The Montana Supreme Court in The Matter of the Estate of Jessie L. Beck, 418 Mont. 416 (2024) considered whether under Montana law, a cell phone video met the requirements of a validly executed last will and testament. The answer was a resounding no.
Four days prior to the decedent’s death, he recorded a
When it comes to estate and gift taxation, non-U.S. citizens face unique challenges based on their residence and domicile status. Understanding these concepts is crucial for effective estate planning and tax management.
Determining Domicile for Estate and Gift Tax Purposes
Estate and gift taxation of non-U.S. citizens is based on residence. For estate and gift
Digital Assets may be poised to revolutionize the financial world and the velocity of moving money across the economy. On this episode of Future Focused: Sophisticated Estate Planning, host Erin Nicholls and Corporate partner R.J. Kornhaas welcome guest Jake Claver, Managing Director of Digital Ascension Group, a multifamily office serving high-net-worth and ultra-high-net-worth clients. Jake
Highlighted by Daniels v. Commissioner
Navigating the complexities of estate tax can be challenging, especially when determining the domicile of a taxpayer with residences in multiple states. In the recent Connecticut Superior Court case, Daniels v. Commissioner, the court faced the intricate task of establishing the domicile of a wealthy individual who divided his
Income and losses generated within a trust must be reported, but the entity or person required to report such income or losses depends on what kind of trust it is. If a trust is a “grantor trust,” the grantor (i.e. the person who funded the trust) is responsible for the reporting and payment of tax.
The disposition of unique assets like art collections requires proper planning. On this episode, Partner Michael Clear and Associate Kaitlyn Pacelli speak with Deborah Robinson, Partner at Art Market Advisors. Deborah emphasizes the importance of early conversations to streamline the process and dives into the implications of appraisals, sales, and the division of collections, offering
FinCEN announced on February 27 that it will not enforce the current reporting deadline of March 21 under the Corporate Transparency Act (CTA). FinCEN will not issue any fines or penalties or take any other enforcement action against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to
A federal district court judge in Texas signed an order on February 17 lifting the last remaining nationwide injunction blocking beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA).
The Financial Crimes Enforcement Network (FinCEN) enforces BOI requirements and has promised a 30-day filing delay to allow reporting companies to comply. On February
When families clash over control of substantial wealth, whether in connection with the testamentary wishes of a loved one or the management of assets in an estate or trust, hiring the right fiduciary and probate litigator can make all the difference. In this episode, Partner Michael Clear sits down with Wiggin and Dana Partner and
This memorandum is designed to outline some of the basic administrative steps to be followed by the Trustee of an irrevocable life insurance trust (hereinafter referred to as an “ILIT” or the “Trust”). When properly implemented and administered, an ILIT prevents the imposition of estate tax on any life insurance policies owned by the Trust