Ownership of real property in multiple states can raise many estate planning issues. How the property is titled (i.e., whether the property is owned directly or through an entity, such as a trust or a limited liability company, may have a dramatic impact on the settlement of your estate and the taxes due. Fortunately, there
Originally published on February 11, 2021.
The Corporate Transparency Act (CTA) was enacted on January 1, 2021 as part of the National Defense Authorization Act creating a federal beneficial ownership registry applicable to corporations, limited liability companies (LLCs) and most partnerships. Targeted at small, privately-held business entities, the CTA requires these organizations to report
There has been a longstanding effort globally and a lot of pressure on the United States to implement some sort of registry on a federal level for ownership of small and mid-sized entities. On today’s episode of “Future Focused: Sophisticated Estate Planning,” Partners Erin Nicholls and Michael Clear chat with Partner Carolyn Reers about the
A special kind of irrevocable trust, known as a qualified personal residence trust (or QPRT), may enable you to transfer your residence to your children (or others) at a significantly reduced value for tax purposes, yet allow you to continue to live in the residence for as long as you wish.
Setting Up a QPRT
Funding education at any level can be a large expense and may require a lot of advanced planning. In this episode of “Future Focused: Sophisticated Estate Planning,” hosts Erin Nicholls and Michael Clear discuss key strategies for funding educational expenses. They explore various options, including the direct payment of tuition, 529 educational funding plans, and
The family beach house, ski condo, lake cottage, or other vacation property is often cherished for the lifelong memories created and the traditions upheld. Understandably, many people want to keep these properties in the family for generations to come, with the intent of creating meaningful family traditions and history, strengthening family ties, and preserving a parent’s
Updated May 2025
Clients interested in assisting a family member financially can consider making an intrafamily loan. To be respected as a loan, rather than a gratuitous transfer, certain formalities should be followed. Here, we outline those formalities.
What is an intrafamily loan?
Although current tax law allows for the exclusion of gifts up to
Trustees behaving badly? In this episode of “Future Focused,” Partners Erin Nicholls and Michael Clear discuss trusts and mechanisms available for a trust beneficiary to remove a trustee. From understanding the roles of trustees and educating beneficiaries to exploring communication breakdowns, compromise options, and even judicial routes, Michael and Erin provide expert insights and strategies
Highlighted In re Trust Under Deed to Walter R. Garrison
“This irrevocable trust no longer meets our needs, what options do we have?” This is a question that clients periodically ask. A recent Pennsylvania Supreme Court case, In re Trust Under Deed to Walter R. Garrison, illustrates a trend among states to grant
Private foundations, also known as “family foundations,” can serve strategic wealth planning goals for high-net-worth individuals while also serving charitable goals. However, private foundations require oversight and annual reporting, and administering a private foundation may be more onerous than it first appears. In this publication, we discuss the key requirements and recommended practices associated with