Kyle Petit

In a recent article in SmartMoney's Tax Blog, How to Delay Estate Taxes for Centuries, Laura Saunders writes that the wealthy can use "Dynasty Trusts" to put $5 million or more in assets beyond the reach of estate taxes for... Read More

In a recent article in the Wall Street Journal's Wealth Report, China Becomes "Billionaire Factory to the World," Robert Frank writes about China's rapid increase in its population of billionaires.This is part of the changing geography of the worl... Read More

In a recent article in the Wall Street Journal's Wealth Report, Don't Envy the Super-Rich, They Are Miserable, Robert Frank writes that the extremely wealthy tend to be a dissatisfied people with deep anxieties.These findings are based on the results... Read More

In a recent article on the ABA website, Is DOMA Doomed?, Jerry Simon Chasen writes about the fate of the Defense of Marriage Act.Under DOMA, marriage is defined under federal law as a union between one man and one woman.... Read More

In a recent post on his blog, Using Spousal Lifetime Access Trusts to Take Advantage of the Gift Tax Exemption, professor Gerry W. Beyer writes that a spousal lifetime access trust (SLAT) is one way to take advantage of the... Read More

In a recent article on the New York Times website, If You Bought Apple Stock Instead of Products, Nick Bilton poses the question: what if you had bought Apple stock in 1997 instead of that Apple Powerbook?If you had spent the $5,700... Read More

In a recent Bloomberg article, IRS Boosted Auditing of Richest Taxpayers, Almost Doubling Rate Last Year, Richard Rubin writes about an increase in IRS audits of the extremely wealthy.According to Rubin, the IRS audited 18.4% of taxpayers reporting inc... Read More

In an article in the National Review, How Much Money Do the Rich Have?, Robert VerBruggen writes about the proposition to close the $1.1 trillion budget gap by taxing the rich.He finds, based on 2008 IRS returns, that "the rich"... Read More

In an article in the Wall Street Journal's Wealth Report, Billionaires Stoke Sales of Private Jumbo Jets, Robert Frank writes that while Gulfstream jets are "a dime a dozen after the financial crisis," sales of private jumbo jets have "surged thro... Read More

In a recent article on Yahoo, Madoff trustee: Lawsuits delay money for victims, Jonathan Stempel writes about the current status of Madoff victims' recovery.Stempel writes that although the trustee seeking money for Madoff's victims hopes to begin... Read More

In a post on their Legal Updates site, COF Proposes Legislative Agenda for Philanthropy for 112th Congress, McGuire Woods outlines the COF's proposed legislative agenda for philanthropy for the 112th Congress. This outline includes:the simplificat... Read More

In a recent article on the Wall Street Journal's Wealth Report, IRS Targets Rich Taxpayers: Audit Rates Up 80%, Robert Frank writes about the IRS increase in audits of rich taxpayers.Frank cites the 2010 IRS Data Book, which shows that... Read More

In a recent feature in the New York Times Opinion Pages, Rising Wealth Inequality: Should We Care?, a number of contributors debate this question.Posted by Kyle Petit, Associate Editor, Wealth Strategies Journal.... Read More

In a recent post on Trusts & Estates, Drafting Wills and Trust Agreements, Donald H. Kelley rates a new software program, Drafting Wills and Trust Agreements (DWTA) version 9.0.Kelley writes that DWTA develops documents with a question and ans... Read More

In a recently published article, Reflecting on the Language of Death, Professor Deborah S. Gordon writes about the difficulty of discerning intent from testamentary documents.Gordon examines how these documents might be written differently. Specificall... Read More

In a recent post on The Trust Advisor Blog, New Hampshire Sets Sights on Becoming the New Delaware of the East, Scott Martin writes about New Hampshire's enticing trust environment.Martin writes that in the past five years, New Hampshire's state... Read More

