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...
Many advisors are not aware that their clients might use Delaware trusts for state income tax planning. Delaware law can enable individuals residing in many states, such as New York, New Jersey, Kentucky, Massachusetts, Michigan and Missouri, to...
Much is written about pre-immigration planning, and for good reason. There are many steps that can be taken to minimize U.S. taxes before getting on a plane to the United States to establish residence. But once you have become a resident alien in...
Since the first test tube baby was born in 1978, tremendous advances have been made in the science of assisted reproduction. Thousands of infants are born each year as a result of assisted reproductive technology (ART)1 and the more traditional...
When drafting an estate plan, it's critical to be aware of any buy-sell or other agreements that may be binding on the client's estate at death. While the buy-out price set in such an agreement is enforceable for contract purposes, it may not be...
The grantor retained annuity trust (GRAT), statutorily allowed by Congress since 1990, can transfer part or all of a wealthy person's business to the next generation, free of gift tax, and in a way that removes the business from estate taxation. A...
George Harrison, internationally renowned for his music, spirituality and philanthropy, might have been known as the quiet Beatle, but the last few years of his life were far from quiet. A continuous media frenzy surrounded Harrison's last years...
People and assets increasingly cross international borders. Wealthy families are doing business and moving to places they might not have imagined a decade ago. They also own property and assets in a number of countries and often find themselves...
