Wealth Strategies Journal

Do More, Better, Faster

Category: Estate Planning (page 1 of 12)

[T&E Podcast 10/31] – This Week in Wealth (Transfer) with Salvatore LaMendola

Please click the play button below to listen to This Week in Wealth (Transfer) with Salvatore LaMendola (week of 10/31/16)

Past installments of this series can be found on our Podcast page and ITunes

Continue reading

Edwin Morrow – The Hunt for Tax Apportionment: Lessons from Tom Clancy’s Estate Litigation

The Hunt for Tax Apportionment: Lessons from Tom Clancy’s Estate Litigation

Edwin Morrow 

The Hunt for Red October was Tom Clancy’s debut novel in 1984.  It was a fun, exciting novel written in the Reagan, pre-Glasnost era about a rogue Soviet (remember the Soviet Union?) submarine captain, later turned … Continue reading

Special Needs – Special Trusts Part. 3: Common Errors – Bernard A. Krooks

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

Part. 3: Common Errors

By Bernard A. Krooks

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

Part 2. Drafting Considerations 

Set forth below are some common errors practitioners make when representing clients in connection with … Continue reading

Special Needs – Special Trusts Part. 2: Drafting Considerations & Trust Administration Considerations – Bernard A. Krooks

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

Part. 2: Drafting Considerations & Trust Administration Considerations

By Bernard A. Krooks

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

Part. 1 Overview & Taxation

III. Drafting Considerations

A. Trustee Selection

The selection of … 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

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

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

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

William W. Sleeth III – Yes, Virginia, There Is A “No Contest” Clause

By William W. Sleeth III

Estate planning attorneys frequently insert “no contest clauses” into wills or trusts to attempt to deter a beneficiary from challenging the validity of the instrument. With the Virginia Supreme Court having recently handed down a decision on that issue in Rafalko v. Georgiadis, no … Continue reading

Julius H. Giarmarco: Transfers of FLP and FLLC Interests Require Immediate Attention

By Julius H. Giarmarco

Family limited partnerships (FLPs) and family limited liability companies (FLLCs), if properly structured, are attractive vehicles for administrative convenience; income, estate and gift tax savings; and creditor protection. It is important that an FLP or FLLC be formed for valid business purposes and not merely as … Continue reading

Julius H. Giarmarco: 25 Year-End Estate Planning Tips (Part 2/3)

By Julius H. Giarmarco

Part 1 / Part 2 / Part 3

Don’t let the chaos of the holiday season prevent you from minimizing federal estate taxes and fine-tuning your estate plan. What better gift for your heirs than avoiding the 40% federal estate tax and making sure your affairs … Continue reading

Older posts