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In May 2021, the Treasury Department released its General Explanations of the Biden administration’s fiscal year 2022 revenue proposals, commonly referred to as the “Green Book.” They seek a dramatic increase in revenue through an increase in corporate and individual income tax rates and other revisions to the Internal Revenue Code. This article describes some of the more salient provisions relevant to raising income tax rates and closing loopholes.

Death isn’t something many want to think about, but estate planning is a complex topic with consequential decisions. Tolleson Wealth Management President Richard Joyner discusses what to think about and how to select a trustee in this episode. Listen to the next episode to learn about the five principles families should consider when choosing a trustee.

A trustee’s job is to carry out the intent of the trust creator, using the trust document as a roadmap. Trustees and beneficiaries must work to build a mutually beneficial relationship to ensure long-term success. In the latest Tolleson Insights podcast, President Richard Joyner provides a road map on the five principles families should consider when choosing a trustee.

S corporation shareholder agreements should be carefully crafted by legal counsel in order to avoid certain events that can imperil the company’s S election. One important consideration is the language in the shareholder agreement related to nonvoting stock transfer restrictions. Learn how to address this issue—and avoid costly pitfalls—before it arises in the course of estate planning or a private company sale. See how nonvoting shares are needed.

S corporations have become the most common business taxation structure in the United States since its creation in 1958, allowing businesses to achieve the advantages of the corporate characteristics of limited liability, combined with the pass-through income attributes of a partnership. Under this structure, it is important for the valuation analyst to consider various issues, including the so-called dividend income tax avoidance valuation adjustment model that was applied in the Estate of Jones U.S. Tax Court judicial decision.

A grantor retained annuity trust (“GRAT”) is an estate planning instrument that may be used to transfer wealth from the trust grantors to the trust beneficiaries. In this overview of GRATs, learn how annuity payment analysis works and the considerations the valuation analysts should keep in mind when it is time to estimate the fair market value of the underlying GRAT assets.

With so many priorities on the Biden administration’s tax policy agenda, the biggest question for businesses and individuals alike is: How will this impact me? Regardless of whether the administration accomplishes everything outlined in the Treasury’s Green Book, businesses and individuals must take a proactive approach to tax planning. In this Tax Policy Agenda Video Series, Todd Simmens and his guests explore the tax issues and the planning opportunities to help you prepare.

The ownership and governance structure of a private family trust company (“PFTC”) is highly customizable. This is important because all families are different, with different goals, family dynamics, asset composition, family sizes, and family affiliates. With that in mind, there are some key considerations in structuring the entity ownership and governance of a PFTC, both tax-related and not tax-related.

Continuing a trend of the past five years, exchange-traded funds (ETFs) grew in assets under management in 2020. However, the fact remains that the ETF continues to be a one-size-fits-all solution that isn’t optimal for everyone. The flexibility of a custom passive separately managed account (SMA) can beat an ETF in terms of tax efficiency in many cases. Three advantages of the SMA illustrate the benefits.