Tax Code Rewrite Favors Real Estate Over Art

Since the recent tax code overhaul, some of you may be confused about whether acquiring art or real estate would be a better investment for your estate and financial planning purposes. Congress kept the 1031 exchanges that allow real estate to be sold tax-free if the proceeds go to buy more property. That same advantage… Read More »

Partridge Family Star Disinherits Daughter

Pop music icon and ’70s television star David Cassidy passed away in November of organ failure at the age of 67. In his will , the late Partridge Family star left $150,000 in assets to his son, Beau, and his music memorabilia was left to his three half siblings, according to The Blast. What’s shocking… Read More »

There’s a Good Chance You Were Affected by the Equifax Data Breach

The data breach of Equifax, one of the big three major credit reporting agencies, has exposed the sensitive, personal information of 143 million Americans, according to news reports. The breach lasted from mid-May through July, 2017 according to Equifax. Hackers gained access to people’s names, social security numbers, birth dates, addresses, and, in some cases,… Read More »

Valuation Discounts Appear to Be Sticking Around

Recent developments on Capitol Hill appear to show that valuation discounts for family-owned businesses are not going away anytime soon. In April, President Donald Trump issued an executive order requiring the U.S. Treasury to identify within 60 days any regulations that impose an undue financial burden on taxpayers, add undue complexity to federal tax laws,… Read More »

Should Jointly Held Assets Go Into a Trust?

We’re often asked by new clients whether they should put jointly held property into a revocable trust (a.k.a. living trust). The answer is often yes. However, what ends up going into that trust depends on the structure by which the assets are held jointly by the client, as well as the structure of the trust… Read More »

Do Trustees Have a Duty to Decant?

The irrevocable trust is a powerful protection tool. If written properly by an experienced estate planning attorney, it can secure your wealth and property for intended loved ones for generations to come. But you can’t anticipate everything – including whether an heir will divorce and possibly expose a large portion of trust assets to an… Read More »

Consider a GRAT to Reduce Risk of Gift Taxes

One of the most powerful estate and gift tax strategies you can employ is temporarily freezing the value of an asset that will be worth more later with a Grantor Retained Annuity Trust (GRAT). When stocks and real estate are at a low, this can be a powerful tool, assuming you (the grantor) believe the… Read More »