Wealth Strategies Journal

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Month: December 2014 (page 1 of 3)

By Regina A. DeMeo: 8 Points to Consider in the New Year

Year-end is a perfect time not just for corporations, but for individuals to take a good look at how they spent their time, money and effort. Only after we each take into account this year’s return on our investments, can we then properly plan for the coming year. When going … Continue reading

Top Ten Estate Planning and Estate Tax Developments of 2014 by McGuireWoods Partner

A McGuireWoods partner and co-chair of the firm’s private wealth planning team, Ron Aucutt released his annual Top Ten Estate Planning and Estate Tax Developments.

Aucutt pointed that the FACTA finally took effect in 2014, selecting it as his number ten. For number nine, Aucutt chose the SEC v. Wyly … Continue reading

Various Methods of Life Insurance Valuation

When there is a transfer of a life insurance policy, valuation of the insurance policy becomes necessary as the IRS requires a Form 712 Life Insurance Statement, which is a policy valuation as of the date of transfer provided by the insurance company, be included in the tax returns. There … Continue reading

Tax Season Opens As Planned Following Extenders Legislation

The IRS announced in IR-2014-119 that the IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.

The decisions follows Congress renewing a number of “extenders” provisions of the tax law that expired at the end of 2013. These provisions … Continue reading

5 Tips for Writing Your Will

AJ Smith has provided five tips to avoid common will-writing mistakes and make sure your possessions, finances and loved ones are taken care of properly after you’re gone. They are:

1. Under the process: Every state has different rules about what makes a will legally enforceable, who can write one, … Continue reading

Title Insurance and the Transfer of Real Property to Trust

While transferring real property into irrevocable trusts is a commonly used estate planning technique, doing so may have the unintended consequence of losing title insurance coverage originally held by the property owners. Courts have held that the voluntary act of transferring the property into a different entity can violate certain … Continue reading

Online Legal Research Tools – A More Trendy Way to Conduct Research

Speaking of legal research, going to the library and burying yourself in piles of reporters is no longer the best way. Electronic legal research on Lexis, Westlaw and other state-specific resources make legal research more convenient and tolerable with all the technicals such as hyperlinks, red and yellow flags. The … Continue reading

Take Security Of Online Password Seriously

A VC and blogger, Fred Wilson, gave out some advice about online password management after his Facebook account was attacked in reaction to his blog about The Interview on last Thursday. Now he started to treat social media services as seriously as dealing with banking productivity services. He recommended using … Continue reading

NYS Tax Department Relaxes Its Residence Rule

New York State had treated a person who is not domiciled but maintains a “permanent place of abode” for more than 183 days in a taxable year as a resident for income tax purpose. The state tax department had interpreted permanent place of abode as a house or apartment that … Continue reading

New Regulations for Professional Trustees in 2015

Two new regulatory requirements will affect professional trustees in 2015. First, the Foreign Account Tax Compliance Act (FACTA) requires all non-U.S. trusts (a trust with a non-U.S. person controlling any substantial trust decision) to comply with a reporting requirement of disclosing all accounts owned by U.S. taxpayers. Failure to report … Continue reading

Proposed SEC Initiatives Addressing Asset Management Advisers

This month the SEC Chair announce three initiatives proposed to address the risks of complex issues in the asset management industry. The broad initiatives include:

  • Enhanced data reporting – This would require standardized reporting for derivatives used by funds and securities lending.
  • Controls on risks in portfolio composition – This
Continue reading

An Interesting Detail in Joan River’s Will

The late Joan Rivers’ will states that her state of residency is New York but her state of domicile is California. In New York, the estate tax exemption was raised from $1M to $2.062M per person in April and will continue to rise each year until January 1st, 2019. On … Continue reading

Paying for College Teaches Children to Value Their Education

In a recent Wall Street Journal article, Darla Kashian argues that children should shoulder some of their college costs, even if their parents have the means to pay for everything. This would help them value their education more and also increase their focus, discipline and sense of pride. If they choose … Continue reading

Senate Passes Extenders Legislation for Calendar Year 2014

In a last minute legislative action, the Senate passed the renewal of nearly all of the so-called Extenders legislation by a vote of 76 to 16. IN the Tax Increase Prevention Act of 2014 (H.R. 5771) extends provisions that expired January 1, 2014, but which will again expire … Continue reading

Estate Planning is Still Essential for Single Individuals

In a recent article, Matthew T. McClintock, notes that single individuals must still plan for three critical areas: heirs, decision makers for health and financial issues, and beneficiaries of certain accounts.


Posted by Theodore H. Waggner, Esq., Associate Editor, Wealth Strategies Journal… Continue reading

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