Senate Republicans have adopted an unusual procedural strategy to bypass the Byrd Rule’s budget restrictions on their “One Big Beautiful Bill.” Rather than seeking the parliamentarian’s approval or invoking the so-called “nuclear option” to overrule an unfavorable...
Estate, Wealth & Succession Planning
Beyond Tax Law: Nuanced Trust Principles in Estate of Griffin v. Commissioner
Introduction The United States Tax Court’s decision in Estate of Martin W. Griffin v. Commissioner presents itself as a straightforward estate tax case involving failed QTIP elections and marital deduction disputes. A closer examination, however, reveals that the...
Powers of Attorney vs. Guardianships Under Ohio Law
Estate planning involves preparing for an individual’s death, but just as importantly, it also addresses decisions and arrangements made during their lifetime. In Ohio, individuals planning for potential incapacity often consider two primary legal tools: Power of...
Unclaimed Funds in Ohio: Is the State Holding Money that Belongs to You?
The Ohio Department of Commerce’s Division of Unclaimed Funds is safeguarding approximately $4 billion in unclaimed assets. In 2024, the Ohio Department of Commerce received $525 million in unclaimed funds but only $149 million was paid in claims. It's surprising how...
Special Needs Estate Planning: Ensuring a Secure Future for Your Loved One
Estate planning is a crucial process for anyone looking to protect their family and assets, but for families with a loved one who has special needs, it requires additional considerations. Without proper planning, a well-intentioned inheritance can inadvertently...
Reconciled But Risky: Can the $15 Million Exemption Make It Through Congress?
On May 12, the House Ways and Means Committee released its long-anticipated reconciliation package—an expansive tax and spending bill aimed at extending the 2017 Trump tax cuts and cementing key fiscal priorities before the TCJA sunsets at the end of 2025. Among its...
No Direction: What Liam Payne’s Estate Teaches Us About Dying Without a Will
Liam Payne’s sudden and tragic death shocked the world—but what followed should concern anyone without an estate plan. Despite a $32 million fortune, the former One Direction star left no will, leaving behind a young son, an unsupported partner and a tangled legal...
QSBS Capital Gains Exclusions: Utilize Estate Planning to Maximize Benefits
Qualified Small Business Stock (QSBS) offers business owners significant federal tax benefits of exclusion of up to $10 million or ten times the stock's basis in capital gains, whichever is greater. The stock must be held for at least five years prior to a sale. This...
Baseline vs. the Byrd Rule: What’s Next for the Gift and Estate Tax?
On April 10, 2025, the House of Representatives narrowly approved the Senate’s version of the FY 2025 budget resolution, which it passed on April 5, formally aligning both chambers on President Trump’s legislative tax agenda. This critical step unlocks the budget...
Baselines and the Bottom Line: How Congress’s Choice Could Determine the Fate of the Estate Tax Exemption
As lawmakers advance toward the critical 2025 tax cliff, a key—and increasingly contentious—policy question is coming into sharper focus: What should Congress assume about the future when it scores the cost of extending the Tax Cuts and Jobs Act (TCJA)? The answer...