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Creating an enduring financial legacy becomes more challenging with each branch that is added to the family tree through marriage. With divorce rates at a high level, it is important for families to understand the wealth management considerations related to marriage and take a proactive approach to planning for changes to their family dynamics.

The IRS is increasing its audit of large partnerships and is increasingly scrutinizing the validity and deductibility of management fee arrangements. In the case, Aspro, Inc. v. Commissioner, it offers a warning to taxpayers, including private equity and venture capital funds seeking to establish similar arrangements with their portfolio companies. But perhaps more importantly, this case provides a roadmap for taxpayers to follow when structuring and documenting these arrangements.

With increasing interest rates, the Treasury Department's recent publication of long-awaited proposed regulations will change the life-expectancy factors used in life expectancy-based estate planning. While the changes may not seem drastic, they should be considered by individuals contemplating its use. For most types of planning, when increased interest rates are favorable to the taxpayer, increased life expectancy is unfavorable to the taxpayer.

In this Tax Outlook Survey, 150 tax executives were polled on questions ranging from their tax planning strategies to their views on environmental, social, and governance (ESG) initiatives. The findings indicate that the recently enacted and proposed tax policy changes continue to pose challenges to tax executives and their teams as they strive to guide their organizations through a dynamic world.

Each new year brings with it new tax-savings opportunities. This year, a list of strategies and tips to consider in your tax planning are provided, including charts showing the federal estate and gift tax exemptions and exclusions for 2022.

A Net Income with Makeup Charitable Remainder Unitrust (NIMCRUT) is a unique wealth planning strategy and is an effective means to maximize after-tax returns, as well as benefiting charities in certain circumstances common to high net-worth families and individuals. This article outlines some ideal circumstances and illustrates the significant difference this strategy can produce to sustain wealth while also benefiting a donor's chosen charity upon death.

As the owner of a closely held business, proper planning will ensure that, if something happens to you, your business interest is transferred according to wishes. Having a buy-sell agreement in place is only half the battle. Funding your agreement ensures that there is money available to purchase a departing owner’s business interest in the event of death, disability, retirement, or other circumstance. When considering and comparing the various funding options available, life insurance is often ideal.

For the charitably inclined individuals and families who are exploring ways to reduce their tax expose and maximize their charitable impact in 2022, there are eight tax-smart tips for charitable giving in 2022.

A meaningful wealth planning strategy embodies your vision, hopes, and personality, all to ensure you are financially well situated over your lifetime. By developing a solid blueprint, you can provide yourself and your loved ones with a secure future. First, begin with making sure your foundation is strong, then ask yourself what you are trying to achieve with your wealth. From there, gather and consider the different building blocks you have to work with.

New regulations proposed by the IRS seek to address the basic exclusion amount for estate and gift taxes which was doubled in 2017 under the Tax Cuts and Jobs Act. The doubling of the exemption is scheduled to sunset on January 1, 2026. When this occurs, how can a donor lock in the increased exemption for years 2018 through 2025? New proposed regulations issued April 27, 2022, provide some insights to possible solutions.