Watch Now: Look Before You Leap

Our first video edition of "The Passionate Estate Planner" highlights the new 20% tax deduction for qualified business income. In less than 3.5 minutes, Richard Morgan shares the impact of this important provision in the 2017 "Trump" Tax Act. Who benefits? Who doesn't? Click on the picture below to watch and find out...  

October 23rd, 2018|

Thinking Through the Need, Ability and Process to Modify an Irrevocable Trust

Consider what changes are needed to achieve desired goals. This is the up-front analysis that may need some significant and deep thought. This is not considering the type of legal process, but considering the technical changes needed to achieve the desired outcome. For example, if a trust is considered to be a grantor trust for income tax purposes, but non-grantor trust status is desired, all of the trust's provisions and [...]

July 28th, 2018|

Reasons to Decant or Otherwise Modify an Irrevocable Trust

While the reasons to decant or otherwise modify an irrevocable trust are as numerous as the imagination can create, here is a listing of some of the more common reasons: Correct trust drafting errors, such as scrivener's errors or ambiguous terms. A lot of trusts were simply not drafted properly and these mistakes can be corrected. Change the Trustee. Many trusts were drafted in an inflexible manner and require burdensome [...]

July 26th, 2018|

Charitable Giving Under the 2017 Tax Act1

by Loraine M. DiSalvo President Trump signed the 2017 Tax2 Act on December 22, 2017, bringing a huge number of changes to the federal tax laws that affect individuals and businesses. This paper is intended to look solely at some of the changes to the income tax rules that apply to individuals,

April 9th, 2018|

The 2017 Tax Act: Lots of Changes, But What Does It All Mean?

It is clear that the 2017 Tax Act1 is significant and provides numerous fundamental changes that make our already complex tax system even more complex. With this level of complexity, it is likely that it will take several years for tax professionals to fully understand its terms and the planning needed to fully benefit from these changes. The purpose of this installment of The Passionate Estate Planner is to both [...]

March 7th, 2018|

Watch Now: Richard Morgan Talks UPOAA with ElderCounsel Georgia

As of July 1, 2017, Georgia has a new Uniform Power of Attorney Act ("UPOAA") which applies to all Power of Attorney ("POA") documents executed on or after this date. This presentation will first review the basics of these new rules, including both the good and the bad. Second, it will cover your POA form options in light of these new rules. Lastly, it will cover drafting issues if [...]

November 8th, 2017|

Proposed Tax Reform – What Should You Do Now?

On September 27, 2017, President Trump announced the release of a “Unified Framework For Fixing Our Broken Tax Code” (the “Framework”). A copy of the Framework can be found at The Framework was produced by the influential group known as the “Big Six.”1 The stated objectives of the changes outlined in the Framework are (1) to make the tax code simpler and fairer, (2) to reduce income taxes and [...]

October 26th, 2017|
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