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From David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC, in Stamford, Conn., we have this update: IRS denies private foundation's request for five-year extension to dispose of excess business holdings. In Private Letter Ruling...
Wealthy grandparents and parents have learned to fear trust fund babies and with good reason. Trust fund babies are infamous for leading pointless, consumer-oriented, slothful lives. Based on our experience during the past 25 years, roughly 80...
Staring in January, small business owners can line up to collect a gift from Uncle Sam. It's the Roth 401(k) and, according to financial advisors, it may be the best deal available for business owners who want to save on taxes in retirement and/or...
A $15.8 million judgment against the former foundation president; a $5.8 million judgment against the corporate secretary; more than $500,000 in personal settlements with directors: So ended the 2004 trial of a lawsuit brought by the Texas...
A complete liquidation of a person's retirement account can trigger a huge income tax liability, significantly diminishing assets available for investment. For example, a person who withdraws $100,000 from a 401(k) plan will have to report $100...
Long-term capital gains and distributions from traditional individual retirement accounts (IRAs) exist in separate constellations of the tax universe.1 But there is at least one convergence: If a trust is named as a beneficiary of an IRA, after...
Any trusts and estates attorney who has been in practice for more than a few years is likely to have dealt with an incapacitated trustee. A common problem is that of a superannuated trustee who is no longer capable of either administering a trust...
The following letter, based on a real life situation with a friend and the friend's financial advisor, offers a peek at issues concerning boomer clients (all names are fictitious): Dear Roger: Thank you for spending so much time counseling our...
The Internal Revenue Service has done a yeoman's service in publishing specimen safe-harbor charitable remainder unitrust (CRUT) agreements for inter vivos and testamentary trusts. The specimens issued in August 2005 update, improve and greatly...
