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Category: Articles (page 2 of 6)

By Regina A. DeMeo: 4 Key Questions To Ask Before The Nuptials

Wedding season is upon us, and that means lots of revenue for all the vendors in that industry, which in the DC Area yields about $1.1 Billion a year.  Truly, one must admire the amazing collaboration of efforts that make that magical day happen, but looking beyond the big day, … Continue reading

Alexandre M. Denault & Jonathan E. Gopman – Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

Treasury Department Extends Form 5472 Filing Requirements to Foreign-Owned Domestic Disregarded Entities

By: Alexandre M. Denault & Jonathan E. Gopman

On May 10, 2016, Treasury issued proposed regulations (the “Proposed Regulations“) which enable the Internal Revenue Service (the “Service“) to collect certain information about domestic disregarded … Continue reading

HERE COMES THE MOUNTAINAIR TRUST – WEST VIRGINIA PASSES ASSET PROTECTION TRUST LEGISLATION (EFFECTIVE JUNE 8, 2016)

WEST VIRGINIA PASSES ASSET PROTECTION TRUST – TRUST LEGISLATION EFFECTIVE JUNE 8, 2016  – HERE COMES THE MOUNTAINAIR TRUST

By Jonathan GopmanMichael Sneeringer and Alan Gassman

Almost haven,

West Virginia,

Advances its trust law,

Throwing future creditors in the river.

 

Trusts are old there,

Like the Confederacy,

Until Continue reading

By Regina A. DeMeo: 7 Points to Consider Before Parting Ways

Summer is almost here, and while the kids are out of school, this is the time when a lot of parents considering a separation decide to plan a move. But before vacating the marital residence, here are 7 key points to consider:

1. Get legal advice. It is critical … Continue reading

Irrevocable Life Insurance Trust Bank? – Richard L. Harris

A trust metaphor may help you better communicate with clients.

By Richard L. Harris

Have you ever had a client tell you they want a charitable lead annuity trust, a grantor-retained annuity trust or a sale to a (defective) grantor trust? No? Along with trusts and life insurance, the estate-planning … Continue reading

Special Needs – Special Trusts Part. 1: Overview & Taxation – Bernard A. Krooks

SPECIAL NEEDS – SPECIAL TRUSTS – WHAT YOU DON’T KNOW CAN HURT YOUR CLIENTS AND YOU!

Part. 1 Overview & Taxation

By Bernard A. Krooks

Littman Krooks LLP New York, New York / www.littmankrooks.com

I. Overview

Special needs planning is a niche practice area within the estate planning field that requires … Continue reading

What is Reasonable? Determining Fiduciary Fees in Massachusetts

By Amy R. Lonergan and Joshua S. Miller

For an attorney in Massachusetts, serving as a personal representative or trustee (“fiduciary”) for a trust or estate can be a rewarding and fulfilling role. However, there are numerous pitfalls for an attorney when setting and collecting his or her fees for … Continue reading

By Regina A. DeMeo: Is Your Wedding Budget Realistic?

Welcome to wedding season in the DC Area, which according to the Washingtonian Magazine enjoys revenues of over $1 Billion a year thanks to all the brides and grooms that choose to tie the knot here.  The average cost for a wedding in the U.S. is about $25,000, although in … Continue reading

By Regina A. DeMeo: 4 Challenges That Can Make Or Break A Marriage

A lot of people these days focus on how lucky you have to be to attract the right person, but really shouldn’t the focus be on what it takes to keep a relationship intact? When you talk to couples that have been together for decades, you can see a clear … Continue reading

Espen Robak and Richard L. Harris – Intergenerational Economic Benefit Split-Dollar Transaction Passes Crucial Test in Tax Court (Estate of Morrissette Wins First Round)

Intergenerational Economic Benefit Split-Dollar Transaction Passes Crucial Test in Tax Court

Estate of Morrissette Wins First Round

By Espen Robak and Richard L. Harris

Intergenerational[i] split-dollar transactions have become a popular way for families to purchase life insurance, and to do so in a tax efficient transaction structure that … Continue reading

By Regina A. DeMeo: Is Your Financial House In Order?

Tax day is almost here– a happy day for those getting a refund, and an irksome day for those that owe more than they had anticipated. The good news for all of us at least is that it should all be over soon, and then using the data we just … Continue reading

Richard L. Harris – No-Gift Irrevocable Life Insurance Trust Funding

By Richard L. Harris

How would you like to be able to fund life insurance policies in an irrevocable life insurance trust (ILIT) without making any taxable gifts? Doing so is helpful when the premiums are high. Furthermore, the trust can be generation-skipping, and the technique is specifically covered by … Continue reading

Espen Robak: Holliday FLP Transfer Runs Afoul of Sec. 2036

By: Espen Robak

In Estate of Holliday, decided March 17, 2016, the IRS won a small (dollar-wise) yet meaningful victory on the Sec. 2036 retained interest issue. The case is instructive, since the facts were not particularly bad for the taxpayer. Thus, and especially in conjunction with recent cases, it … Continue reading

William W. Sleeth III – 4 Steps To Take If An Estate Dispute Is Brewing

By William W. Sleeth III

If an estate dispute is brewing (but is not yet in litigation), there are several important steps that people can take to maximize their odds of success if the matter proceeds to litigation.

In the vast majority of states, people only have judicial standing to … Continue reading

John D. Dadakis and R. Scott “Scott” Johnston – Why Being Aware of Estate Planning is Important

By John D. Dadakis and R. Scott “Scott” Johnston

As we continue to recognize National Estate Planning Awareness Week for 2015, the case of Bakus v. Bakus, W.D.Ky. No. 14-CV-981 (Aug. 21, 2015) (brought to our attention by Jay Adkisson & Chris Riser) is instructive in demonstrating how the failure … Continue reading

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