Family Wealth and Estate Planning Articles
Posted by Kelsey Weigel on August 20, 2019
For many couples, summer is the quintessential time to tie the knot, but there's more than the ceremony to consider when a couple merges their lives, including taxes and other financial issues.
Posted by Cheryl A. Jankowski on August 05, 2019
Whether you are looking for ideas to help cut your tax bill for the current year, or you are hoping to minimize future taxes, now is a good time to start thinking about your tax planning strategies.
Posted by Robert Ingrasci on July 02, 2019
The IRS has privately ruled that a surviving spouse can roll over their deceased spouse's IRA — payable to a trust of which they sole trustee and beneficiary — into their own IRA. Generally, where an IRA beneficiary is a trust, a surviving spouse is barred from treating a decedent's IRA as their own account.
Posted by D’Marie Murray on June 27, 2019
Beneficiaries of a South Dakota estate failed to make a payment when submitting a federal estate tax return — and again failed to pay when the IRS subsequently notified them of additional assessments. The IRS sued. In U.S. v. Ringling (2017), a district court reviewed the facts and ultimately granted the IRS's summary judgment motion.
Posted by Cory Van Deusen V on June 14, 2019
On April 17, 2019, the IRS and Treasury issued its much anticipated second set of proposed regulations under Internal Revenue Code, Section 1400Z-2, Special rules for capital gains invested in opportunity zones.
Posted by Cheryl A. Jankowski on June 11, 2019
Estate planning isn't just for the rich and famous. While it's true that the Tax Cuts and Jobs Act (TCJA) provides generous estate tax relief, even for well-to-do families, the need for estate planning has not been eliminated. There are still numerous reasons to develop a comprehensive estate plan and regularly update it.
Posted by Robert Ingrasci on June 10, 2019
When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent's financial affairs.
Posted by Cheryl A. Jankowski on May 09, 2019
Tax reform legislation doubled the federal estate, gift, and generation-skipping transfer (GST) tax exemption to $11.18MM (as indexed for inflation) per person. This created a seven-year window for increased wealth transfer planning.
Posted by William Allen on September 25, 2018
One complex estate tax case involved three separate rulings by the U.S. Tax Court. The case involved three split-dollar insurance agreements within one family. The court determined that the case revolved around a question of value and that the proper valuation of the estate's interest was the cash surrender value of the policies at the date of death.