This organizer, developed by a FOX Thought Leaders Council™ member, assists individuals in the collection and organization of personal and financial information essential to the estate planning process.
Modern dynasty trust laws, such as those in South Dakota, provide the settlor with the flexibility to deal with uncertainty while maintaining the benefits of intergenerational planning. Directed trusts, trust protectors, special purpose entities and other state statutory trust provisions provide the flexibility that has made the modern dynasty trus...
This paper provides answers to such questions as what is an intentionally defective irrevocable trust; what is meant by defective; when is this type of trust appropriate; how does an installment sale to an intentionally defective irrevocable trust work, and what are the tax considerations?
Because of the uncertainty as to what the new congressional bipartisan joint committee will do, it is important that individuals who want to take advantage of existing estate planning techniques talk with their advisors now to find out whether such planning is appropriate based on their circumstances.
Changes in tax laws have made the long-term, or dynasty, trust a particularly attractive means to transfer wealth to multiple generations free of estate taxes. However, the expiration of certain exemptions in 2013 means individuals need to act soon to realize the maximum benefit of these trusts.
The 2010 Tax Act reinstated the gift, estate and generationskipping transfer taxes that were repealed earlier in 2010. The reinstatement comes with increased transfer tax exemptions and favorable rates for 2011 and 2012. Consequently, the opportunity for making new or additional gifts to trusts has never been more favorable.
Private split dollar can help freeze an estate, minimize gift taxes, provide access to cash values, and finance needed or desired insurance for family members. Properly structured, death benefits may be excluded from the insured's taxable estate and even passed to many successive generations if a dynasty-type trust is used.
The financial risks associated with unplanned health care events need to be part of the financial planning process to guard against negative impacts to an investment portfolio or retirement income plan in the event of a catastrophe.
Many wealthy individuals are being told to prepare for more income tax audits by the Internal Revenue Service. Recent statistics seem to support that view. The IRS recently released its annual Data Book, which summarizes audit and collection activities for fiscal year 2010. Not surprisingly, the IRS is focusing its audits on returns that will likel...
With the looming December 31 expiration of the Bush tax cuts, the threat of sequestration, and the need to raise the debt ceiling in January, neither Democrats nor Republicans will want to face the consequences of inaction and/or no agreement. The nature of these issues and the convergence of interests and deadlines lead us to predict a deal that f...
Intra-family loans can provide a low-risk way to achieve estate planning objectives in a volatile economy, but these loans can result in unexpected taxable income or gift taxes. In addition, some debt attributes can pose valuation challenges. Stout Risius Ross discusses valuation concepts and other important attributes to consider in structuring in...
After 17 years of declining or fairly constant tax rates, investors face a changing environment of much higher tax rates on investment income starting in 2013. This brief from BNY Mellon Wealth Management details the coming changes in taxation and offers strategies for greater tax efficiency for business owners, investors and corporate executives.
Given the uncertainty around income and estate taxes, planning with a financial advisor is essential. While Congress may not act on taxes until late in the year, individuals will be best positioned to implement a plan if they spend the intervening weeks laying the necessary groundwork.
It is increasingly common for estate planning attorneys to reduce estate taxes on tangible property by transferring ownership of that property from an individual to a trustee of a trust. However, this strategy can expose an entire estate to some serious potential uninsured claims.
A method for determining the complexity level of a prospective client and evaluating if they are a good fit for the firm's services.