This column discusses advising clients on the implications for choice-of-entity decisions, charitable giving strategies, and estate, retirement, and higher education planning.
Significant Event Planning (Marriage, Divorce, Family Additions, Death, etc.)
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.
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.
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.
Payments are child support for tax purposes if they are either so designated in the divorce or separation agreement (fixed child support) or deemed to be child support.
The IRS recently issued Rev. Rul. 2008-41, confirming that charitable remainder trusts (CRTs) can be divided into separate but equal trusts for each recipient without adverse tax consequences.
For most couples contemplating divorce, the largest single asset at issue is their personal residence. In most situations, one spouse moves out of the residence during the separation and divorce proceedings. Tax consequences are often ignored, as the primary concern is the division of marital assets. However, focus normally returns