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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...
International giving has been one of the fastest growing sectors in U.S. philanthropy in the past few years. We expect planners will continue to see wealthy clients interested in giving abroad despite the current global financial crisis and...
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...
On Jan. 1, 2009, the federal estate tax applicable exclusion amount jumped from $2 million to $3.5 million the most significant increase since the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
Many long-term care (LTC) insurance carriers are facing an avalanche of lawsuits from disgruntled policyholders,1 some involving policies more than two decades old. Given the number of policies sold, increased life expectancies, and the inevitable...
We practice law because it is interesting, challenging, we are good at it, and we are professionals. We also practice law because it is our business. As in any business, we expect that fees charged should equal fees collected and feel a certain...
Looks like financial advisors catering to the affluent will have a new disaster to talk about: Obama’s tax hikes and closing of personal exemptions and itemized deductions. Oh, that and the nearly $4 trillion fiscal year in government...