Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
Of all the categories of conduct that will land a certified financial planner before the CFP Board of Standards’ Disciplinary and Ethics Commission, bankruptcy currently ranks number one. And the number of bankrupt CFPs who come before the...
The SEC must deliver two Dodd-Frank reports to Congress by January 17 and January 21. Compliance consultants, securities lawyers and lobbyists expect the regulator to recommend an SRO for investment advisers in the first and a fiduciary standard...
IRS declines to rule whether a self-settled asset protection trust is subject to IRC Section 2036 estate inclusion, leaving such trusts vulnerable In PLR 200944002 (Oct. 30, 2009), the taxpayer created an irrevocable trust for the benefit of...
Strict privity requirement relaxed in New York: Personal representative of estate may sue estate-planning attorney for negligence In Estate of Schneider v. Finmann, 2010 N.Y. Slip Op. 05281 (June 17, 2010), the New York Court of Appeals relaxed...
The IRS rules that the beneficiary of a trust will be treated as the owner thereof under Internal Revenue Code Section 678 In PLR 200949012 (Dec. 7, 2009), a trust was established that wasn't by the grantor under IRC Sections 671 through 677. The...
Charitable lead annuity trusts (CLATs) have received considerable attention recently, in light of current low interest rates. If structured correctly, CLATs have the twin benefits of (1) providing payments to charity for a number of years, and (2)...
Tax Court holds decedent's participation in family business doesn't amount to ownership In Estate of Fortunato v. Comm'r, T.C. Memo 2010-105 (May 12, 2010), the Tax Court held that Robert Fortunato, who had previously been convicted of robbery and...
Tax Court holds that the discount for the tax on built-in gains should take into account both future appreciation on property and the present value discount for the projected capital gains tax In Estate of Jensen v. Comm'r, T.C. Memo 2010-182 (Aug...
Two rulings uphold Hackl v. Comm'r, confirming that gifts of interests in closely held companies don't qualify for the annual exclusion In Price v. Comm'r, T.C. Memo 2010-2, the Tax Court refused to reconsider its holding in Hackl v. Comm'r, 118 T...
IRS notice extends full deduction of bundled fiduciary fees pending IRS regulations Notice 2010-32 (April 1, 2010) granted fiduciaries yet another reprieve from dealing with the ramifications of the U.S. Supreme Court's decision in Knight v. Comm...
