How Wealth Planners and Advisors address the needs of clients who have assets over $1MM.
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Transfers of art to a foreign trust qualify for estate and gift tax deductions. In Private Letter Ruling 200901023 (Sept. 29, 2008), the Internal Revenue Service held that a wife's lifetime and testamentary transfers to a foreign trust to manage...
Your client spent a lifetime building his company and, now that he's ready to sell, the United States is in the middle of the worst recession in decades. What do you tell him? Of course, the first thing you say is: it might be a terrible time to...
Charities may not only have been Bernard Madoff's victims but also his enablers, most probably unknowingly but some, possibly, knowingly. Mitchell Zuckoff of Fortune magazine, in an article on CNNMoney.com dated Jan. 5, 2009, Charities: The...
Despite her sole discretion over a trust, a decedent did not possess at the time of her death a general power of appointment over property in the trust. In Technical Advice Memorandum 200847015 (July 30, 2008), the decedent's husband's will...
Despite her sole discretion over a trust, a decedent did not possess at the time of her death a general power of appointment over property in the trust. In Technical Advice Memorandum 200847015 (July 30, 2008), the decedent's husband's will...
The economic crisis is hitting the family offices of America's wealthy. Expect closings of both single family offices (SFOs) and multi-family offices (MFOs). Those that were just hanging on before the economic crisis won't survive. Even the well...
Wow! During 2008 we witnessed $4 a gallon gasoline, a mortgage industry meltdown, the Dow Jones Industrial Average fall from approximately 13,000 to 8,000, and the election of a new president; an African American, no less. And amidst all of these...
Dear Fellow Tax and Valuation Geeks, Did you watch the swimmer Michael Phelps win eight gold medals during his historic performance in the 2008 Summer Olympics and think, I wonder how those medals would be valued on a gift or estate tax return...
Provisions regarding tax character of distributions to charity must have a non-tax economic effect. The Treasury Department has issued proposed regulations (NPRM REG-101258-08, June 18, 2008) under Internal Revenue Code Sections 642(c) and 643...
Provisions regarding tax character of distributions to charity must have a non-tax economic effect. The Treasury Department has issued proposed regulations (NPRM REG-101258-08, June 18, 2008) under Internal Revenue Code Sections 642(c) and 643...
