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After more than a decade of record low interest rates, the combination of inflation and increasing interest rates has investors jittery; however, it also presents an opportunity for high-net-worth individuals to review and adjust their existing strategies for estate planning, business planning, financial planning, and wealth management.

A best-in-class family office tax function goes beyond preparing timely tax returns to drive tax strategy and reduce the overall income, gift, and estate tax burden across generations. Given the role taxes have on most families, it’s imperative for the family office to ensure it has the proper infrastructure and resources to understand, plan,...

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.&nbs...

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....

Social media and other digital accounts have a life of their own. Managing them is one aspect of managing a deceased person's digital estate. Sometimes the problem is simply closing an account while other times, you hope to gain access to a loved one's accumulated photos, videos, or other important files. To help manage your digital account...

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 increase...

In preparing for the birth of his daughter, David Slover developed a to-do list each parent should think about executing. Topics shared include Last Will and Testament, Financial and Healthcare Powers of Attorney, Living Will, Life Insurance Policies and Retirement Accounts.

Selecting the right trustee is one of the most important decisions a grantor will make. The role of trustee has evolved significantly over the 21st century, and today’s trustee needs to recognize that a trust is rooted in a human relationship, not just a legal one. When selecting your trustee, look for the 7 traits to help you select the righ...

Losing a loved one can be very difficult. Yet, as an executor, spouse, or family member, you need to take steps to ensure that your loved one's financial affairs are properly settled as part of the family’s end-of-life planning. To help with the process, this step-by-step guide outlines the key tasks, including selecting an executor, considering th...

For families with significant wealth, a new IRS Revenue Procedure could result in millions of dollars in tax savings. The procedure makes the Deceased Spouse Unused Exclusion available up to five years after the death of the first spouse of a married couple.

Serving as a trustee for your family can be a valuable experience for you, while also providing an important service to your family. But before you accept the position, make sure that you understand the role you will play for the family and are willing to accept the responsibilities and liability that come with it.

In this ten minute interview, Brian Lucareli and Tim Voigtman of Foley & Lardner discuss developments regarding the entity-level taxation. Insights are provided on the impact of the SALT limitation, as a number of U.S. states have adopted legislation that allow flow-through entities to elect to pay state income taxes as an entity leve...

With an array of charitable giving options, it's important to understand how each gift could affect your annual deductions. Here's a quick guide to tax deductions, out-of-pocket deductions, and required substantiation. For the individuals and families looking to go beyond the standard donation, there are a few alternate options wi...

Unlike trustees, who have very specific fiduciary duties spelled out for them in our trust laws, beneficiaries don’t have much guidance to help them in the role of beneficiary. Our answers to these frequently asked questions should help provide guidance on how to be a good beneficiary and your rights as a beneficiary under Michigan law.

When it comes to selecting trustees, families often choose family members to serve in this role. However, if you agree to serve as a trustee, you become a “fiduciary” who must understand all of your fiduciary duties and perform them all. This is vital because even if you do not understand your duties, you can still be held liable for violating...