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The tax stakes are substantially higher in Massachusetts for the residents than they are for nonresidents. However, with the latest court ruling, Massachusetts estate tax can now apply to out-of-state trusts. The implications are significant, and they are a reminder that the Commonwealth takes an expansive view of its taxing authority in situations involving taxpayers with connections to multiple states.

Getting divorced is not only a highly emotional, it can also be complicated and challenging. Depending on your life stage, your family situation, and your life priorities, there will be different financial considerations. Whether you are financially savvy or have little experience in handling your finances, you will benefit from working through your many options with an experienced advisor. Tania Slade, National Director for Wealth Planning at BMO, shares tips to help you make better decisions during the divorce process.

Despite the challenging environment of COVID-19 and social unrest, having a sound framework can empower you to make wise financial wealth decisions. Good financial health does not keep markets from going down or being volatile, but it does allow portfolios to weather those storms without suffering lasting harm. The key is maintaining proper perspective and focus through comprehensive planning and sound habits.

The basic foundation for every core legacy plan starts with five documents: a will, an irrevocable or living trust, a durable power of attorney for financial management, an advanced medical directive, and a HIPAA release. John Forster, a partner with the law firm of Baker Hostetler, who has interviewed some of the most successful families in the U.S. shares his thoughts on how to get started with a core legacy plan and what you need to know.

By drastically increasing the federal estate and gift tax exemption, the 2017 Tax Cuts and Jobs Act created a significant estate tax mitigation opportunity for high-net-worth individuals and families. National Director of Wealth Strategies Blair Talty discusses how these strategies have indeed been strengthened during COVID-19.

Society is facing an unprecedented time of anxiety, and more now than ever, families of wealth are concerned about both their financial and personal well-being. A panel of experts share their insights on how advisors can help their family clients find balance during unbalanced times and establish calm—from updating the estate plan to easing the portfolio panic, from mitigating the risk of cybercrime to creating a more peaceful lifestyle, and to securing the legacy through the use of life insurance.

When making a decision on whether to participate in a Qualified Opportunity Zone investment (QOZ), be prepared to evaluate the risks and regulatory requirements. This report provides an overview on QOZ, including compliance issues and due diligence checklists for investors, advisors, and managers. It is a way of seeing whether a proposed investment of realized capital gains by an individual in a QOZ fund, business, or property makes good investment sense.

The digital assets world continues to change every year, as the industry begins to go through the maturation phase. The remainder of 2020 and next year will bring new challenges, as well as new opportunities, for the ecosystem. Staying informed will prepare you for what lies ahead. Today’s top cryptocurrency tax topics include Form 1099 compliance and reporting, W-2 and other compensation compliance, multistate taxation, indirect and gross receipts taxes, international tax issues, and self-insurance versus insurance and re-insurance.

The coronavirus pandemic turned the markets—and our daily routines—upside-down, with much of the world struggling to adjust to a COVID-19 environment. Here are some ways, including tax and estate planning strategies, that can help you regain some financial control in these unprecedented times, today, and over the long term. Plus, look at how to take advantage of the CARES Act.

Organizations of all sizes have been in survival mode since the beginning of 2020 to get through the pandemic and the economic downturn that followed. But now, as the world moves towards recovery and growth, entities must carefully consider their unique circumstances and risk exposures when analyzing how recent events may affect their financial reporting. In addition, businesses will need to properly account for and memorialize any stimulus money received from the federal government.