Originally posted on Forbes.com The ‘Talk’ You had the “talk” with your young adult child about getting a prenuptial agreement. The divorce rate is often suggested to be 50%. You have wealth. Your child has accumulated some wealth already. But mostly, you hope to minimize the potential angst and antagonism that a potential…
Originally posted on Forbes.com It’s Not Just About a Will, Trust or Other Document One of the biggest mistakes people make with estate planning is to assume that estate planning means getting a document. Whether it is a will, a revocable trust, living trust, or any other document, a document without a plan…
This article was originally posted on Steve Leimberg’s Business Entities Email Newsletter Archive Message #3178. The following is a discussion of some of the many topics addressed at the recent Heckerling Institute. Given the extensive coverage of the Institute, the following discussions are barely the tip of the proverbial iceberg. As we all seek to absorb the information…
Originally posted on Forbes.com President Trump’s Victory Means Estate Planning Changes, Not That it Should Be Ignored With President Trump’s victory, and Republican control of the Senate and it appears likely the House too, it is unlikely that harsher estate taxes will be imposed on the wealthy in the next four years. Does…
Originally posted on Forbes.com Introduction So, I joined a new gym and am working with a personal trainer. During any workout trainers and clients always shoot the breeze and somehow it came out that I was an estate planning attorney. So, Tom asked “Can I have a card my mom needs a simple…
Originally published on The CPA Journal Planning for 2025 is becoming a hotter topic as the scheduled halving of the transfer tax exemption draws closer. But while many are focusing on the end of 2025 as the critical deadline, the end of 2024 warrants greater attention. The first reason on the minds of many…
This article was originally posted on Steve Leimberg’s Business Entities Email Newsletter Archive Message #301. The Treasury Department updated its frequently asked questions on July 8, 2024. The big news: if the plan was to dissolve the company before 2025, you must register! If an entity was created by filing with a secretary of state, BOIR must…
This article was originally posted on Steve Leimberg’s Business Entities Email Newsletter Archive Message #3079. Who a client names as their beneficiaries is fundamental to carrying out their dispositive wishes. How their estate planning instruments define, or in the absence of a definition, the state default rule, terms such as ‘child,’ ‘‘descendant,’ and ‘issue,’ is critical to…
This article was originally posted on Steve Leimberg’s Business Entities Email Newsletter Archive Message #2924. Smaldino, a recent Tax Court decision, provides several important lessons for practitioners to consider about how to approach structuring and implementing estate plans for certain clients, especially for clients that practitioners did planning for during the rush throughout 2020 and 2021, where…
This article was originally posted on Steve Leimberg’s Business Entities Email Newsletter Archive Message #3115. There is no way to determine which, if any, of the Biden proposals will be enacted, and if so, when. It is clear that the Democrats have been proposing similar harsh tax changes for a long time, and at some point, some…