Wealth Strategies Journal

Do More, Better, Faster

Month: March 2017 (page 1 of 4)

Double whammy: Federal estate tax repeal could substantially increase tax for California residents

Eric Bardwell writes that proposed legislation in California may result in an federal estate tax repeal resulting in a double whammy for California residents.  His article begins as follows:

With all of the talk about potential repeal of the federal estate tax1, many people have decided to postpone further estate

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A Guide for Challenging a Joint Account Arrangement in Michigan

Thomas Fabbri, of Clark Hill, writes about how to challenge a joint account arrangement in Michigan.  His article begins as follows:

Joint bank account arrangements are as useful as they are common, providing a simple means for transferring an individual’s assets to others – either during his/her life or post

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Boilerplate and Default Rules in Wills Law: An Empirical Analysis by David Horton, Reid K. Weisbord

David Horton & Reid K. Wesbord have made available for download their forthcoming article, “Boilerplate and Default Rules in Wills Law: An Empirical Analysis,” to be published in the Iowa Law Review, Vol. 102 (2017).  The Abstract is as follows:

The prime directive of wills law is to honor a testator’s

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Fiduciary Law’s Mixed Messages by Evan J. Criddle

Evan J. Criddle, of William & Mary Law School has made available for download his article, Fiduciary Law’s Mixed Messages, to be included with the Research Handbook on Fiduciary Law.   The Abstract is as follows:

Nearly a century ago, Judge Benjamin Cardozo famously declared that fiduciaries bear a “duty

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Inherited IRAs: What Every Practitioner Must Know, 2017 Edition

Seymour Goldberg’s book, Inherited IRAs: What Every Practitioner Must Know, 2017 Edition, has been published by the ABA. This book instructs and informs lawyers representing estates on how best to handle the laws and compliance issues surrounding their clients’ investments.

See description and order at: Inherited IRAs: What Every Practitioner Continue reading

UPDATE: Can an Intended (and Disappointed) Beneficiary Still Sue a Will’s Drafter?: The General Assembly of Virginia Enacts a Statutory Fix to the Thorsen Decision 

Brett Herbert, of LeClair Ryan provides an update about a beneficiary’s ability to successfully sue estate lawyers in Virginia for drafting errors.  His article begins as follows:

Back in the summer I wrote a post discussing the impacts of the Thorsen decision by the Supreme Court of Virginia.  In Thorsen,

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A.I. Is Doing Legal Work. But It Won’t Replace Lawyers, Yet. 

Steve Lohr at the NY Times writes that AI is coming to the legal profession but that it will be awhile before robots replace all lawyers.  His article begins as follows:

Impressive advances in artificial intelligence technology tailored for legal work have led some lawyers to worry that their profession

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Forbes Posts 2017 Version of The World’s Billionaires List

Forbes has posted its 2017 list of the Worlds Billionaires.  The list reflects a record 233 moving into the billionaire bracket, taking the global number of people with nine-zero fortunes to 2,043 – the most in the 31-year history of the list.

See full list at: The World’s Billionaires ListContinue reading

Electronic Wills Coming in Florida?

The Lawyerist reports that legislation is moving forward in Florida that would allow for electronic wills.  Their articles begins as follows:

Wills and trusts has traditionally been an arcane practice area, known for things like attorneys using legal-size paper and terms like bequest, devise, and residue. But no more –

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Old Money, New Bottle: Decant If You Don’t Like The Terms Of An Old Trust

Forbes writes about decanting trusts in its article, “Old Money, New Bottle: Decant If You Don’t Like The Terms Of An Old Trust.” The article begins as follows:

It used to be an irrevocable trust was really irrevocable. Now 25 states allow you to change the terms of an old

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Getting Your House in Order: Estate Planning is for Everyone

Barbara Little of Obermayer, Reman Maxwell & Hippel, writes about who needs estate planning.  Her article begins as follows:

A recent survey found that nearly 50% of individuals with children do not have a Will and over 40% of individuals over the age of 55 do not have one.  Whether

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Proximity to IRS Office Impacts Audit Risk

Thomas R. Kubick, G. Brandon Lockhart, Lilliam F. Mills & John R. Robinson haave made available their article,IRS and corporate taxpayer effects of geographic proximity, which shows that the proximity of corporate taxpayers to IRS service offices impacts their audit risk.  The abstract of their article is as follows:


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Combatting Foreign Tax Evasion With New Filing Requirements for Foreign-Owned Disregarded Entities

Morgan Klinzing, of Pepper Hamilton writes about new filing requirements for foreign owned disregarded entities. His article begins as follows:

The new regulations expand the filing requirements for Form 5472 to include disregarded entities with foreign owners when there are certain reportable transactions.If a non-U.S. person (individual or corporation) owns

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IRS Webinar: Working With Appeals

IRS Presenters:

  • Joseph Ali, Director, Technical Guidance, Internal Revenue Service- Appeals
  • Brandi Joyner, Area Director, Collection Appeals, Office of Appeals, Internal Revenue Service
  • IRS Q&A Moderator: Karen Brehmer, Stakeholder Liaison, Communications & Stakeholder Outreach, SB/SE, IRS

Webinar description:

  • Presents information that taxpayers and practitioners should know when working with the IRS
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American Citizens Living Abroad: Obamacare Repeal Would End Unfair Imposition of Net Investment Income Tax On Expats

The Republication  plan to repeal and replace Obamacare with Trumpcare would end the 3.8 percent  net investment income income tx, which has led to unfair double taxation for Americans living and working overseas since foreign tax credits are not permitted to offset the tax, according to a press release of … Continue reading

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