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IRS Increases 2025 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers

Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and...more

The SECURE Act: Key Changes and Updates

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was originally signed into law on December 20, 2019. The Act simplifies the process for businesses to establish “safe harbor” retirement plans, making...more

Can an Irrevocable Trust Be Changed? Insights from Rupert Murdoch's Case

The Murdoch heirs are battling over control of their multi-billion-dollar media empire. Adding to the complexity, the fight involves an irrevocable trust which Rupert Murdoch created in 1999. He executed the trust after...more

Navigating Section 1014 and the TCJA: A Deep Dive into the IRS Ruling on Basis Adjustments

Understanding the nuances of the Internal Revenue Code (I.R.C.) is crucial for effective estate planning and tax strategy. For example, estate planners must be familiar with the tax basis adjustment provisions in 26 U.S.C. §...more

Maximizing Wealth: The Worldwide Growth of Family Offices

Many wealthy families in the US and worldwide utilize family offices to manage their assets and various other needs. In March 2024, CNBC reported that the number of family offices topped 4,500 last year, managing over $6...more

IRS Extends Pause on RMD Penalties for Inherited IRAs

Hard-working Americans spend a lifetime trying to obtain financial stability and to then provide a financial legacy for their families. Often, the strategy to achieve such goals involves the funding of individual retirement...more

The Role of AI in Estate Planning: Benefits and Limitations

As AI increasingly becomes part of our everyday lives, individuals and families are exploring the use of AI programs to prepare estate plans. The answer to whether AI can be used for this purpose is, of course, yes. AI...more

Supreme Court Decision in Connelly v. US: Implications for Family-Owned Businesses

In a landmark decision, the U.S. Supreme Court’s decision in Connelly v. United States will require closely-held business owners to reconsider their current buy-sell arrangement in order to avoid additional federal estate...more

Unlocking Tax Savings: Family Limited Partnerships in Estate Planning

As Trump era estate tax cuts are likely coming to an end in 2025, wealthy business owners are increasingly utilizing Family Limited Partnerships (FLPs) to significantly save the family taxes when they are gone....more

Navigating Changes in FDIC Insurance Coverage: Ensuring Deposit Security Amidst Revised Limits

As of April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) has implemented significant changes to its insurance coverage limits, particularly affecting trust accounts. These adjustments aim to simplify coverage...more

Unrealized Income Under Scrutiny: Will SCOTUS Unleash Chaos on the US Tax Code?

In December 2023, the Supreme Court considered the fundamental question: “How is income defined?” Moore v. United States centered on the question of taxation of unrealized income. Unrealized income is defined as a gain that...more

Mastering Retirement Planning: Strategies for 401(k), IRA, and Tax-Free Growth

In addition to employer-sponsored retirement accounts such as 401(k) and 403(b) plans, many people choose to save additional retirement assets in Individual Retirement Accounts (IRAs). Regardless of your stage in life, it is...more

Validity of Handwritten Wills in Ohio: Insights from Aretha Franklin’s Case

During a two-day trial last summer, a Michigan jury concluded that a handwritten note penned by Aretha Franklin in 2014, found in a drawing book beneath sofa cushions in her home, holds legal validity as a will. The jury...more

Chasing the Sunset: Take Advantage of Wealth Transfer Opportunities prior to 2017 Estate Tax Cut Expiration

Wealthy American families are rushing to relinquish wealth before the end of 2025 when Trump’s 2017 estate tax cuts are set to expire. Families with a net worth of approximately $10 million or higher are working with their...more

Treasury Provides Temporary Relief from 401(k) Catch-up Contributions Rollback - Update

The Secure 2.0 Act (Secure 2.0), a sweeping retirement bill included in Division T of the Consolidated Appropriations Act of 2023, was a major bipartisan accomplishment of the 117th Congress. The bill included 82 provisions...more

Will The Corporate Transparency Act Affect Estate Planning?

The Corporate Transparency Act of 2020 (CTA) passed through Congress on Jan. 2, 2021. The CTA was enacted to prevent companies from being able to conceal ownership of businesses where concealment could facilitate illicit...more

New Ohio Postnuptial Agreements and Estate Planning

For more than 130 years, Ohio has strictly prohibited postnuptial agreements and spouses were not able to enter into agreements with each other that altered their spousal rights. Additionally, Ohio has restricted amendments...more

FDIC Insurance: What to Know Following Silicon Valley Bank Closure

Federal regulators took over Silicon Valley Bank after shutting it down on Friday – two days after SVB’s announcement that it had lost almost $2 billion in Treasury bonds. The bank, which caters to many of the world’s most...more

The Risks of DIY Estate Planning

QUALITY MATTERS - The other day, my hot water tank broke. At first, I just thought the pilot light went out. I was easily able to follow the directions to get the pilot light back on, but the water didn’t heat up. So, I went...more

When Should You Hire a Probate Attorney?

If probate is needed, the process usually begins soon after a loved one passes away. The probate process can be long, stressful, and expensive. Some family members are able to manage it on their own without an attorney, but...more

What the SECURE 2.0 Act Means for Your Retirement Savings

At the very end of 2022, President Biden signed the $1.7 trillion omnibus spending package which includes the SECURE 2.0 Act. SECURE 2.0 builds on The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019...more

Can Pets Inherit?

For so many of us, pets are part of the family. Everywhere you go, people bring their dogs along these days; and many pets, such as birds and tortoises, have long life spans. ...more

Frequently Asked Questions About Inheritance and Adoption

As an Estate, Wealth & Succession attorney, I often assist individuals with a variety of matters ranging from basic estate plans to more complex business succession arrangements. Frequently, when assisting families with...more

Protecting Your Retirement Savings from a Market Crash

Markets have been unstable for months, causing investors to be on edge with good reason. Already this year, the stock market has fallen and wiped out over $3 trillion in retirement savings....more

Passing Down Cryptocurrency Assets: Gifting And Estate Planning Considerations

WHAT IS CRYPTOCURRENCY? Cryptocurrency is a digital asset that is created and traded online. Miners (computer operators) establish new units of digital currency and record them on a blockchain, a string of verified public...more

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