Year-end Planning With a Spousal Lifetime Access Trust (“slat”): Five Key Points to Consider

The Tax Cuts and Jobs Act of 2017 doubled the federal gift and estate tax applicable exclusion amount from $5 million to $10 million, adjusted for inflation. In 2021, the federal gift and estate tax exemption is set at $11.7 million, which generally means that an individual can transfer $11.7 million worth of assets...

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Make Sure Taxes Are Paid Before Final Distribution to Beneficiaries

A recent (unpublished) federal district court case out of New Jersey, decided on October 22, 2020, United States v. Estate of Kelley, 2020 WL 6194040, highlights the treacherous pitfalls to which an inexperienced estate representative may be exposed when assets are distributed to beneficiaries before Uncle Sam collects his taxes.

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Lorraine...

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Trusts Cannot Assert Fifth Amendment Right Against Self-incrimination

In a recent tax case involving IRS subpoenas, United States v. Fridman (2d Cir. 2020) 974 F.3d 163, a federal appellate court ruled that a trust cannot assert a right against self-incrimination under the Fifth Amendment to the United States Constitution.

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As part of its investigation into the business dealings of...

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Risky Business: Piercing the Veil and How It Puts Your Business at Risk

When you create a limited liability company (LLC) or a corporation, the concept of limited liability is one of the key rationales for those entity choices. Limited liability is typically available when you create distinct legal entities that separate your personal assets from your business assets, thereby limiting exposure to liability on...

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How Does Llc Ownership Work?

The limited liability company (LLC) is a popular business structure for new businesses, but what does it really mean to own an LLC? LLCs provide unique opportunities to customize business ownership to fit the particular needs and circumstances of the owners. Here is what you should know about LLC ownership.

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