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Richard W. Nenno: A Practitioner-Friendly Guide to the Delaware Asset-Protection Trust

By Richard W. Nenno

 

Since July 9, 1997, when Governor Thomas R. Carper signed Delaware’s Qualified Dispositions in Trust Act (“Delaware Act”), Delaware and non-Delaware residents have been using the Delaware Act to save taxes, to protect assets, and to accomplish other purposes summarized below.  This article highlights key … Continue reading

Expanded OVDP a chance to reduce penalties

Scott Novak, Esq., in The Journal of Accountancy, writes about the IRS’s expanded offshore voluntary disclosure program (“OVDP”).

The article begins as follows:

The new information-reporting requirements of the Foreign Account Tax Compliance Act (FATCA), P.L. 111-147, took effect on July 1. Among other things, FATCA requires foreign financial institutions

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Tax software: Ethical, legal, and professional liability risks

The Journal of Accountancy reports on professional issues connected with using tax software by CPAs.  The summary is as follows:

Software is an essential tool for driving efficiencies and profitability in a CPA firm tax practice. Practitioners select software based on various factors, including price, ease of use, scalability to … Continue reading

Tax Court foils transferee liability of Reynolds family trusts

The Journal of Accountancy reports that state law is applied to determine whether a transferee is liable for a transferor’s tax liability.  Specifically, the Tax Court held that four trusts were not required to pay their former personal holding company’s tax liability. Virginia state law does not contain a corollary … Continue reading

2014 tax software survey

The Journal of Accountancy presented the findings of its annual tax software survey.  Among other things, it noted the following:

Of the 3,833 CPA respondents who indicated that they prepared tax year 2013 returns for a fee, 3,817 predominantly used one of 15 software products identified by the survey; of

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PARKER v. BENOIST: Forfeiture Provisions in Wills in Mississippi Enforceable Unless Will Contest Founded on Probable Cause & Made in Good Faith

The Wills Trusts & Estates Prof Blog reports that under Parker v. Benoist, forfeiture provisions in Wills in Mississippi are enforceable unless Will contest founded on probable cause & made in good faith.  The Court’s synopsis reads as follows:

Bronwyn Benoist Parker and William Benoist are siblings who litigated the

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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

Department Of The Treasury Releases 2014-2015 Priority Guidance Plan

Treasury, along with the IRS, has released their 2014-2015 Priority Guidance Plan. In it, they outline numerous projects they consider priorities, which they anticipate to work on during the plan year. These projects are intended to give guidance to both individuals and businesses on critical topics. These include, implementation of … Continue reading

Funding Marital Trusts: Mistakes and Their Consequences by Jay A. Soled, Dena Wolf, Nathan Arnell

Jay A. Soled, Dena Wolf, and Nathan Arnell have published their article, Funding Marital Trusts: Mistakes and Their Consequences, which is available for download.  The abstract is as follows:

Mistakes occur in every profession, and attorneys practicing estate administration are not immune from this phenomenon. Funding marital trusts at the

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2013 Developments in Connecticut Estate and Probate Law by Jeffrey A. Cooper, John R. Ivimey

Jeffrey A. Cooper and John R. Ivimey have published their article, 2013 Developments in Connecticut Estate and Probate Law, which is available for download.  The abstract reads as follows:

This Article provides a summary of recent developments impacting Connecticut estate planning and probate practice. Part I discusses 2013 legislative developments.

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