In a recent article on Venable LLP's website, It Doesn't Pay to "Pay to Play", several Venable attorneys write about Investment Advisers Act Rule 206(4)-5.Rule 206(4)-5 was adopted to prevent "pay-to-play" activity, in which "investment advisers may se... Read More

In a blog post on the website AVC.com, Airbnb, a New York venture capitalist shares a story about what venture capitalists like Union Square Ventures look at when deciding whether to invest.In the end, the author reaches the conclusion that... Read More

In a recent article in the Christian Science Monitor, 2012 budget is full of contradictions, Donald Marron writes about President Obama's 2011 budget proposal.Marron writes that according to the Tax Policy Center's analysis, President Obama is either p... Read More

In a recent blog post on Forbes, Why Women Need An Estate Plan (Hint: Want The Kids To Get All Your Spouse's Assets?), Susan Hirshman writes about the importance of estate planning for women.Hirshman writes that a lot of wills... Read More

In a recent post on the McGuire Woods Legal Updates blog, Changes to Virginia Uniform Trust Code Facilitate Popular Estate Planning Techniques, the firm writes about Senate Bill 1072, recently signed into law by Virginia Governor McDonnell.The bill alt... Read More

In a recent Financial Times article, Estates that donate attract lower IHT, Alice Ross writes about changes to England's inheritance tax (IHT).Ross writes that plans have been announced to lower the IHT on estates that have made substantial charitable ... Read More

In a December article in the New York Times, In France, Civil Unions Gain Favor Over Marriage, Scott Sayare and Maia De La Baume write about the civil union's increase in popularity in France.French couples are increasingly opting for civil... Read More

On April 5, the ABA Section of Real Property, Trust and Estate Law is sponsoring a live audio webcast, Same-Sex Spouses, Partners and Adult Adoptions: Trust Admin. Issues w/ Beneficiary Relationships on fiduciary and trust administration issues wh... Read More

In a recent article on PopEater.com, The Fight Begins Over Elizabeth Taylor's Fortune, Rob Shuter writes about the status of Taylor's estate.Taylor made arrangements to have her jewelry collection auctioned off, with the proceeds going to the Elizabet... Read More

In a recent post on the FPA Practice Management Center Blog, Are You Selling Silver Foxes?, Kristin Harad writes about financial planners' use of generic imagery and ambiguous copy and messaging.  She writes:Ad agencies literally spend thousands ... Read More

In a recent article on the New Hampshire bar website, Migrating Trusts to New Hampshire: The "Why" and the "How", attorney Joseph F. McDonald, III writes about how to move trusts to New Hampshire.The article focuses on how to move... Read More

IRS Tax Tip 2011-66, posted on April 4, lists ten things the IRS wants you to know about your tax refund:1. Refund Options You have three options for receiving your individual federal income tax refund: direct deposit, U.S. Savings Bonds or a... Read More

In a letter to the editor of OA Online, estate planner Cory McDowell writes about a client whose dreams made him proud.Clarine Brown was not survived by any of her own children, but she clearly loved children.  Ms. Brown used... Read More

Michael S. Fischer of Advisor One writes in a recent article that some tax preparers are making errors using Form 706 software.  On March 25, the IRS announced problem areas and changes with Form 706, the U.S. Estate and Generation-Skipping... Read More

In a recent article, Sarah Lacy writes about Paypal co-founder, hedge fund manager, and venture capitalist, Peter Thiel's belief that "the bubble that has taken the place of housing is the higher education bubble."  Lacy writes:Consider the 2000 N... Read More

In a recent article in the FPA Practice Management Center Blog, Daniel C. Finley gives advice for how to react when your client or a prospective client says "no".  According to Finley, objections and rejections by clients and prospective clients... Read More

In an article on Tech Crunch, Viveck Wadhwa writes in response to this earlier Tech Crunch article on Peter Thiel's belief that we are in an "education bubble."  Wadhwa writes that Thiel's message encourages students to drop out of school,... Read More

