For many individuals new to estate planning, particularly younger couples, there is something almost taboo when you start to discuss a revocable trust: does that mean our children will be trust fund babies?...more
A recent Chief Counsel Advice issued by the IRS has been described by one team of estate planning experts as “the most important IRS ruling in a decade,” and it directly contradicts the prior IRS position on the issue. Should...more
Effective January 1, 2024, a sweeping anti-financial crimes law – the Corporate Transparency Act – will affect every small business. If you own an interest in a small business, even a single-member LLC, you may be subject to...more
Despite ultimately finding in favor of a taxpayer surviving spouse, IRS Private Letter Ruling 2023-22-014 (the “PLR”) is chock-full of reasons to ensure proper planning is in place when it comes to IRAs....more
Prospective clients often call and tell me they “need a simple living will.” They usually mean they want a will – and likely a trust, general power of attorney, health care power of attorney, living will, and real estate...more
This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more
10/25/2022
/ Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Inflation Adjustments ,
IRS ,
Revenue Procedures ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Returns
Cryptocurrency -
There are currently more than 4,000 different types of cryptocurrency. Bitcoin, Ethereum, and even Dogecoin are among the most well-known. As cryptocurrency continues to become more mainstream, its value...more