Once Removed Episode 19: The Step-Transaction Doctrine and the Case of Smaldino
Once Removed Episode 18: The Reciprocal Trust Doctrine
Charitable Planning With Guest Stephanie Hood: Navigating Complex Rules and Traps for the Unwary
Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024
Once Removed Episode 17: Annual Gifting to Individuals: Options, Opportunities and Pitfalls
Once Removed Episode 12: SLATs and the Case of McKim vs. McKim
Once Removed Episode 11: Spousal Lifetime Access Trusts, or SLATs
Once Removed Episode 10: Trustee Removal and Case Update on Leo Kahn Revocable Trust
(A)ESOP's Fables - The Income and Estate Tax-Free ESOP
The Renoir Spelling Bee
Taking the Sting Out of Death Taxes with Dylan Metzner, Jones & Keller
RETURN TO FOREVER - What Game Shall We Play Today?
To Give or Not to Give: Considerations for Year-End Gifting
INTRODUCING MALTA SPLIT DOLLAR
THE PAPER CHASE
With a Little Help from My Friends
The Greatest Gift: Your Individual + Family Estate Plan
Today’s federal estate and gift tax laws may be remembered as the most generous to wealthy families since the Great Depression. The 2017 Tax Cuts and Jobs Act (TCJA) doubled the federal estate, gift, and generation skipping...more
Moving to another state? Revisit your estate plan - If you recently relocated to a new state — or you’re planning such a move — it’s a good idea to review and update your estate plan. You won’t have to throw out your...more
Non-Americans who wish to purchase U.S. real estate should be aware of the tax consequences of owning real estate here. George McCormick discusses these tax issues and steps to minimize their impact....more
Because each donor is treated as a separate party for tax and other purposes, donors often involve others in making gifts. For example, a donor might transfer assets to his or her spouse, so the spouse actually makes the gift...more
Revocable trusts - Don’t forget to fund the trust throughout your lifetime - Many estate plans are built around revocable trusts (sometimes called “living trusts”). These trusts allow you to 1) avoid the time, expense...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
There are a lot of very smart tax attorneys out there who are trying to figure out something new, and yet there’s very little innovation. Almost all techniques that we use are incremental variations of an older technique...more
This is The End- I have dreaded the year end for as long as I can remember. As a teenager and then as a young adult I associated the final quarter of the year, and especially the period beginning on Thanksgiving and...more
A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more
How planning can minimize the impact of income taxes - Until recently, estate planning strategies generally focused on removing as much wealth as possible from one’s estate to avoid the bite of federal estate tax....more
The menu of tax planning options for founders includes many strategies designed to minimize income taxes upon liquidity events and to provide for wealth preservation across multiple generations. To achieve those benefits,...more
Steve Murphy, chair of the private wealth services practice group at McGuireWoods, discusses the Spousal Lifetime Access Trust, also known as the SLAT. Steve explains the rights that your spouse can have in this trust through...more
Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate...more
Limited liability companies ("LLCs") are used regularly in estate planning to achieve estate tax savings and to consolidate asset management. The first of these objectives can be realized when a business entity is...more
Winstead Shareholder David F. Johnson participated in a panel presentation entitled “When One Is Not Enough: Dividing Fiduciary Powers and Dispositions” for the State Bar of Texas’s 29th Advanced Estate Planning Strategies on...more
A look at some of the most widely read estate planning updates and guidance published on JD Supra during 2022....more
During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more
The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more
Rising rates spark interest in charitable remainder trusts - If you wish to leave a charitable legacy while generating income during your lifetime, a charitable remainder trust (CRT) may be a viable solution. In addition...more
When you first dipped your toes into estate planning, you were probably told to start with a legally valid will, above everything else. Check. Next, you may have been advised to create an estate plan that incorporates your...more
Granted, a QTIP trust is an odd sounding name for an estate planning technique. Nevertheless, it can be a valuable strategy, especially if you’re currently in a second marriage. The QTIP moniker is an acronym for the...more
The federal estate tax exemption provisions are set to expire at the end of 2025, potentially requiring more people to pay estate taxes. In view of the uncertainty of the estate tax laws, it is important to have estate...more
Cryptocurrencies are becoming a larger component of investors' portfolios, especially for millennials and Generation Z, who collectively make up 94 percent of cryptocurrency buyers. While it may seemingly be too early for...more
Estate planning strategies for founders are typically focused on saving both income taxes and estate taxes. Income tax savings can be achieved by creating and funding multiple trusts with company stock that duplicate any...more
Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more