As the new year approaches, we present our annual year-end advisory for 2023. This edition highlights noteworthy estate and gift tax changes in the law and outlines planning opportunities that can be utilized before the end of the year. We also take a moment to recognize some of our accomplishments in 2023 and provide our
Following up an advisory we published last year (click here to read), we offer this update on recent developments in the case of Salce v. Cardello that may have meaningful implications for the use and enforcement of no contest clauses in wills and trusts.
In a narrow and unusual ruling, the Connecticut Supreme Court denied
The reporting requirements under the Corporate Transparency Act (CTA) will come into effect on January 1, 2024. The U.S. Treasury estimates that more than 32 million pre-existing entities and approximately 5 million new reporting companies annually over the next decade will have to register under the CTA.
The CTA was enacted on January 1, 2021
Highlighted in re Jones v. Jones, 103 Mass. App. Ct. 223 (2023)
In a troubling ruling that potentially could impact estate planning across the country, a Massachusetts appellate court ruled that the corpus of a discretionary trust created by a parent in Michigan, for the benefit of an adult child living in Massachusetts, could be
Modern families are complex and can consist of unmarried couples, married same-sex couples or couples in second marriages. These families may encounter unique estate planning challenges and may not always enjoy the same legal advantages, spousal rights, and tax benefits as others. For instance, couples who do not take the formal step of marriage under
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
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
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