In a recent article on the Journal of Financial Planning's website, Breaking Through: The State of the Risk Tolerance Conversation, Lisa Holton writes about financial planning clients' tolerance for risk.  Holton writes that the 2008 crash has cau... Read More

President Obama's deficit reduction plan is outlined in a release by the White House Office of the Press Secretary.President Obama's plan includes: a goal of $4 trillion in deficit reduction in twelve years or less, proposed budget cuts, and increased... Read More

In a recently published book, Treasure Islands, Nicholas Shaxson tells a story of globalization gone wrong.  Shaxson's book is an expose on tax havens, giving the reader an understanding of these "secrecy jurisdictions" in the context of modern hi... Read More

In his note, Adeemed if You Do, Adeemed if You Don't, recently published in the Alabama Law Review, Raley L. Wiggins writes about the state of ademption law in Alabama.  In this note, Wiggins explores the history and development of... Read More

In a recent Wall Street Journal Op-Ed, Alan Reynolds of the Cato Institute writes that he believes President Obama's plan to increase tax rates on the highest income brackets will not work.  According to Reynolds, it "is a distraction" and "w... Read More

The McGuire Woods Legal Updates blog reports in a recent article, Family Offices May Have More Time: Compliance with Dodd-Frank Act Adviser Registration Delayed, that, according to the SEC, the deadline for registration will probably be delayed until e... Read More

In a recent post on the McGuire Woods Legal Updates blog, Tax Day for Tax-Exempt Organizations (But Not Yet), the firm shares the reminder that tax returns for 2010 are due on May 15, unless the tax-exempt organization requests an... Read More

In a guest column in the Cleveland Plain Dealer, Estate tax repeal, other cuts would devastate, Martin R. Kolb writes in opposition to bills in the Ohio legislature that would repeal Ohio's estate tax.  Although he admits to personally disliking... Read More

A recent article on Elder Law Answers, New Rule Requires Homebound Medicare Patients to See Doctors, details a new rule for Medicare patients.Now, doctors must meet with their homebound Medicare patients in person in order to receive reimbursements for... Read More

In a recent article in the ABA Journal, Law News Now, Most of Joseph Flom's Millions Will Go to Charity, Debra Cassens Weiss reports on the status of the estate of the recently deceased Flom.Half of Flom's estate will go... Read More

Gregg D. Polsky, a law professor at UNC School of Law, recently published a paper, High Volatility, Negative Correlation, Roth IRA Conversions, and the Codified Economic Substance Doctrine.  Polsky's research paper analyzes ways in which to reduce... Read More

Robert Frank has written a new article, Why the Rich Envy the Super-Rich, in the Wall Street Journal's The Wealth Report blog.  Frank writes that "the largest wealth gap today is between the rich and super-rich."  Mere millionaires have found... Read More

A recent post on the Planned Giving Design Center's website, Gift of House and Related Expenses Not Deductible, notes that a recent Tax Court decision holds that a donor may not take charitable deduction because that donor did not "establish... Read More

Paula Span writes about a new and touching book in the New York Times The New Old Age blog.The book, "Emily, Alone," by Stewart O'Nan is about an elderly widow in Pittsburgh.  It is a more realistic story than those... Read More

The Alzheimer's Association has released news on Alzheimer's and the baby boomer generation.  The results of the study reflect a number of facts regarding the disease and the baby boomers.  For example, the Alzheimer's Association estimates t... Read More

In a recent article in the Wall Street Journal, Life Insurers Skimp on Payouts, Leslie Scism and Vauhini Vara write that states are looking into allegations that some large life insurance companies have failed to pay out policies on their... Read More

The National Association of Estate Planners & Councils has posted a reminder to include pets in estate planning.  The NAEPC advises pet-owners to leave care instructions, veterinary information, the location of records and legal documents, and... Read More

An article in the Lubbock Avalanche-Journal, State looks to clamp down on life settlements, reports that Texas is trying to put an end to companies buying life insurance policies from the elderly at a discount.The "life settlements" give the elderly... Read More