Wealth Strategies Journal

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Month: July 2017 (page 1 of 4)

Commentary.Omnibus.2017.07.28: Money Can’t Buy Ya Love But It Can Buy Happiness; Addicted to Checks; FBAR Penalty Overview; Tax’n Non-US Partner Sale of Partnership Assets

  • Why Can’t Americans Ditch Checks? The first time Amelia Howells ever wrote a check, she was 28 years old and standing in a Connecticut apartment leasing office, with no idea what to do. The British expat had just moved to the U.S.; she’d never had to write a check
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2016 Developments in Connecticut Estate and Probate Law by Jeffrey A. Cooper, John R. Ivimey, Katherine E. Coleman 

Jeffrey A. Cooper, John R. Ivimey, Katherine E. Coleman have made available for download their article, 2016 Developments in Connecticut  Estate and Probate law

This Article provides a summary of recent developments affecting Connecticut estate planning and probate practice. Part I discusses 2016 legislative developments. Part II surveys selected 2016

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Leimberg.Update.2017.07.28: Bad Asset Protection Planning; Screwed Up Life Insurance Policies + More

Steve Leimberg: Meisels Irrevocable Trust v. American General – Correction of Faulty Check Does Not Extend Life Policy’s Grace Period Steve Leimberg’s Estate Planning Newsletter Issue:2570    26-Jul-17

Jeff Baskies on Ramos v. Motamed: Gym Records Blow Up Bogus Asset Protection Plan in a Novel Florida Homestead Exemption Case – Continue reading

DC Estate Tax Matches Federal Estate Tax Exemption Level Beginning in 2018

The District of Columbia City Council has approved its 2018 budget.  That budget includes a provision that causes the DC estate tax exemption to match the federal estate tax exemption, currently at $5.49 million per person and adjusted for inflation.

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The Elective Share Has No Friends: Creditors Trump Spouse in the Battle Over the Revocable Trust by Angela M. Vallario

Angela M. Vallario has made available for download her paper, The Elective Share Has No Friends: Creditors Trump Spouse in the Battle Over the Revocable Trust.  The abstract is as follows:

A revocable trust is a popular estate planning tool used to disinherit a spouse in fifteen jurisdictions. In common

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Partnership Taxation: Summaries of Aggregate and Entity Authorities, by Monte Jackel

Tax Notes has published an article by Monte A. Jackel, of Akin Gump Strauss Hauer & Feld LLP, which provides a summary of the authorities underlying the aggregate or entity treatment of partnerships, including congressional and IRS applications of the general principles of law, related IRS rulings, and related case … Continue reading

IRS Fact Sheet  on Identity Theft for Business, Partnerships and Estate and Trusts

The IRS has released a fact sheet on identity theft for estates, trusts, and businesses.  It is as follows:

Businesses, partnerships and estate and trust filers increasingly are targeted by national and international criminal syndicates who use stolen data to file fraudulent tax returns for refunds.

In the past year,

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IRS OVDP vs. Streamlined: What To Do?, Chuck Rettig

In Chuck Rettig’s Forbes blog post, he has written about the choosing between the IRS OVDP and its Streamlined Filing Compliance Procedures.  His post begins as follows:

The IRS recently announced Streamlined Filing Compliance Procedures in an effort to encourage U.S. taxpayers to come into compliance with their reporting and

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Steve Akers ACTEC 2017 Summer Meeting Notes

Steve Akers has summarized the seminars at the ACTEC 2017 Summer Meeting.  The summary includes information about “the life cycle of a charity” and the impact of religious, cultural and international variables in estate planning.

The abstract is as follows:

The 2017 ACTEC Summer Meeting was held in Seattle, Washington,

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DOJ Files Motion For Stay in PTIN Action

Tax Notes, 2017 TNT 141-23, reports that DOJ has asked a U.S. district court to stay its order enjoining the IRS from charging a fee to issue or renew tax return preparer tax identification numbers pending the government’s decision on whether to appeal the order on grounds that the government … Continue reading

IRS Office of Appeals Pilots Virtual Conference Service

The Internal Revenue Service Office of Appeals has announced that it will soon pilot a new web-based virtual conference option for taxpayers and their representatives. This virtual face-to-face option will provide an additional option for taxpayer conferences. The IRS expects it to be especially useful for taxpayers located far from … Continue reading

PLR 201729009: IRS rules Transfer to Trust Not Completed Gift, but Postpones Grantor Trust Ruling Until Tax Returns Filed & Reviewed

In PLR 201729009, the IRS deferred ruling on whether a trust would be treated as a grantor trust due to an unresolved factual determination until the relevant tax returns of the parties are filed and reviewed by the IRS, but also ruled that the grantor’s contribution of property to the … Continue reading

ABA Tax Section Requests Delay of Centralized Partnership Audit Regime Effective Date

In a July 20 letter to Senate Finance Committee and House Ways and Means Committee leaders, the American Bar Association Section of Taxation expressed support for delaying the effective date of the centralized partnership audit regime by one year, noting that the delay would give Treasury, the IRS, and taxpayers … Continue reading

PLR 201729013 and 201729014: CRT – College Endowment Units In CRT Won’t Cause UBTI to College or Trust

In PLR 201729013, the IRS ruled that a contractual arrangement under which a college will issue units in its endowment fund to a CRT, make payments on the units, and be reimbursed to cover costs allocable to the management of the endowment or administration of the CRT, will not generate … Continue reading

Commentary Omnibus.2017.07.23:Medicaid Planning Ethics, KPMG-Planning for Future of Your Investment Planning Practice, Your 18 Year Old Needs Estate Planning Too, & More

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