Wealth Strategies Journal

Do More, Better, Faster

Author: Ryan Moore (page 1 of 2)

Guidelines for Attributing Interest Deductions Involving Joint Obligors

When interest is paid on a home mortgage or similar debt and there is more than one obligor, the following principles should be followed in determining attribution of the interest deduction: (1) payment from a joint account is presumed to be paid equally by each owner; (2) payment from a … Continue reading

Medical Care Facilities Focusing on Intellectually Disabled Patients

A recognized deficiency in health care exists for those with intellectual disabilities due to the difficulty in treating patients. The challenges include patient’s with an inability to communicate and behavioral outbursts that certain facilities are not trained to handle. Kentucky, for example, is addressing the issue and has developed a state sponsored … 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

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
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Year-End Tax Planning Techniques

With the year soon coming to an end, taxpayers can still take steps to lower their potential tax liability. The author feels that tax deferral is among the most important steps in tax planning. To accomplish this, he suggests clients max-out contributions to qualified plans, make calculated Roth conversions to … Continue reading

Considerations in Appointing a Trust Protector

In addition to a trustee that oversees trust asset distributions, a trust protector can also be appointed in order to oversee the trustee. A protector can be granted powers as broad as replacing a trustee or vetoing investment decisions based on changing circumstances or a shift in tax laws. While … Continue reading

Same-Sex Couples Can Now Obtain Green Card for Spouse

After the decision in U.S. v. Windsor, same-sex married couples are now eligible to file for their spouses to receive green cards. Length of a marriage is a factor that often works against many same-sex couples with newly granted rights to marry. With that in mind, couples petitioning for … Continue reading

A Simple and Successful Marketing Strategy

Maribeth Kuzmeski suggests a simple way to obtain “marketing insurance,” which is her term for an easy and effective marketing strategy. She urges attorneys to determine the most regular source of new clients, create a handful of outreach efforts to attract that source of clientele, and make consistent progress every week.… Continue reading

C Corporations Use Insured Buy-Sell Agreements for Favorable Tax Treatment

Strategically using insured cross-purchase buy/sell agreements and stock redemptions, a surviving stockholder can receive a higher basis in his interest in the corporation without increasing the corporation’s E&P.

To achieve these results, stockholders initially purchase life insurance policies on the other stockholders. At a stockholder’s death, the corporation issues a … Continue reading

How To Be a Responsible Retirement Plan Participant

Ary Rosenbaum provides retirement plan participants with tips on how to avoid problems with a plan. He lists obvious red flags like a plan provider being charged with illegal activity but also suggests personally reviewing the plan provider, expenses, and terms. Further, he notes that a plan should have an accessible financial advisor and … Continue reading

New Intestacy Laws in England May Affect U.S. Investors

England and Wales have changed intestacy laws which will be enacted this October. Now any testator without a will leaves all immovable assets in the country to their spouse if there is no issue. With issue, the spouse receives his or her share absolutely instead of as a life estate. … Continue reading

Delaware Law Gives Executors Access to Digital Assets

Delaware has enacted the “Fiduciary Access to Digital Assets and Digital Accounts Act” which is based off of the Uniform Fiduciary Access to Digital Assets Act (UFADAA). The law gives heirs and executors authority to control digital accounts and devices just like physical assets. As it stands, the law only … Continue reading

Florida Court Rules on Escheatment Duties of Insurers

On August 5, 2014, the Florida First District Court of Appeal decided when unclaimed life insurance proceeds become due and payable and subsequently when the state’s five year dormancy period begins which determines when those funds escheat to the state. The court held that the insurer must receive proof of death … Continue reading

“IRS Direct Pay” Permits Electronic Payment of Tax Bills

Taxpayers can now use the “IRS Direct Pay” feature to pay their tax bill or estimated tax payments electronically. The payments are taken directly from the taxpayer’s bank account. The system allows payments to be scheduled up to 30 days in advance.

See Tom Herman, “A New Way to Continue reading

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