A widow with four minor children was faced with a predicament. When her husband died, he owed more than $340,000 in unpaid federal income tax liabilities.
Articles
Help Clients Avoid 10 Common Estate Planning Mistakes
March 2017Developing an understanding of your client’s circumstances, needs, concerns and wishes will enable your clients to make better personal, financial, and legal decisions.
Journal of Financial Planning
Wills - Who Needs Them?
February 24, 2017Sometimes, it's a benefit to be in the minority: Only 42 percent of U.S. adults have wills, according to a recent survey conducted by Princeton Survey Research Associates International.
The Norman Transcripts
Tax Court Disallows Trusts Charitable Deduction For Want of Charitable Intent
November 7, 2016Simply put, trusts are liable for income tax on the income they earn. They’re also eligible to receive deductions for certain distributions they make.
Trusts & Estates Magazine Website
A Review of Code Section 754 and Its Tax Consequences
November 2016Subchapter K sometimes treats a partnership as a separate entity, which is distinct from its partners, and other times treats a partnership as an aggregate of individuals, each of whom owns an undivided interest in partnership assets.
Bloomberg BNA Tax Management Real Estate Journal
U.S. Government Extends Reach as Creditor Beyond the Insolvent Estate
September 21, 2016Trusts & Estates Magazine Website
Gene Wilder's Real-Life Golden Ticket
September 12, 2016Gene Wilder was a celebrated actor best known for his role as Willy Wonka. What Wilder is less recognized for, but which is maybe even more admirable, is his philanthropic efforts to raise awareness about ovarian cancer.
Trusts & Estates Magazine Website
UBI Tax Not Applied to Receivables Left by Decedent
July 26, 2016Originally, all business income of charities and other exempt organizations was free from taxation. Today, the tax on UBI is imposed on the unrelated business taxable income of most exempt organizations.
Trusts & Estates Magazine Website
IRS Denies IRC Section 1035 Tax Deferral in Annuity Exchange
June 29, 2016A taxpayer inherited an interest in an annuity from his late father. The taxpayer wished to exchange his interest in the inherited annuity for an annuity sold by a different insurance company.
Trusts & Estates Magazine Website
The Fiduciary vs. Sovereign Immunity
June 14, 2016Estates are generally viewed as a legal continuation of a deceased individual: when an individual passes away, any claims that arose before or on an individual’s death may be pursued by or against the estate of that individual.
Trusts & Estates Magazine Website
Asset Protection or Abusive Tax Planning?
May 17, 2016Former billionaires punished for using offshore trusts as "piggy banks" to defraud the IRS. “Never let a creditor get to your asset, no matter how bad your mistake.”
Trusts & Estates Magazine Website
IRS "Rolls Over" Where Beneficiary Designation Overlooked
May 12, 2016Without professional assistance, it’s easy for an individual to forego updating an essential element of their estate plan: beneficiary designations.
Trusts & Estates Magazine Website
The Legacy IRA: The Charitable IRA Rollover Part II
May 9, 2016Retirees searching for income who also want to give to charity are drawn to charitable remainder trusts and charitable gift annuities. You get lifetime payouts, and the charity gets its share when you die.
Forbes Magazine Website