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Ask the typical financial advisor if he provides advanced-planning services, and you are likely to receive an affirmative reply 99 percent of the time. This speaks succinctly to the industry's misconceptions about advanced planning. It is not a...
On June 20, all professionals who practice before the Internal Revenue Service and provide tax opinions must change the way they do business. On that date, the now infamous Circular 230 goes into effect, with compliance language so broad it...
For the fourth time in as many years, the House of Representatives voted on April 13 to repeal the federal estate tax. If what Republicans deride as the death tax survives, it'll be because once again cooler heads prevail in the Senate. Many...
The Internal Revenue Service issued Revenue Procedure 2005-25 on April 8, providing additional guidance on determining the fair market value (FMV) of a life insurance contract distributed by a qualified plan or an employer. We have this report...
On March 30, the Internal Revenue Service issued Revenue Procedure 2005-24 adding significant new rules to charitable remainder trust planning. From David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn., we have this...
Many wealthy clients and owners of closely held businesses need to acquire a substantial amount of life insurance to provide liquidity to pay for their estate taxes. Life insurance provides substantial cash shortly after death, which is needed to...
Many of our clients who bought cash value life insurance policies are taking a hard look at their policies in light of changed circumstances or a changed planning environment. Whether it's because of personal cash flow issues, reassessment of the...
Gideon Rothschild, partner in the New York-based Moses & Singer LLP and specialist in asset protection, reports: If a wealthy client could possibly go bankrupt in the next 10 years, now is the time for him to move his assets into an offshore trust...
In December 2003, the Internal Revenue Service issued new regulations governing the definition of trust income for federal tax purposes. These regulations create significant planning opportunities as well as some potential pitfalls. There are...