HEAVEN CAN WAIT
Over time, trusts have become much more complicated. They may own a wide variety of assets, including residences, real estate, interests in family business, and interests in increasingly complex financial instruments....more
The 2025 Minnesota legislative session produced several changes to Minnesota’s estate and trust codes, with most of the new laws taking effect on August 1. Many of the changes create important new planning opportunities for...more
Minnesota is implementing changes to the laws that govern trusts, estates, and powers of attorney, with most of the changes effective August 1, 2025. These legislative updates modernize long-standing rules, streamline the...more
The Tax Cuts and Jobs Act of 2017 provided major changes to the Internal Revenue Code, specifically doubling the federal estate, gift, and generation-skipping transfer (GST) tax exemption (collectively, the exemption) from...more
Trusts serve a variety of tax, asset protection and estate planning purposes for families, and over the years different types of trusts have evolved to best serve families’ planning needs and objectives. Each type of trust...more
Wealthy American families are rushing to relinquish wealth before the end of 2025 when Trump’s 2017 estate tax cuts are set to expire. Families with a net worth of approximately $10 million or higher are working with their...more
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you. A dynasty trust allows trust assets to be used for the benefit of multiple...more
Most of you know by now that I grew up in the Panama Canal Zone which no longer exists as of 1999. In that respect, the transition left me as a man without a country. My father (of blessed memory) when referring to kids...more
Same old in D.C.- On Monday, November 15, the President will sign into law the approximately $1 trillion Infrastructure Investment and Jobs Act that was finally passed by Congress when the House approved the Senate’s...more
Extra, Extra!- Last Friday afternoon, as millions of unsuspecting Americans prepared for the long Memorial Day weekend – for many, perhaps, their first mask-less holiday celebration in almost 15 months – the Biden...more
The Democrats now have effective control over the presidency, the Senate, and the House, at least until the 2022 mid-term elections. These political realities, along with current economic conditions, make it more likely that...more
Nowotny On Death and Taxes podcast episode #24, discusses using the Loan Method of Split Dollar in the After-Life!...more
If you are a high-net worth individual, 2020 may be the time to take advantage of the opportunity created under a confluence of low applicable federal rates, valuation opportunities, and the temporarily increased Unified...more
Politics and Wealth Inequality- As we approach the presidential convention season, and the election campaign that will follow, the thoughts of many business owners have turned to the federal estate tax, and for good...more
The COVID-19 pandemic continues to have far-reaching effects which are expected to be felt for months to come, if not longer. The economy has been hit hard and the stock market has seen a dramatic reduction in value. ...more
Wealthy individuals and families have long used different types of trusts to pass on their assets at death. Properly-structured trust instruments can eliminate the need for probate court and the publicity that comes with it...more
On June 18, 2018, the Tax Court issued a memorandum denying a motion for partial summary judgment filed by the Estate of Richard Cahill (T.C. Memo 2018-84). It was the second time in two years that the Tax Court had addressed...more
On August 2, 2016, the Treasury Department and the Internal Revenue Service (the "IRS") issued proposed regulations under section 2704 (the "Proposed Regulations") of the Internal Revenue Code of 1986, as amended (the...more
Recently I wrote an article on JD Supra called Split to Be Tied (May 4, 2016) regarding the Tax Court decision in Estate of Morrissette, (Estate of Clara M. Morrissette v. Commissioner, 146 T.C. No. 11 (April 13, 2016)). Once...more
The Tax Court, in its decision earlier this month in Estate of Morrissette, examined intergenerational split-dollar arrangements between a mother's revocable trust and three irrevocable dynasty trusts, one established for...more
As promised, below is a follow-up to my February 29th post. There, I discussed estate tax planning. Below, I want to introduce generation skipping tax planning, using some similar tools. As of 2016, each person has a...more
Private Wealth Services partner, Michelle R. Canerday, and Corporate & Securities partner, Robert G. Gerber, recently co-authored the article "Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets,"...more
The Obama Administration recently released its budget proposal for the federal government’s upcoming fiscal year of October 1, 2013 to September 30, 2014. The budget proposal contains a variety of changes to the tax laws...more
In This Issue: ATRA 2012 – How Does it Affect You?; Planning and Paying for Long-Term Care; and Obama Revenue Raising Proposals. Excerpt from ATRA 2012 – How Does it Affect You?: The American Taxpayer...more
Overview - The Bush tax cuts are due to expire at the end of 2012- tomorrow. The top marginal income tax rate is scheduled to increase to 39.6 percent. Additionally taxpayers will face an additional tax of 3.8 percent on...more