It's been a stable of estate planning for many years to have an irrevocable life insurance trust own life insurance. But advisors are careful to warn clients that if they transfer an existing policy to such a trust and die within three years of...
Lawyers get requests for powers of attorney all the time, and they're easy to churn out and then forget. But beware. Powers of attorney also are very easily abused. So easily, in fact, that the Illinois docket where we practice is flooded with...
The Pension Protection Act of 2006 (PPA)1 imposes new penalties on appraisers that are deemed to have made substantial or gross valuation misstatements. These stiff penalties are articulated in new Internal Revenue Code Section 6695A (see Go to...
Asset protection planning is a moving target. Practitioners must constantly be aware of case developments and changes in the law, which must be reflected in their plans. Nevertheless, some advisors operate by rote and give every asset protection...
The star-studded movie Bobby has put the untimely death of Robert F. Kennedy back in the news of late. But really, the Kennedys, even those long-deceased, are always interesting as are their wills. And Bobby Kennedy's will is particularly...
Businesses intended to remain family-held after the death of the founder need planning that goes far beyond the orderly and tax-efficient transfer of ownership interests. For ownership transfers to succeed, owners and leaders of family firms also...
For years, practitioners have employed the estate-planning strategy known as sale to a grantor trust.1 Yet there's still substantial uncertainty and debate about one critical aspect: the detrimental income tax consequences that can result when a...
Estate planning for New Jersey's more than 22,0001 same-sex couples has undergone several seismic changes for the better since 2004. First, the state legislature passed the Domestic Partnership Act of 2004, providing them with limited recognition...
Sam Beemer had asked his two sons to come to a family business meeting. Having just celebrated his 70th birthday, he was feeling his mortality.1 And he'd been thinking about how to transition the family business interests worth $100 million. Sam...
With continuing confusion about transfer tax repeal or reform, estate planners have at least one constant and true certainty: compliance. Recently, requirements have increased dramatically, adding to the growing burden of estate planners' duties...
