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A host can be held liable for injuries caused to a third party if an intoxicated guest causes a car accident. If guests are injured on the premises due to hazardous conditions, the homeowner can be held liable. Such incidents may include slipping and falling on icy walkways, uneven floors, or broken staircases. When hosting a social event, following a checklist of practical steps can help eliminate or minimize potentially costly and dangerous outcomes.

By temporarily increasing the federal exemption from $5.5 million to $11.18 million for the gift, estate and generation-skipping taxes, the Tax Cuts and Jobs Act of 2017 (the “Act”) has created estate tax and income tax planning opportunities as well as traps for the unwary. In this multipart series, we explore all of these in depth. First we will look at potential pitfalls, including the risks that the Act could thwart a goal to make your spouse the first priority under your estate plan.

International travelers are vulnerable to a wide range of risks, including political unrest, natural disasters, and medical emergencies. The financial impact of these events on travelers can differ considerably—especially those who are not adequately prepared. Following a checklist of basic practical steps will help you and your families prepare for a safe trip abroad.

Stories that are passed down from generation to generation are a way to create a family legacy that will be remembered long after we are gone. These stories are precious in understanding who we are and where we came from. Too often, the people who hold the keys to family stories lose details to memory loss or pass away before their histories can be recorded. Vacation time and the holiday season are ripe opportunities for families to seize the moment to capture family history across generations.

Despite the easing of estate taxes on many taxpayers, many family-held businesses continue to be burdened with large potential transfer taxes. Using a real-life story of one family business, we show how the family successfully addressed this problem. While the names have been changed, and the figures and structure have been simplified, the example reflects the real-life facts and steps that the patriarch took to shift the ownership and wealth in a tax efficient manner.

Every year, thousands of property owners and their families are affected by natural disasters such as flood, fire, earthquake, tornado, wildfires and windstorms. In 2015 alone, there were 10 weather and climate disaster events with losses exceeding $1 billion each across the United States. These events included a drought, flooding, severe storms, wildfire and a winter storm. To help prepare and protect yourself against a flood, a checklist of practical steps is provided.

Taking cues from entrepreneurs, families with great financial wealth would be well-served to create environments where their children can fail and in doing so, learn invaluable lessons about finance and resilience. While the older generations may set the tone by sharing their own stories about overcoming adversity, the rising generations will learn best by making their own mistakes.

Wealth may be structured to either protect assets or make them harder to reach by creditors. While fraudulent conveyance with respect to existing claims is an unavoidable risk, steps should be taken sooner rather than later. Understanding the various asset protection techniques that are typically used and the “fraudulent transfer” rules that may undermine any asset protection structure is critical to examining what level of asset protection is best suited for you.

One of the most significant hurdles in structuring a suitable debt workout or restructuring arrangement between a lender and a borrower involves the negative impact of U.S. income taxes on the borrower, particularly if the partners have conflicting objectives in terms of their tax position. Various options are available to partners when making elections to recognize COI income immediately or to defer it. When general partners consider the potential impact of these elections on their partners’ financial situation, perils can be avoided.