In the realm of estate planning, many people are familiar with the traditional will as a means of distributing assets after death. However, the inclusion of a revocable trust (also known as a living trust), which offers a...more
One of the goals of this blog is to familiarize lawyers and clients going through divorce with the importance of putting economic issues ahead of emotional ones. But this edition addresses a problem that afflicts all American...more
So, you finally sat down to start your estate plan but have heard so many conflicting points about wills and trusts that you don’t know where to start. If you are choosing between a trust and a will, you’re not alone. One of...more
Any parent of a child with a disability has likely heard of a “special needs trust.” As information has become more easily available online, a simple Google search for “special needs trust” is likely to garner hundreds of...more
We have written about 529 Plans a few times before. The major points of those articles are: (a) 529 Plans are marital assets under Pennsylvania law; and, (b) 529 Plans can be UTMA (Uniform Transfer to Minor) Accounts in...more
The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the “granddaddies” of college savings accounts. Both allow parents to establish custodial accounts for a minor child,...more
BROKER-DEALER - FINRA Releases Targeted Examination Letter for No Commission Brokers - On February 20, the Financial Industry Regulatory Authority (FINRA) released a targeted examination letter requesting that certain...more
Firms permitting the creation and operation of custodial accounts related to Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) transactions must take special notice of Financial Industry Regulatory...more
The Financial Industry Regulatory Authority published its 2019 Report on Examination Findings and Observations (2019 Report) on October 16, 2019. This marks the third annual report of FINRA findings, but in a departure from...more
For many students, this time of year signals the end of their high school careers and the beginning of the transition to college. With that transition, students and their families must address difficult issues, including how...more
Many of our clients like to make annual gifts to their children and grandchildren. Such gifts may be subject to a gift tax (to be paid by the donor,) however, federal law offers certain exceptions that can help gift givers...more
Earlier this month, New Jersey joined the list of states with an ABLE Plan. An ABLE account is a special tax-favored disability savings account designed to help individuals living with a severe disability save and manage...more
By now, we all know that major tax legislation was passed in December of 2017. The 2017 revenue act (the “2017 Tax Act”) is officially titled “An Act to provide for reconciliation pursuant to titles II and V of the concurrent...more
When parents and grandparents (or other generous benefactors) want to transfer wealth to a minor child, the primary decision they will face is whether to set up a Section 529 Plan, a custodial account under the Uniform...more
This blog is intended to highlight certain aspects of the South Carolina Uniform Gift to Minors Act (the “SCUGMA”), which is found in Article 5 of Chapter 5 of Title 63 (the Children’s Code) of the South Carolina Code of...more
A Uniform Transfers to Minors Act (UTMA) account is a custodial account established for the benefit of a minor. The property in an UTMA account belongs to the minor but is controlled by a custodian until the UTMA account...more
Every spring, the Florida legislature meets in regular session, and seemingly in every session significant changes are made to Florida’s trust and estate laws. Once again in 2015 changes were made to the Florida Uniform...more