Introduction The Proposed 2704 Regulations prevent taxpayers from considering a range of restrictions that could otherwise reduce the value of an interest in an entity for transfer tax purposes. These restrictions include those denominated “applicable restrictions” that had been in prior law but are made much tougher by the Proposed Regulations and a new…
Dear Client: Proposed Regulations Just Issued: The Treasury (IRS) just issued Proposed Regulations that could have a dramatic impact on your estate planning by eliminating valuation discounts. For those looking to minimize their future estate tax, these discounts (explained below) can be essential. It can also be essential for others as well. If…
Introduction Estate, financial and related planning must always be tailored to reflect each person’s unique circumstances, needs, goals and objectives. If you or a loved one have been diagnosed with Rheumatoid Arthritis (“RA”) you planning should be tailored to address the challenges you may now have, or face in the future. RA, like many chronic…
Introduction Estate planning is rapidly moving away from the historical focus on bypass trusts and saving estate taxes. While many professionals have rightfully focused considerable attention on income tax considerations, there is more involved. The shift in focus is due to far more than changing tax laws. Everyone, clients and professional advisers alike, will…
Background When a benefactor, say a parent, loans an heir, say a child, funds, historically that transfer would have generally been desirable to treat as a loan. If the transaction were not a loan, then the parent would have made a taxable gift to the child triggering a potentially significant gift tax cost. There…
The Simple Old Days In the simple days of yore a trust had a trustee. That trustee was the only “fiduciary” named. While that might have been simple, it wasn’t better. Much more flexibility, better tax results, improved asset protection and greater control can all be achieved with a broader mix of fiduciaries. Which additional…
Understand Your Power We’re talking financial concepts not Ayurvedic. You’re planning for retirement and what will hopefully be decades of exiting “later life” following. You coordinate your financial and estate planning. That’s a good start. Part of that planning includes a boring, standard, non-needing any attention, power of attorney. Not so fast slim. Do not…
I bought a *NAME OF CAR in 2004. The purchase included no cost oil change/ free car wash every 3500 miles About 1 1/2 yrs ago, the franchise was sold. The new owner has continued to honor those free items. The dealership was never closed, as owners changed. I was told the free oil/wash will…
August 4, 2008 How to choose an estate planner Estate planning requires more than just a lawyer. You need a lawyer to draft documents like a will, but you need an estate planning TEAM to fully obtain the best financial and estate plan that is possible for your situation. Your estate planning lawyer, must coordinate…
There is never any certainty. Even if candidates promise specific programs, much can happen between the making of those promises and when the bill actually gets passed through Congress. So here are a few general comments, subject to significant caveats: What to do if McCain is Elected: Estate tax will likely have a large $3-5M…