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Jerome M. Hesch, Director of Notre Dame Tax & Estate Planning Institute, in a letter to the editor, argues that the capital gain treatment of a carried interest is consistent with fundamental principles of income tax.  Hesch states that a...

Continue reading "Carried Interests as Capital Gains is Good Law"

NYTimes Blog: Paul Downs

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Paul Downs at the New York Times Blog, You're The Boss: The Art of Running a Small Business, writes about the breakdown of his sales process, and his decision process involved in ultimately seeking out a sales consultant.See Paul Downs,...

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The author, a psychologist and family financial planning consultant, argues that family-owned businesses, often the major asset to pass on, seldom survive the next generation-less than a third, in fact, with fewer than 10% surviving the grandchildren.  She proposes the...

Continue reading "Article: Protecting Family Businesses Through Business Skills Trusts"

The author in part summarizes and in part provides his own impressions of the 47th Annual Heckerling Institute on Estate Planning.  Changes wrought by the American Taxpayer Relief Act (ATRA) of 2012 dominated the proceedings.  Topics include permanent indexed exemptions,...

Continue reading "Article: Thoughts on ATRA and Estate Planning"

An article by Roger Colinvaux, Catholic University of America - Columbus School of Law, suggests charitable deductions for property contributions should be disallowed.  Although the deduction was allowed in an effort to encourage contributions, the rule has become increasingly complex...

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The Economics of Marriage

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Nancy Folbre, blogging for the New York Times, reports that recent polls show a declining demand for husbands among women. She examines this trend through an economic lens, applying the concepts of supply and demand and the cost-benefit analysis to...

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As an alternative to 529 plans, online companies like TrustEgg and Kiss Trust now offer trust services with low thresholds for minimum investments. TrustEgg trusts are structured in accordance with the Uniform Transfers to Minors Act, which gives the beneficiary...

Continue reading "Online Companies Now Offering Trusts For General Public"

An article by John Spencer, J.D., CPA, proposes changes to mandatory disclosure provisions. Mandatory disclosure provisions of the Uniform Trust Code (UTC) control in all situations even if they directly contradict the plain language of the trust.  Due to the...

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In In re Gilmore, a New York state court refused to recognize a testator's biological child who was born before the execution of the will, yet whom the testator was unaware of at the time of the will's execution and...

Continue reading "Whether the New York Courts Correctly Refused to Recognize "After-Known" Child"

For the first time since the recession began in 2007, the total wealth of American households exceeded the total wealth posted right before the recession.  However, statistics show that the recovery has been disproportionate.  During the housing boom, home ownership...

Continue reading "Younger Households' Economic Recovery is Slower "

Anthony D. Marshall, who suffers from Parkinson's disease and underwent quadruple bypass surgery in 2008, will join a growing number of aged prisoners if he surrenders as expected on Thursday.  Mr. Marshall was convicted in 2009 along with his lawyer, Francis X Morrissey Jr,...

Continue reading "Brooke Astor's Son Headed to Prison at 89"

Nest Eggs Starting to Crack

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A recent New York Times article outlines four systematic issues contributing to many Americans' lack of sufficient retirement funds.  A case in point is the finding by Edward Wolff, economics professor at New York University, that the median financial net...

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If the ruling is as legal analysts predict, the Supreme Court may overturn a law that denies federal benefits for same-sex couples.  There are many references to marriage throughout the laws, and government agencies differ in how they determine a...

Continue reading "Access to Federal Benefits for Same-Sex Couples?"

Murdoch Files for Divorce

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The 82-year-old business mogul filed for divorce on Thursday from his wife of 14 years, Wendi.  The couple have two daughters, ages 11 and 9.  Speculators close to the family point to financial disagreements as possible reasons for the divorce....

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Roughly 60 percent of professional athletes face a rocky financial road upon retirement. Setting aside sports figures like Michael Jordan and Pete Sampras, who have impressively lengthy careers in their respective sports, numerous professional athletes enter retirement at the ripe...

Continue reading "Professional Athletes Need Professional Wealth Advisors"