Wealth Strategies Journal

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Author: twaggner (page 1 of 2)

Retiring in Stages

A recent article recounts how growing numbers of seniors are taking a more gradual approach to retirement. The New York Times articles describes how seniors are downsizing a family home and full-time career but not abandoning work or a familiar region altogether.

Posted by Theodore H. Waggner, Esq., Associate Editor, … 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

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

Manhattan US Attorney Files Lawsuit Against Deutsche Bank and Other Entities For Engaging In An Abusive Scheme to Avoid Federal Income Taxes

The suit filed against Deutsche Bank and other entities seeks to recover more than $190 million in taxes, penalties, and interest.

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

Protector Allowed to Amend Trust

A recent Florida appellate court decision upholds the ability of a trust “protector” to amend the provision of a trust. See Minassian v. Rachins and Minassian, 4th DCA, Case No. 4D13-2241, December 3, 2014.

See also Chuck Rubin, “Protector Power to Amend Trust Upheld, But Litigants Also Raise an Continue reading

Perpetual Trusts: May Not Be Perpetual

A Harvard Law School professor, Robert H. Sitkoff, has written an academic paper arguing that perpetual trusts may be unconstitutional under various state’s Constitution.

According to , Gretchen Ertl, in the paper, “Unconstitutional Perpetual Truts,” which will appear in the next issue of The Vanderbilt Law Review, Mr. Sitkoff and … Continue reading

Reri Holdings I v. CIR: Valuing a 100% Interest in a Disregarded Entity for Charitable Contribution Purposes

In Reri Holdings I v. CIR, the Tax Court held that an appraisal of the asset held by a disregarded entity LLC was sufficient for income tax charitable deduction purposes when the charitable contribution was a transfer of the 100% member interest in the disregarded entity. It did note, however, … Continue reading

IR 2014-110: Tips for Year-end Charitable Contributions

In a news release, IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions and general substantiation requirements that they should keep in mind.

Rules for clothing and household items. To be deductible, clothing and household items donated to charity must be in … Continue reading

Congressional Research Service Updates Federal Tax Overview

Exemptions, deductions, tax credits, revenue collection estimates, tax rate schedules, and other tax-related statistics were updated through 2014 by the Congressional Research Service in a November 21 update of a federal tax system overview.

According to the Congressional Research Service, analysis of tax statistics from the federal tax system as … Continue reading

Tax Court Grants Individual Innocent Spouse Relief

In Andrea Rae Demeter et al. v. Commissioner, T.C. Memo No. 2014-238, the Tax Court held that an individual is entitled to relief from a joint tax liability with her former husband, finding that several factors weigh in favor of granting relief, including the fact that she would suffer … Continue reading

Using Metaphors In Presentations

In a recent article, Nancy Duarte explains that metaphors in presentations can act as a shortcut when learning difficult concepts. The article suggests holding a brainstorming session in order to think of as many ideas as possible. Do not narrow down potential metaphors until there is a critical mass … Continue reading

BVI’s FATCA Implementation Continues

The implementation of the FATCA Intergovernmental Agreements (IGAs) signed by the BVI with the US and the UK has taken another step forward by way of amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLAT) and the issue on 23 October 2014 of the Mutual Legal Assistance (Tax … Continue reading

Blended Families Pose Additional Estate Planning Problems

For divorced, widowed, and remarried Americans,  estate planning is more difficult. In such situations extra caution is needed to ensure your assets are distributed to a current spouse and not an ex, or that your children and stepchildren are treated according to your wishes.

Because free online services are not … Continue reading

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