE: Applause for "truly courageous budget framework" "
Jeff Schnepper posted an article entitled, "Real Estate Losses Become IRS Tax Audit Target." The article discusses how 53% of individual taxpayers with rental real estate activity misreported income to the tune of $12.4 billion. Specifically the article discusses how...
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Jesse Drucker published an article entitled, "The Estate Tax Eliminator." The article discusses how parents can leave their stock market gains to their children using a Grantor Retained Annuity Trust. The result is a gain that escapes both the estate...
In a letter to the editor of OA Online, estate planner Cory McDowell writes about a client whose dreams made him proud. Clarine Brown was not survived by any of her own children, but she clearly loved children. Ms. Brown...
Business Wire reports that international law firm McDermott Will & Emery LLP announced the expansion of its New York Private Client Group. The move includes the addition of premier estate planning attorney Carlyn S. McCaffrey, who chaired Weil, Gotshal &...
The TaxProf Blog is reporting that Weil, Gotshal & Manges is shutting down its estate planning practice. Carlyn McCaffrey and six other former Weil colleagues have relocated to McDermott, Will & Emery.Posted by Jessica Rebarber, Associate Editor, Wealth Strategies Journal...
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Paul Caron discusses the Christian Science Monitor's article discussing Why 'Taxes' is a Dirty Word, noting that while the political divide on raising taxes is not a new trend in U.S. history, it has "become more deeply ingrained" recently. Caron...
Continue reading "The Negative Connotations of the Word "Tax""
Robert Frank posted an article Trusts for the Rich Flock to Low-Tax States, The Wall Street Journal, April 7, 2011. States such as New Hampshire and Oregon offer very favorable tax treatment for Trusts. There will be increasing competition among...
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Casey B. Mulligan posted an article Why People Pay Income Taxes, The New York Times, April 6, 2011. Overall, taxpayers' income reporting to the I.R.S. is pretty accurate, even though most people would not get caught if they cheated. It...
Matthew Saltmarsh posted an article Wealthy Turn to Social Media for Investment Help, New York Times, April 5, 2011. Several entrepreneurs are building social media websites for the wealthy. Asset management firms, lawyers, and charities are using these sites to...
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Chapman University School of Law will host a conference today on Advising Your Clients Under the New Estate and Gift Tax Law.Topics Include:For clients who died in 2010, should the estate tax or the carryover basis regime be elected?When should...
In the article "Joint Tax Return Problematic for Innocent Spouse," Forbes columnist Stephen J. Dunn discusses the joint and several tax liability of spouses who file a joint returns. The IRS will issue a Notice of Federal Tax Lien against...
Continue reading "For Joint Filers, Liability for Tax Deficiencies is Shared Regardless of Fault"
In the article "Does Tax Time Need To Be So Taxing?" Forbes columnist Ron Ashkenas summarizes the various proposals from the White House, Congress, and IRS regaring the simplification of the process of paying taxes. In particular, the author notes...
Continue reading "Recent Progress in Simplifying the Process of Filling Tax Returns"
Todd Ganos, in his recent post on In the Money on Forbes, Radical Idea: Coming Together on Tax Policy, notes that there may be some consensus on how to best approach income taxation in the USA. Former President Bill Clinton...
Continue reading "A Bipartisan Approach to Taxes Might be Feasible"
The Center for American and International Law is hosting the "Annual Course on Estate Planning" on June 22-24, 2011. Topics include the Tax Relief Act of 2010, Estate Planning Toolbox, Hot Topics, Marital Deduction and Life Insurance Planning, Estate Planning...
Hani Sarji posted an article Should an Income Tax on Inheritance Replace the Estate Tax, Forbes, December 18, 2010 Sarji criticizes an earlier article advocating an inheritance tax. He questions why farmers and small businesses should be treated differently from other...
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The emerging wealthy individuals in India have not as of yet purchased as conspicuously as their counterparts in Russia or China. However, new reports project that Indian millionaires plan to increase their purchasing of yachts and private jets exponentially in...
Continue reading "Projected Purchasers: Newly Wealthy Indians Plan to Buy Yachts and Private Jets"
As both tax day and the potential government shutdown loom, the IRS is stating that in the case of such a shutdown, it will stop and/or suspend audits while the government is shutdown. Taxes filed by paper will not be...
Continue reading "IRS Will Stop Processing Audits if Government Shutdown Occurs"
In Jose B. Magno v. Commissioner, the Tax Court disallowed losses relating to real estate leasing activities that a financial planning service provider had claimed for his work maintaining residential properties that the taxpayer had alternately leased and tried to...
