Charitable giving in the United States during 2007 is estimated to be $306.39 billion, exceeding $300 billion for the first time in history, according to Giving USA 2008, the yearbook on philanthropy released on June 24, 2008, by the Giving USA...
Taxes are never fun but unexpected taxes are especially annoying. If a Florida resident sells a painting through a worldwide auction house, which holds the auction in New York, does he need to pay New York income taxes? If a New Hampshire resident...
On July 11, 2008, the Internal Revenue Service issued proposed guidance (Notice 2008-63) regarding the estate, gift, generation-skipping and income tax issues involved with trust companies that are family-owned or controlled, aka private trust...
As the Internal Revenue Code's Section 7520 rate dropped this year to near-record lows (down to 3.2 percent in May 2008), some estate planners began recommending that clients create long-term grantor retained annuity trusts (GRATs) to lock in a...
Sometimes it makes sense for grandparents to fund a 529 plan—and not just for their kids’ kids sake.
A U.S. District Court has ruled that the settlor of a foreign trust cannot be held in civil contempt for failing to comply with a repatriation order—because she has established to the court’s satisfaction that she is unable to...
As more Boomers retire and seek guaranteed sources of income for life, sales of immediate annuities are picking up—primarily fixed immediate annuities. First quarter fixed immediate annuities sales were up 21 percent, or $1.7 billion, versus...