A Trump victory suggests that it is unlikely that significant new taxes will be imposed on the wealthy. This is quite a different result that what most estate planning conversations seemed to have focused on. Had the Democrats swept, everyone anticipated substantial tax increases along the lines of a Senator Warren tax proposal. That seems…
Pres. Trump has won the White House. The Republicans have control over the Senate, and may gain control over the House. Estate planning has been focused on planning to use bonus exemption and planning for possible enactment of a Democrat estate tax proposal. That all changed election night. Will the exemption be cut in half…
This webinar provides an overview/review of using CRTs and identifies practical planning considerations and common misconceptions about CRTs. The different types of CRTs are reviewed: CRATs, CRUTs, Standard CRTs, NimCruts and Flip CRUTs. What are the uses/benefits of CRTs: Income tax deduction capital gains tax deferral, estate tax planning, and discounting. 5% Probability of Exhaustion…
The Corporate Transparency Act (CTA) filing deadline for pre-2024 entities is rapidly approaching. FinCEN has continued to issue FAQs to provide guidance and September and October 2024 had many new FAQs. This webinar will review and discuss the new FAQs to help you keep up to date on the latest guidance. If a reporting company…
Elder law and special needs (ELSN) planning is a specialized area of the law, but one that trust and estate planning (T&E) attorneys frequently encounter. In many cases, even skilled estate planners may benefit from collaborating or co-counseling on complex ELSN matters for clients. Co-counseling can lead to more thorough, effective planning for the many…
Corporate Transparency Act (CTA) filings for entities formed before 2024 are due on or before December 31, 2024. It appears that most of the estimated 32 million Reporting Companies have not yet filed. What role can CPAs and wealth advisers serve in the CTA process without violating the rules against the unauthorized practice of law…
There are many new developments and deadlines on every practitioner’s plate to address before year-end. How can we cope? Corporate Transparency Act filings are due 12/31/24. Most clients haven’t addressed filing yet. Even for many that have begun, it does not appear they understand the ripple effects of filing requirements on trusts and other structures….
The Corporate Transparency Act (CTA) filing deadline for entities created before 2024 is December 31, 2024, and there is limited time to address filings. The New Jersey Bar issued an opinion letter stating that while CPAs and Enrolled Agents can assist clients with CTA filings, if the filing issues are “complex,” assisting clients without legal…
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 case addressed the valuation of stock in a closely held business and held that…
An Alabama Court held the Corporate Transparency Act (“CTA”) unconstitutional. National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.). But FinCEN has already appealed and, in Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), made clear that everyone other than the plaintiffs in that case has to file. This webinar…