It may take just 3 Republicans in the U.S. House to defeat a new Tax Cuts and Job Act (TCJA) extension and exactly 3 of the 12 Republicans, who voted against the TCJA in 2017, have been reelected to the U.S. House. BACKGROUND When The Tax Cuts and Jobs Act of 2017...
Estate Planning and the TCJA Estate planners are once again preparing for the potential expiration of key tax provisions. In 2010, the federal government stepped in with The Tax Relief Act of 2010 to avoid the sunset provisions of the Economic Growth and Tax Relief...
Gallup reports that 7.6% of U.S. adults currently identify as lesbian, gay, bisexual, transgender, queer, or another sexual orientation other than heterosexual. While this figure represents a growing trend, individuals identifying as LGBTQ+ represent a minority within...
Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and gather the various pieces and put it all...
The SECURE Act: Key Changes and Updates The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was originally signed into law on December 20, 2019. The Act simplifies the process for businesses to establish “safe harbor” retirement plans, making...
The Murdoch's Battle Over Their Media Empire The Murdoch heirs are battling over control of their multi-billion-dollar media empire. Adding to the complexity, the fight involves an irrevocable trust which Rupert Murdoch created in 1999. He executed the trust after...
Understanding the nuances of the Internal Revenue Code (I.R.C.) is crucial for effective estate planning and tax strategy. For example, estate planners must be familiar with the tax basis adjustment provisions in 26 U.S.C. § 1014. This article provides a detailed...
Many wealthy families in the US and worldwide utilize family offices to manage their assets and various other needs. Last year, the number of family offices surpassed 4,500, collectively managing an estimated $6 trillion in assets. North America holds the largest...
Retirement Planning and IRAs Hard-working Americans spend a lifetime trying to obtain financial stability and to then provide a financial legacy for their families. Often, the strategy to achieve such goals involves the funding of individual retirement accounts...
As AI increasingly becomes part of our everyday lives, individuals and families are exploring the use of AI programs to prepare estate plans. The answer to whether AI can be used for this purpose is, of course, yes. AI programs, similar to other online tools and...