Two recent legislative developments may enhance the attractiveness of Internal Revenue Code Section 529 savings accounts over other methods of saving for higher education expenses for certain individuals. One increased the kiddie tax age to 18...
Many advisors assume that domestic asset protection trusts (DAPTs) self-settled trusts established in the United States typically to protect trust assets from a beneficiary's creditors are created exclusively for high-risk professionals, such as...
In theory, a trust is administered to effectuate a grantor's intentions for establishing it. In practice, most trusts don't accomplish this goal. That's usually because the operative documents fail to provide sufficient guidance. Trustees are left...
Whatever happens to estate taxes, there will still be a strong need for putting together trusts and insurance policies that enable your clients' assets to survive their death intact.
As estate planners, we love helping people, and as attorneys, we need to bill hours. So when we can help people and bill hours at the same time, you'd think that we would be elated. Not necessarily. A large part of our practice in recent years has...
One of the most financially attractive exit strategies for the owner of a closely held business is to sell his company stock to an employee stock ownership plan (ESOP). An ESOP-assisted buyout can serve as a successful business succession plan...
From G. Warren Whitaker, a partner in the New York office of Day, Berry & Howard LLP, we have this report: The budget proposal submitted in March by the United Kingdom's current Labor government unexpectedly included provisions that would...
Most estate planners are aware that under Internal Revenue Code Section 642(g), estate administration expenses may be taken as estate tax deductions or income tax deductions but not both.1 In most taxable estates, that is to say estates where a...
Can a man savvy enough to have a telephone in his shoe decades before the invention of the cell phone ever be out of touch? Sadly, Don Adams the comedian who brought the goofy but ever-triumphant Maxwell Smart to life in the 1960s TV show Get...
