The Federal Trade Commission (FTC) has issued a new Rule prohibiting noncompete agreements. While this has been the subject of considerable discussion among employment and corporate attorneys, similar attention has yet to be given to this development among estate planners. The rule has a far-reaching impact on estate planning. The ramifications of how small, closely…
Terminating a client relationship is rarely an easy or pleasant topic. No attorney, CPA, or other adviser wants to intentionally lose a client relationship and the billing stemming from that relationship. But the reality is that bad clients can present substantial challenges. They can drain a practitioner’s energy and time and create more stress in…
The Biden administration’s 2025 budget would raise taxes on the wealthy and seek to reduce wealth concentration. Transfers of appreciated property by gift or on death would be realization events. Assets in a trust or partnership are marked to market every 90 years. No discount would be allowed for partial interests except to the extent…
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 spotlights on family values, communication, and education. This shift is not because clients…
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 trusts & estates. The most common claimed legal malpractice error relates to conflicts of interest,…
The end of 2025 will result in the gift, estate and GST tax exemption being reduced by half. Clients should evaluate the benefits of planning to use exemption before that occurs. How might clients evaluate options for planning before the deadline? What factors should they consider? How can practitioners guide them? Asset protection, income tax…
The use of Spousal Lifetime Access Trusts (SLATs) is a common planning tool for the wealthy to plan to use exemption before the end of 2025. However, this planning can be adapted to be practical, and beneficial, for mass affluent clients with wealth under $10 million and as little as several million dollars. What factors…
The 58th Annual Heckerling Institute on Estate Planning was held in Orlando, Florida, on January 8-12, 2024. The Institute is the preeminent estate planning conference of the year and always has a week full of valuable seminar sessions covering a broad range of estate planning for all types of practitioners and all types of clients….
Originally posted on Forbes.com The Corporate Transparency Act (“CTA”) is upon us. January 1 all new entities have to register with the FinCEN. Unless Congress acts to defer filings for pre-2024 entities, those will be required to be filed by January 1, 2025. While there have been extensive articles discussing in some detail…
New Year’s is commonly coupled with making New Year’s resolutions. Just as we and our clients might commit to going to the gym regularly, giving up that daily Krispy Kreme donut, clients (and advisers!) should all address a range of planning considerations and make commitments to do so in 2024. Exemptions and other tax amounts…