Estate-planning clients are growing ever more conscious of creditors.1 Clients not only want to protect their assets while they're alive, but also want to protect the wealth they leave to their spouses and children against creditors, spendthrift...
Want to know what it's like to be rich? Why do you? Would it make you feel better to read about people with so much money that they have lost all touch with reality and fundamental values? In his book, Richistan: A Journey Through the American...
Estate planners often find themselves in a quandary: They follow all known rules and guidelines in devising a family limited partnership (FLP) plan for their client, but still have to cross their fingers that the Internal Revenue Service will...
Trusts & Estates occasionally reviews books. To avoid conflict of interests, though, we do not review books written or contributed by members of the Trusts & Estates advisory board. Of course, this policy puts our advisors at a disadvantage...
Although many business valuation analysts are well-aware of the issue, it's not something estate planners and tax attorneys typically think of when advising clients who own pass-through entities such as S corporations and limited liability...
The wealthy have far more to bequeath to the next generations than their dollars. That's why a comprehensive estate plan addresses intangible assets as well as the standard tangibles. Estate planners can easily adapt the basic tools and vocabulary...
David T. Leibell and Daniel L. Daniels, partners at Wiggin and Dana LLP, in Stamford, Conn., report: Private Letter Ruling 200734023, issued Aug. 24, 2007, shows how the Internal Revenue Code Section 4941 self-dealing rules apply in a situation...
Private equity fund managers often own an interest in their funds, which seems ideal for wealth transfer planning. After all, their interest's initial value is often speculative, which would seem to justify a low gift tax valuation. Yet, the value...
We could chalk it up to the luck of the draw or extraordinary skill in the courtroom. Either way, the victory by the taxpayers David Litman and Robert Diener in Litman v. United States1 on Aug. 22, 2007, was certainly one for the record books...
Your client has surprised you with a signed deal to sell his company. Is it too late to engage in effective transfer planning? The answer is, Of course, more benefits could have been derived if your client had spoken with you before hiring an...