Continue reading "Tax Court Disallows Losses on Real Estate Leasing Activities"
In the case of Pamela B. Russell v. Commissioner, the Tax Court imposd penalties on taxpayer for unreasonable reliance on her tax attorney. The taxpayer failed to timely file a 2001 tax return on the advice of her tax attorney...
Continue reading "Tax Court Imposes Failur to Pay Penalty on Unreasonable Reliance Case"
Attorneys Robert W. Wood and Christopher A. Karachale, both of Wood & Porter, authored a recent article regarding the Tax Court's recent decision in WE Acquisition. "The Tax Court's recent decision in WE Acquisition reviews the factors used to determine...
Continue reading "Attorney Client Partnerships post WE Acquisition"
Senate Finance Chairman Max Baucus (D-MT) and House Ways and Means Committee Chair David Camp (R-MI) said they are working on creating a "set of principle and ideas" to start a tax reform effort. Senator Baucus explained "We want to...
Continue reading "Congressional Tax Writing Committees Creating Framework for Tax Reform"
In remarks to the National Press Club, IRS Commissioner Douglas Shulman clarified that federal tax returns are due by April 18th whether or not the federal government shuts down. Shulman also elaborated on plans to change tax administration dealing with...
Continue reading "Shulman: Look-Back Rules a Thing of the Past?"
In a recent article on Forbes.com, Estate Planning For Two, Deborah L. Jacobs writes that "[m]arried couples need to understand the new estate tax law, even if they're not wealthy."The article covers updating an estate plan, making large lifetime gifts,...
Madison Park of CNN gives tips for how to react When Alzheimers turns violent.According to Park, Alzheimer's experts offered these tips to placate an Alzheimer's patient:Back down.When the patient is upset, apologize -- even when it's not your fault.When the...
Michael T. Cody and Denise J. Ouellet have written an article in The Wealth Counsel Quarterly, Choosing the Estate Tax or Opting Out - Considerations for the 2010 Surviving Spouse. The article states, in part:For estate and tax planners, 2010...
IRS Tax Tip 2011-66, posted on April 4, lists ten things the IRS wants you to know about your tax refund. The article includes tips on how to use your tax refund, the time it takes to process tax returns,...
Scott Martin posted an article Wealth Advisors Can Make the Difference Keeping Pro Athletes from Wasting their Fortunes, Trust Advisor Blog, April 2, 2011. Sixty percent of pro-athletes are in bad financial shape after their career is over. Many wealth...
The Wealth Strategies Journal has posted a new article entitled, "Charitable Gift Annuities: Due Diligence for Advisors," by Sheila A. Hard of Sheila Hard Planned Gift Consulting.Ms. Hard discusses two recent court decisions affecting charitable gift annuities and how...
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Tax Tip 2011-67 shares 10 important things the IRS wants you to know about making tax payments correctly:Never send cash!If you file electronically, you can file and pay in a single step by authorizing an electronic funds withdrawal via tax...
Continue reading "Tax Tip 2011-67: Ten Things You Should Know About Making Federal Tax Payments "
The Agent's Sales Journal has published a variety of great articles on the topics of annuities, long term care insurance, and health insurance. The Anatomy of the LTCI Sale. According to the American Association for Long-Term Care Insurance, only about...
The New York Times DealBook is reporting that several private equity firms are averring that Berkshire Hathaway's stock trades resembled illegal insider trading transactions. They argue that if Berkshire was classified as a private equity firm, the government would be...
Continue reading "Private Equity Firms Express Outrage at Sokol and Berkshire Hathaway's Actions "
The IRS issued a recent press release reminding taxpayers of the April 18 filing deadline. The IRS also said that so far, 82 million returns have been filed. The number is roughly what is expected for this point in the...
Continue reading "IRS Releases 2010 Filing Statistics and Tax Filing Deadline Reminder"
The U.S. Tax Court affirmed its partial summary judgment in the case of Kaufman v. Commissioner. The Court denied a charitable deduction for a facade easement for its lack of perpetuity. The Court also disallowed deductions for conditional cash contributions...
Continue reading "Tax Court Affirms Denial of Deductions for Facade Easement and Cash Donations"
Wealth Strategies Journal is co-sponsoring a brown bag luncheon and presentation with U.S. Trust, Bank of America Private Wealth Management on May 3, 2011 from 12:00-1:00. George D. Karibjanian, of the Boca Raton Office of Proskauer Rose, LLP will present the issue...
Continue reading "Supplemental Estate Tax Returns: Are they Really Required?"
Carl Davis posted an article Millionaire Migration Myth: Don't Fall for this Anti-Tax Scare Tactic, Huffington Post, March 31, 2011. The author argues that the rich have not left states with higher taxes. Rather, there are less millionaires in all...
