Originally posted on Forbes.com CTA and Estate Plans and Trusts The Corporate Transparency Act (“CTA”) is a mandate that requires most smaller closely held business entities to file a rather invasive report with the Financial Crimes Enforcement Network of the Treasury Department. The CTA has been written about extensively but it seems that…
Originally posted on Forbes.com Federal Agency Regulations on Ambiguous Laws No Longer Get Deference A recent Supreme Court case will change the dynamic of key aspects of tax planning, including estate tax planning: Loper Bright Enterprises v. Raimondo, 603 U.S. ___ (2024). There was also a companion case, Relentless v. Department of Commerce….
Originally posted on Forbes.com Introduction Estate planning sometimes addresses the special needs of lesbian, gay, bisexual, transgender, and queer (“LGBTQ+”) people, or those who have family members in the LGBTQ+ community. Statistics demonstrate the reality that the number of people undertaking estate planning for whom LGBTQ+ considerations should be incorporated is growing. This…
Originally posted on Forbes.com Supreme Court Rules in Favor of the IRS On June 6, 2024, the U.S. Supreme Court issued a unanimous opinion on a closely held business valuation case that will have significant impact on many family and closely held businesses. Connelly v. United States, U.S., No. 23-146, Opinion 6/6/24. The…
Originally posted on Forbes.com Noncompete Agreements and Your Estate Plan Huh? What do the FTC and its new restrictions on noncompete agreements have to do with estate planning? Maybe nothing, or maybe everything. If you have a closely held family business and you want to keep it in the family for the next…
Date and Time: April 25, 2024 4:00-5:00 pm EST Register Here Course Description: Estate planning and wealth management have evolved over the years, and advisors must adjust their practices to meet their clients’ needs and expectations. What started as an area focused solely on preserving and growing financial assets has evolved and expanded to include…
Date and Time: March 18, 2024 10:00 am EST Register Here Course Description: Defensive practice is critical for all estate planners. The risk profile of the discipline has grown more dangerous over time. The largest number of malpractice claims stem from three key practice areas, and at the top of that list are…
Originally posted on Forbes.com President Biden issued his budget proposal on March 11, 2024. The document’s full title is “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals.” Transformative Tax Changes Will Redistribute Wealth If even some of these proposals are enacted into law it could dramatically change taxation of the…
Originally posted on Forbes.com Introduction Ethical questions arise during many estate plans. Sometimes, these are ethical issues that you and/or your family may have to grapple with. Sometimes, the ethical issues that arise are ones that you create for your professional advisers. While the adviser has to determine how they will address those…
Originally posted on Forbes.com What Is a Will Contract? What is a “will contract,” and why might you care? A will contract is an agreement you might make with another person, often a spouse (and more likely in a second or later marriage) where you each contractually bind yourselves to a particular plan…