by Christine | Nov 6, 2015 | Family Limited Partnership, IRS |
New regulations are coming from the IRS regarding family partnerships and limited liability companies. Perhaps in search of revenue, or trying to overcome a legally-permitted loophole, the IRS will soon make changes to capture some otherwise lost revenue on these...
by Christine | Nov 5, 2015 | Uncategorized |
An elderly man – 85 years old – who travels between two residences, one in Australia and the second in the State of Washington, is suing Wells Fargo Bank for allegedly causing a $13 million loss through mismanagement of his trust. He was an income...
by Christine | Nov 4, 2015 | Estate Planning, Wills |
The California Supreme Court decision may make it more likely that unambiguous wills can be reformed if a mistake is deemed to have been made by the deceased. This is a great example of a failure to think outside of the box. Literally. A California man created a...
by Christine | Nov 3, 2015 | Estate Planning |
"Joint tenancy" is perhaps the most common way for two people to title their assets, particularly when they are married. But when it comes to estate planning, there are sometimes better ways that property owned by married spouses can be titled. Most married...
by Christine | Nov 2, 2015 | Inheritance, Will Contest, Wills |
Unpleasant as it is, it’s not unusual for family members to sue each other over inheritance disputes. Usually the animosity is directed against each other. In this case, however, the actions of a now disbarred attorney have made an unpleasant inheritance battle far...
by Christine | Oct 30, 2015 | Estate Tax |
The IRS is typically delighted to accept immediate payment for monies owed, in any form of U.S. currency. But for those who owe the IRS vast sums of money (maybe because of poor estate planning?), a new policy is likely to make this already painful transaction more...
by Christine | Oct 29, 2015 | Inheritance, Wills |
A promise to give an inheritance that is not fulfilled in a will can be challenged, if the promise can be proven and if the court agrees. The nature of the promise made to one woman in Australia is a sad reflection of a troubled family, but it does illustrate how...
by Christine | Oct 28, 2015 | Estate Planning, Interfamily Loans |
By pairing intrafamily loans with trusts, wealthy families are turbocharging their estate planning strategies. One business owner hit all the right notes when he sold a $30 million family limited partnership to a trust. Tax rules currently permit illiquid shares in a...
by Christine | Oct 27, 2015 | Blended Families, Estate Tax Returns |
Just as second and subsequent marriages are more complex, estate planning for second and subsequent marriages is also far more complex than first marriages. How do you protect your spouse and your children at the same time? Can you provide for everyone comfortably?...
by Christine | Oct 26, 2015 | Charitable Foundation, Estate Planning |
It makes sense to have family members at the helm of charitable family foundations. After all, who knows better what the family members intended? The IRS doesn’t see it that way. To avoid IRS scrutiny, here are some common pitfalls to keep in mind. Ensuring that the...
