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The ultra-wealthy are still pretty risk averse, according to a recent survey by the Institute for Private Investors, a membership organization for ultra-high-net worth individuals and families. But they may begin increasing allocations to global...
Charlotte: “Get this,” said one of the participants from our recent affluent focus group. “I met with my accountant over the holidays to go over year-end details and then stopped by my advisor’s office to drop off a sizable check—he was off for...
“We’ll probably see, especially now, clients less interested in investments and more interested in managing cash.So [software] solutions that do more than just spit out an investment [idea], but also a debt management and emergency...
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...
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...
