Once Removed Episode 21: Passing Down the “Family Cottage” or Other Legacy Property
Business Succession Planning Podcast with Janathan Allen
M&As – Novation and Recertification
Preserving Deferred Tax Assets in a Capital Raise
It is a common misconception believed by many that having a will avoids probate. Not only is it false, it really could not be further from the truth. Rather, a will is a tool that is often used during the probate process and...more
As the population of the U.S. ages, we are in the midst of what some are calling the “great generational wealth transfer,” and some studies are suggesting there could be over $100 trillion passing to the next generation over...more
With the looming elections, tax planners have taken time to consider what the future of Estate and Gift Tax planning might be under the new Congress. Every new Congress considers changes to the Internal Revenue Code of 1986,...more
Your family’s vacation home is more than just a property. It is where your family has created memories to cherish for generations. Deciding how to pass down such a meaningful asset can be an emotional decision, but it...more
WELCOME TO THE SPOTLIGHT - In this issue, we feature an insightful interview with one of our keynote speakers, Alan Harter, CEO and Founder of Pactolus, a private wealth management company. With over two decades of...more
Over the next two decades, reports are estimating that baby boomers will pass down a combined $84.4 trillion in assets to younger generations. Dubbed the “Great Wealth Transfer,” this phenomenon is already underway and will...more
What is the step-up benefit of a revocable trust from the perspective of the beneficiaries? How can a revocable trust not only pass money and assets to your beneficiaries but save a substantial amount of tax in the process? ...more
If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each...more
In International Rescue Committee v. Trustee of the Wylie Street Emergency Fund, 537 P.3d 30 (2023), the Supreme Court of Idaho cited Black’s Law Dictionary (11th ed. 2019) as authority for the proposition that “a person can...more
There are a number of considerations to make when deciding whether to proceed with a Will-based estate plan or a trust-based estate plan. First, as a general matter, there are two ways in which your estate can be distributed...more
What is the Probate Process in New York? Probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute the...more
When considering an estate plan, clients who own firearms should remember that very often, their firearms require special consideration and planning, particularly given the intricacies of federal, state, and local gun laws...more
Stepped-up basis is a tax law that applies to estate transfers when a person receives an asset from a giver after a benefactor passes away. In those circumstances, the asset receives a “stepped-up” basis – which is the market...more
Although transfer-on-death (TOD) and payable-on-death (POD) designations on financial accounts can be an effective tool to avoid the probate process, these account designations have the potential to derail a customer’s estate...more
Unanticipated changes in the law or circumstances may derail a careful plan to preserve a client’s intent to transfer wealth through trusts. A “trust protector” originated from a need to protect offshore trusts from...more
WHAT IS CRYPTOCURRENCY? Cryptocurrency is a digital asset that is created and traded online. Miners (computer operators) establish new units of digital currency and record them on a blockchain, a string of verified public...more
In an opinion released last week, the Minnesota Court of Appeals rejected a petition to modify the terms of a trust to allow for the early distribution of trust assets to the beneficiaries. The court also denied the...more
Mishaps of celebrities in their estate planning can offer insight into what can happen when you neglect your estate planning. While interest in a band or song rights may not be a part of your family’s portfolio, business...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
Last Sunday I learned that my mother’s dear friend who is very active, hikes daily, gardens daily, does senior yoga weekly, eats a healthy diet, and has many volunteer and social commitments that keep her happy, went on a...more
In a “legitimate” Trust, the ownership and control of the Trust assets and income is “separate” from a Settlor’s control and benefit. IRS has been reporting that Trusts are used for abusive tax schemes to hide true ownership...more
Transferring assets into trust for the benefit of children or others is a common estate planning tool. The party making the transfer into a trust gives up any right to control the property or its distribution....more
In Estate of Keener, two heirs of a trust settlor filed an application to declare heirship. No. 13-18-00007-CV, 2019 Tex. App. LEXIS 1222 (Tex. App.—Corpus Christi February 21, 2019, no pet. history)....more
Some of the most heartbreaking situations we see in our closely-held business and estate practices are families torn apart over differences in dealing with family-owned businesses. When there are problems with...more