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
Many individuals are honored when asked to serve on a philanthropic non-profit board of directors. Serving as a board member can be a rewarding experience, but it also comes with significant responsibilities. This article guides you through the essential steps and considerations before committing to this important role.
Members of a
How can you reduce taxes by removing assets from your estate? In this episode, Partner Michael Clear answers this question, highlighting several gifting strategies to shift wealth out of a taxable estate. Michael touches on strategies like making annual exclusion gifts, direct payments for tuition and medical expenses, opening 529 accounts, and creating life insurance
Navigating the tax landscape during estate administration is like solving a complex puzzle with each piece representing opportunity and risk. One challenge is determining where key expenses can be deducted – on the estate tax return (Form 706) and/or the estate’s income tax return (Form 1041). Making this decision impacts the estate’s overall tax liability
GRATs Allow Transfer of Wealth Outside Your Estate With Minimal or No Gift Tax
Now is a good time to consider wealth transfer strategies that remove assets from your taxable estate. A common strategy is a grantor retained annuity trust, commonly referred to as a GRAT.
Description. A GRAT is a strategy that freezes the