This column discusses advising clients on the implications for choice-of-entity decisions, charitable giving strategies, and estate, retirement, and higher education planning.
CPAs are in a key position to assess tax implications of property divisions and must consider professional responsibility standards if the ex-spouses both want to remain clients.
This item focuses on the pitfalls and potential opportunities to consider in the illiquid marital estate arena.
When parents divorce without a meeting of the minds or a well-crafted agreement, issues can result as to who is entitled to the tax benefits from supporting their children.
A transfer of ownership of a closely held business in divorce does not trigger gain or loss if it is directly between the spouses.
Familiarity with life insurance will elevate a practitioner’s service from being compliance-oriented to being consultative.
During the divorce proceedings, it is critical for each taxpayer to work with a tax adviser to understand the estate, gift, and income tax consequences of the marriage dissolution.
Follow these tips for using the final tax return for tax planning post-mortem.
CPAs are in a unique position to have a profoundly positive influence on the financial consequences of Baby Boomer divorces.
Advisers must consider a number of issues when helping a client navigate through a divorce. Emotions are at their peak, but careful thought and planning must take place before the divorce agreement is finalized, to prevent future financial and legal headaches. This item discusses the five top issues that financial advisers and CPAs should consider throughout a client's divorce negotiations.
Understanding the tax changes under ATRA alone does not prepare practitioners for how dramatically their role in the estate planning process has changed.
Married same-sex couples must now file their federal income tax returns as either married filing jointly or separately, but they have a choice whether to amend their federal income tax returns for open years during which they were legally married.
This column provides practitioners with an overview of the impact of the recent decision striking down a key provision in the Defense of Marriage Act ; a preliminary checklist of areas to be addressed with same-sex clients; and a discussion of the issues involved.
With thoughtful planning, taxpayers can minimize gift and estate taxes while retaining some control of transferred assets by establishing trusts or limited partnerships and using the annual gift tax exclusion.
Understanding the intricacies of residency and domicile is necessary to understand what will be included in a decedent’s estate for U.S. estate tax purposes.
The Turner cases highlight the importance of properly transferring FLP interests during life in a way that avoids the trap of creating an estate tax when the decedent planned to have none.
This article covers recent developments in estate tax, including the portability election, proposed regs. on the alternate valuation date, FLPs.
Several steps can be taken before a LLC member’s death to reduce estate and income taxes and to plan for an orderly succession.
It is essential for clients with multiple citizenship or residency to understand that the timing and manner of cross-border wealth transfers fundamentally affect their ability to minimize tax burdens.
Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family.