Wealth Strategies Journal

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The Problem With Naming A Trust As The Beneficiary Of An Annuity, And Using A Beneficiary Designation With Restricted Payout Form As An Alternative

Michael Kitces writes about issues that arise when naming trust as a retirement account designated beneficiary. Michael’s article begins as follows:

Retirement accounts and annuities used as accumulation vehicles can create significant tax-deferred account balances over time, with the caveat that eventually the tax bill must still come due. If

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Dementia, Decision-Making, and the Modern (Adult) Guardianship Paradigm: Bentley v Maplewood Seniors Care Society by Margaret Isabel Hall

Margaret Isabel Hall has made available for download her article, “Dementia, Decision-Making, and the Modern (Adult) Guardianship Paradigm: Bentley v Maplewood Seniors Care Society.”  The abstract reads as follows:

This paper considers the meaning of decision making, including substitute decision making, for persons with dementia. The paper discusses the historical

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LGBT Elders in a Post-Windsor World: The Promise and Limits of Marriage Equality by Nancy J. Knauer

Professor Nancy J. Knauer has made available for download her article, “LGBT Elders in a Post-Windsor World: The Promise and Limits of Marriage Equality.”  The abstract is as follows:

This Article addresses the uncertain post-Windsor legal landscape from the perspective of LGBT elders and older adults. The demise of DOMA

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Field Presents Aggressive Tax Planning and the Ethical Tax Lawyer Today at Toronto

Professor Paul Caron, on the Tax Prof Blog, reports that Heather Field (UC-Hastings) presents Aggressive Tax Planning and the Ethical Tax Lawyer at Toronto today as part of its James Hausman Tax Law and Policy Workshop Series.  Professor Caron includes the following abstract for Professor Field’s presentation:

[H]ow should a tax

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IRS Audits of High-Income U.S. Households Drop to 6-Year Low

Bloomberg Business reports that the IRS, struggling with a smaller budget, audited 7.5 percent of households with incomes exceeding $1 million last year, the lowest level since 2009.  It also noted that the IRS audited 0.86 percent of all individual tax returns, down from 0.96 percent the year before, according … Continue reading

How to Select a Law Firm Business Entity

The Lawyerist analyzes how to select a law firm business entity.  Its article discusses the following factors that should be considered:

  • Type of business.
  • Number of lawyers and their roles.
  • Financing.
  • Ongoing record keeping and reporting requirements.
  • Management.
  • Taxes.
  • Non-tax costs.
  • Limiting liability.

Read the full article at How to Continue reading

In Case of L’Oréal Heiress, a Private World of Wealth Becomes Public – NYTimes.com

The New York Times writes about litigation surrounding one of the wealthiest women in the world, Liliane Bettencourt, the 92-year old heir to the to the L’Oréal cosmetics fortune.  According to the article, as Ms. Bettencourt aged and her health faded, she became the target of numerous attempts by individuals Continue reading

An Individual Cannot Defer Recognition of Gain in 9th Circuit

Ralph E. Holmes appealed a decision from Tax Court that considered the deficiencies and penalties associated with his tax returns from 2000 to 2004. The court below held, under section 1045, that an individual could not defer recognition of gain on the sale of stock. The Ninth Circuit found no clear error in … Continue reading

A Texas Notary’s Guide to Estate Planning Documents by Gerry W. Beyer

Professor Gerry W. Beyer has made available his article, “A Texas Notary’s Guide to Estate Planning Documents” for download.  The abstract is as follows:

 

Estate planning documents, regardless of how well-drafted, must be properly executed to be effective. Many of these documents require notarization. Although practitioners may take notarization

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Your Digital Footprint Left Behind at Death: An Illustration of Technology Leaving the Law Behind by Sandi Varnado

Sandi Varnado has made available for download her article, “Your Digital Footprint Left Behind at Death: An Illustration of Technology Leaving the Law Behind.”  The abstract reads as follows:

Death has become more complicated than it used to be, in large part due to the digital age. Americans, particularly younger

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Most Business Owners Do Not Have Up-To-Date Estate Plans, But They Should

Russ Alan Prince writes on Forbes about the pervasive lack of up to date estate plans for business owners and the negative implications of that.  His article begins as follows:

 

As long as there are estate taxes, as long as there are intergenerational considerations, and as long as there

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Financial Advice by the Demographics – NYTimes.com

The New York Times reports that several financial institutions, including Fidelity, which provides employer-based retirement accounts for more than 13 million workers, along with other retirement plan providers, have begun tailoring their messages for specific employees based on demographic data.  It state the following, among other things, focusing on the … Continue reading

The Secret Tax Lives of the Rich and Famous

Bloomberg reports on tax issues experienced by various celebrities, from Willie Nelson to Wesley Snipes, noting that in the past year, comedian Chris Tucker, supermodel Gisele Bündchen, the lead singer of Creed, and at least one of the Real Housewives have had reported run-ins with the IRS. Bloomberg gives the … Continue reading

Inherit the Cloud: The Role of Private Contracts in Distributing or Deleting Digital Assets at Death, Natalie M. Banta

Natalie M. Banta has published her article, “Inherit the Cloud: The Role of Private Contracts in Distributing or Deleting Digital Assets at Death” in the Fordham Law Review.  The abstract reads as follows:

We live in a world permeated with technology. Through our online accounts we write emails, we store

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Kitces: When NOT to Convert a Roth

Michael Kitces compares and contrasts traditional and Roth IRAs in “When NOT to Convert a Roth.”  His article begins:

 

The tax-free nature of growth on a Roth IRA makes it a highly appealing investment account to hold, and a similarly appealing type of account to inherit. All else being

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