Wealth Strategies Journal

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Month: February 2016 (page 1 of 3)

Sharon Klein: The Latest State-Level Planning Developments Across the Country

Sharon Klein, Managing Director of Family Office Services & Wealth Strategies, Wilmington Trust, has made available for download her articles regarding her comprehensive annual overview of key state-level planning developments across the U.S. The articles appeared in the January 2016 edition of Trusts & Estates Magazine. Some of the topics … Continue reading

Contaminated Property Makes for Costly Inheritance

One largely ignored issue by those who are inheriting pieces of property is the existence of toxic contamination on that swath of land. This issue ends up becoming an exponentially larger problem when the inheritor attempts to sell the land, and finds out that they’ll have to pay hundreds of … Continue reading

The Secret of a Good Selfie, According to Selfie Enthusiast Ted Leonsis

By Dan Steinberg

Be colorful, be yourself, be spontaneous – billionaire tips on how to take a good selfie.

Read the full article here: The Secret of a Good Selfie, According to Selfie Enthusiast Ted Leonsis – The Washington PostContinue reading

New Gun Trust Laws Take Effect July 13, 2016

For users of firearms such as short-barreled rifle or shotguns, silencers or suppressors, and machine guns (Title II firearms), a properly drafted Gun Trust is an effective estate planning technique to own and use Type II firearms. Jason Palmisano discusses the new Gun Trust regulations that will be put into … Continue reading

Why Expat Americans are Giving Up Their Passports

The United States is one of only two countries in the world that has citizenship-based taxation. As a US citizen, you must file a tax return and typically pay extra taxes on top of the ones you already owe – known as double taxation. So far this rule has only … Continue reading

Steve Akers: Heckerling Musings 2016 and Other Current Developments

Steve Akers, Senior Fiduciary Counsel, Southwest Region, Bessemer Trust, has made available for download his musings regarding the 50th Annual Phillip E. Hecklering Institute on Estate Planning.  The summary is as follows:

A summary of observations from some of the sessions at the 50th Annual Philip E. Heckerling Institute … Continue reading

Ten Key Tax Tips for Farmers and Ranchers

Farms include ranches, ranges and orchards. While some may raise cattle, poultry or fish and others grow fruits or vegetables, all will report their farm income on Schedule F, Profit or Loss from Farming. If you own a farm or ranch, check out these ten key tax tips

Here are the … Continue reading

The Rich are Already Using Robo-Advisors, and that Scares Banks

By Hugh Son and Margaret Collins

Banks and traditional brokerages like Morgan Stanley, Bank of America Corp. and Wells Fargo & Co. are watching as small innovators and wealthy clients are moving towards the use of robo-advisors. Automated portfolios are moving vast amounts of money, making it difficult for banks to … Continue reading

Comments on Report Requesting Guidance on Application of the FIRPTA Exception for Publicly Traded Stock in the Partnership Context

Phillip S. Gross has made available for download the Comments on Report Requesting Guidance on Application of the FIRPTA Exception for Publicly Traded Stock in the Partnership Context submitted by the Committee on Taxation of Business Entities of the New York City Bar Association on February 5, 2016.

The Abstract … Continue reading

New FIRPTA Regulations

As previously noted, the Protecting Americans from Tax Hikes Act of 2015 modify the withholding provisions under FIRPTA. The Service has now issued regulations implementing the statutory changes. Key among them are:

A. The increase of the withholding rate on dispositions of US real property interests from 10% to 15%;… Continue reading

McGuire Woods Fiduciary Cases – February 2016

McGuire Woods has made available for download its February 2016 white paper summarizing several recent fiduciary court cases. The Abstract of cases summarized is as follows:

  • Berlinger v. Wells Fargo, N.A. , Case No. 2:11-cv-459-FtM-29CM, 2015 WL 6125529 (M.D. Fla. Oct. 16, 2015)
    Discretionary distributions to beneficiary which were used
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White House Releases Fiscal Year 2017 Budget Proposal

President Obama released the FY 2017 Budget Proposal, which outlines a proposed tax plan targeting multinational corporations, the fossil fuel industry, financial services companies, etc. Congressional taxwriters weighed in on the tax proposal, which was overseen by Treasury Secretary Jack Lew.

Read an overview of the Budget Proposal here:

President Obama

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John D. Dadakis and R. Scott “Scott” Johnston – Why Being Aware of Estate Planning is Important

By John D. Dadakis and R. Scott “Scott” Johnston

As we continue to recognize National Estate Planning Awareness Week for 2015, the case of Bakus v. Bakus, W.D.Ky. No. 14-CV-981 (Aug. 21, 2015) (brought to our attention by Jay Adkisson & Chris Riser) is instructive in demonstrating how the failure … Continue reading

Form 8971 Filing Unhappiness

By Charles Rubin

For executors of estates who typically fill out Form 706 federal estate tax returns, you have likely faced the headache of the subsequent Form 8971 that is newly required by the IRS. The Form requires listing the assets of a beneficiary and their estate tax value in order … Continue reading

Antemortem Probate is a Bad Idea: Why Antemortem Probate Will Not Work and Should Not Work by Jacob Arthur Bradley

Jacob Arthur Bradley has made available for download his article, “Antemortem Probate is a Bad Idea: Why Antemortem Probate Will Not Work and Should Not Work,” published in Wills, Trusts, & Estates Law eJournal, Vol. 12, No. 4, Feb. 2016.

“The broadest definition ever given to the judicial power confines

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