Continue reading "The Millionaire Migration Myth: Don't Fall for this Anti-Tax Scare Tactic"
Harvard Law School Lambda hosted the 6th Annual Legal Advocacy Conference, "Queering Age: Exploring the Lived Experiences of LGBT Youth and Elders" on April 1 and 2. The conference explored the unique legal issues surrounding LGBT youth and elders. HAT TIP: Tax...
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In the article Wills and Trusts: Which Will You Trust for Your Estate Planning?, Linda Covella discusses the relative strengths and weaknesses of living trusts. The author argues that living trusts help to avoid probate, insure privacy and offer a...
The article published in Forbes and titled "Time to File That Gift Tax Return" highlights the importance of filing timely and accurate gift tax returns. While the majority of people concentrate on their personal income tax returns, the gift tax...
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In her recent article Mind the Gap: Illinois Taxes Estates over $2 million, 99 Ill. B.J. 66 (2011), Helen Gunnarsson provides useful insights into the newly reinstated Illinois estate tax. Primarily, the reinstated state estate tax applies to estates...
Continue reading "Illinois Estate Tax Reinstated for Smaller Estates than Federal Estate Tax"
In a recent article on the New Hampshire bar website, Migrating Trusts to New Hampshire: The "Why" and the "How", attorney Joseph F. McDonald, III writes about how to move trusts to New Hampshire.The article focuses on how to move...
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Ainsley Thomson posted an article in the Wall Street Journal entitled, "U.K. Budget Expected to Go After the Tax Dodgers." The article discusses how the U.K recent budget announcement unveiled the government's goal of raising about $1.6 billion going after...
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Debra Cassens Weiss posted an article entitled, "How People Find Lawyers: Referrals Are Popular, Blogs Not So Much, Poll Finds." The article discusses the use of social media in legal referrals. Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies...
Laala Al Jaber posted an article entitled, "Despite Casual Fashion Trend Sweeping the Business World, Lawyers Choose the Familiar." The article discusses how despite a trend to go casual in most of corporate America, the legal community has not adopted...
Jack Bogdanski posted an article entitled, "If You Did Stuff Like This, You'd Go to Jail." The post discusses how congress delayed in passing the tax law and it resulted in a short deadline for filing gift tax returns. Moreover,...
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Wendy C. Gerzog published an article entitled, "Linton Reversed: Indirect Gift and Step Transaction." The article discusses how the Ninth Circuit reversed the district court's summary judgment in favor of the government. The court remanded the case and had the...
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Gerry W. Beyer recently published an article entitled, "Taylor's $600m-$1b Fortune Will Continue to Grow." The post discusses how her fortune will continue to grow after her death and hints at possible inheritors of the funds.Posted by Shahzeb Gaziani, Senior...
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Robert Frank published an article in the Wall Street Journal entitled, "Rich Fund Manager Calls His Income 'an Absurdity'." Jonathan Ruffer, a fund manager in the UK, recently called on bankers to spend money in a manner that encouraged money...
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The IRS recently posted Six Tips for Paying Estimated Taxes, IRS Tax Tip 2011-65, April 1, 2011. The IRS has given six tips to determine estimated tax, an approximation of income tax not subject to withholding. Form 1040ES can provide more detailed guidance. ...
Hani Sarji posted an article Instructions for 2010 Gift Tax Returns Were Revised, Forbes, March 31, 2011. The PDF version of the Form 709 instructions are presently unavailable, although they are still available in HTML format. The IRS also just...
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WNYC posted an article Tax Answers for Same Sex Couples, March 30, 2011. Same sex couples need to double check their state tax laws considering that various states offer different tax treatment to the couples. Guest contributor, Tina Salandra, also...
IRS Release IR-2011-33: The Treasury Department and the IRS announced today that Form 8939 is not due on April 18, 2011, and should not be filed with the final Form 1040 of persons who died in 2010. New guidance that announces...
Continue reading "IRS Release IR-2011-33: Extends Deadline for Form 8939"
In the article The New Grave Robbers, New York Times opinion columnist Ray Madoff explores the business of licensing the names and images of deceased celebrities. According to Madoff, the so-called "right of publicity" attached to the estate of thousands of...
In the article, Guilty Verdicts Appealed in Brooke Astor Will Case, New York Times columnist John Eligon reports that Ms. Astor's son and attorney have appealed their conviction for multiple counts of fraud and larceny in connection with their management of Mrs....
Continue reading "Brooke Astor's Son and Lawyer Appeal Their Conviction"
The IRS has re-issued the "Interim Guidance on Return Prepare Penalties for Estate and Gift Tax Penalty Cases." The interim guidance is now set to expire on October 1, 2011.Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal....
The IRS has announced that Form 8939 is not due on April 18, 2011 (the deadline for the decedents last tax return) and should not be filed with their final 1040 tax return. The IRS has not released the new...
