Will you know what to do when a client calls with good news, good news, bad news? The first good news is that he is about to experience a liquidity event such as an initial public offering (IPO) or buy-out. The other good news is that he wants to...
It's a shame when promoters turn a legitimate retirement savings vehicle into an abusive tax shelter, but that's what has happened with Roth IRAs. Now the Internal Revenue Service has reacted. With Notice 2004-8,1 the Service in January announced...
The value of a block of stock is influenced by many characteristics, including the level of control (or lack thereof) and the degree of marketability (ability to liquidate). The fair market value of shares in a firm can be expressed as: a control...
Despite its scope, the Uniform Trust Code (UTC) has provoked surprisingly little debate since it was first proposed by the National Conference of Commissioners on Uniform State Laws. The UTC redraws almost the entire territory of trust law a body...
As more states adopt the Uniform Trust Code,1 it is going to become increasingly difficult for trust settlors and trustees to maintain the levels of confidentiality that, until now, they've been able to take for granted.2 Indeed, even in states...
Until recently, the emphasis in estate planning was on saving estate taxes. But there is more to estate planning than taxes. Even the most sophisticated plan is worthless if clients' assets are lost to a catastrophic judgment. Within the past few...
Several years ago, financial advisor Robert Slane began to notice something unusual when he would talk business with other advisors. Repeatedly, he encountered people who claimed to have developed new tax-savings plans. All assured him their plans...
In the past decade, taxpayers grew accustomed to increasing valuation discounts thanks to a string of victories over the Internal Revenue Service. But that trend appeared to end in early 2003. Now the IRS, through the Tax Court, has delivered...
The hot markets today are single-family and multi-family offices. Lawyers want their business and with good reason. These clients have a lot of money and a strong desire for advanced estate planning. They also use outside counsel and expect to use...
