Wealth Strategies Journal

Do More, Better, Faster

Month: November 2014 (page 1 of 7)

When Trust Protector Removed without Valid Procedure, Removed Trust Protector’s Appointment of New Trustee Held Valid- Court Held

When a trust protector appointed a trustee while removed by the beneficiaries of the trust was held valid because of the invalidity of the removal of the trust protector, the U.S. District Court of South Carolina decided.

The beneficiaries of the trust had the right to remove the trust protector … Continue reading

Jimenez v. Corr: Mandatory Purchase Scheme under Shareholders’ Agreement Governs

The Virginia Supreme Court in Jimenez v. Corr rules that the closely-held company’s obligation to buy back a decedent’s share under the shareholders’ agreement governs how the company stock is going to be distributed.

The decedent died with 95 shares in a closely-held Virginia company, which, according to the shareholders’ … Continue reading

Privacy, Trusts and Cross-Border Transfers of Personal Information: The Quebec Perspective in the Canadian Context by Eloïse Gratton, Pierre-Christian Collins Hoffman

Eloïse Gratton has made available for downed her article, “Privacy, Trusts and Cross-Border Transfers of Personal Information: The Quebec Perspective in the Canadian Context.”  The Abstract reads as follows:

This paper argues that data protection laws apply to prevent the disclosure of certain information relating to trusts, which are increasingly

Continue reading

Why the Buffett-Gates Giving Pledge Requires Limitation of the Estate Tax Charitable Deduction by Edward A. Zelinsky

Edward A. Zelinsky has published his article, “Why the Buffett-Gates Giving Pledge Requires Limitation of the Estate Tax Charitable Deduction” in the Florida Tax Review, Vol. 16, No. 7, 2014.  The Abstract reads as follows:

The Buffett-Gates Giving Pledge, under which wealthy individuals promise to leave a majority of their

Continue reading

Anatomical Intent by Reid K. Weisbord

Reid K. Weisbord has published his article, “Anatomical Intent,” published in the Yale Law Journal Forum.  The abstract reads as follows:

The persistently dire global shortage of transplantable human organs has renewed debate about ending the ban on compensation for organ donation. This Essay contributes to that debate by exploring

Continue reading

The Trust Is Central to an Understanding of Modern Banking, Business Corporations, and Representative Democracy: A Reply to Hayden & Heiden’s Comments by Jongchul Kim

Jongchul Kim has made available for download his forthcoming article, “The Trust is Central to an Understanding of Modern Banking, Business Corporations, and Representative Democracy: A Reply to Hayden & Heiden’s Comments,”  to be published in the Journal of Economic Issues, March 2015.  The abstract reads as follows:

Elsewhere (Kim

Continue reading

Wills Law on the Ground by David Horton

David Horton has made available for download his forthcoming article, “Wills Law on the Ground,” to be published in the UCLA Law Review, Vol. 62, 2015.  The abstract reads as follows:

Traditional wills doctrine was notorious for its formalism. Courts insisted that testators strictly comply with the Wills Act and

Continue reading

IRS Holds Private Foundation’s Investment in Corporation as Not Self-Dealing Although It is Funded by Disqualified Persons

In a ruling letter, the Internal Revenue Service (“IRS”) held that an otherwise tax exempt organization’s investment in a corporation will not be a self-dealing activity even though the organization is funded by disqualified persons.

Under section 4941(d) of the Internal Revenue Code, self-dealing between a disqualified person and a … Continue reading

IRS Revokes Tax Exempt Status of Trust for Serving Private Interests of Creators

The Internal Revenue Service (“IRS”) revoked an organization’s tax exempt status under section 501(c)(3) for serving the private interests of the organization’s creators.

The decision, which was made in 2009 and released on November 21, 2014, explained that tax exempt organizations must be organized and operate exclusively for the exempt … Continue reading

Congressional Research Service Updates Federal Tax Overview

Exemptions, deductions, tax credits, revenue collection estimates, tax rate schedules, and other tax-related statistics were updated through 2014 by the Congressional Research Service in a November 21 update of a federal tax system overview.

According to the Congressional Research Service, analysis of tax statistics from the federal tax system as … Continue reading

Tax Court Grants Individual Innocent Spouse Relief

In Andrea Rae Demeter et al. v. Commissioner, T.C. Memo No. 2014-238, the Tax Court held that an individual is entitled to relief from a joint tax liability with her former husband, finding that several factors weigh in favor of granting relief, including the fact that she would suffer … Continue reading

Payment to LLCs Exempt from Information Reporting Only When Classified as Corporations

In a memorandum of the IRS, it addressed the issue of whether payments to limited liability companies (LLCs) were exempt from section 6401 information reporting requirements. The IRS concluded that payments to LLCs were only exempt when the LLC was classified, for tax purposes, as corporation filing Form 8832. The … Continue reading

Funding Agreement Interest is Included in Policy Interest

A memorandum on the topic of whether interest paid on funding agreements is qualified as policy interest was released by the IRS earlier. According to this memorandum, the IRS concluded that interest paid on funding agreement issued by a life insurance company qualified as policy interest, for the reason that … Continue reading

College Abacus: A Web Tool that Compares College Costs

Co-founded by two Rhodes scholars, Abigail Seldin and Whitney Haring-Smith, College Abacus is a web tool that provides people applying to college with an easier way of comparing college costs. After entering financial and personal data, users can receive estimates of the price they may actually pay after scholarships and … Continue reading

Minority Groups Become Niche Market for Private Banking

Wealth management firms are approaching to wealthy African Americans, women and LGBT people for new opportunities.

The New York Times reported that such groups have “some special needs” in wealth management, even though the firms approach them as individuals. According to the Times report, wealthy African Americans tend to be … Continue reading

Older posts