The Queen of Soul May Have Had a Will After All

By Allison L. Byrd, Morgan & DiSalvo, P.C. In early May 2019, three hand-written ("holographic") wills purportedly written by Aretha Franklin were found in the late vocalist's home. The wills were discovered by Sabrina Owens, the personal representative of Ms. Franklin's estate. Two of the wills (dated June 21, 2010 and October 20, 2010) were [...]

2019-06-03T08:46:10-05:00May 30th, 2019|Blog|

Here we go again: Politicians Considering Radical Changes to the Estate Tax! What are the likely outcomes and what should you do about it?

by Richard M. Morgan Estate planners are life-long learners, as we need to keep up with ever changing laws, especially tax laws. Because we deal with constant change, we often yearn for stability in the law, regardless of the laws being good or bad from a public policy perspective. Well, we got some stability beginning [...]

2019-03-21T08:38:44-05:00February 21st, 2019|Articles, News|

Important Tax Court Case Dealing with the Valuation of a Business: Buy-Sell Agreements, Employment Agreements and Initial Appraisals do matter, but not necessarily in the way you may think.

By Richard M. Morgan The Tax Court in the recent Adell v. Comm. Case has made some very interesting determinations that will help in planning for the valuation of closely-held business interests.  Estate of Franklin Z. Adell, Deceased, v. Commissioner of Internal Revenue, T.C. Memo. 2014-155 (August 4, 2014). At the outset, it is important [...]

2016-12-22T06:23:47-05:00August 22nd, 2014|Blog|

Time is Running Out for Those Who Want to Save Taxes and Provide Huge Benefits to Their Loved Ones!

As readers of our newsletter should already be aware, the 2010 Tax Act is set to expire, or “sunset,” at the end of  2012.  This means that the laws regarding the federal wealth transfer taxes, which are the gift, estate and generation-skipping transfer or “GST” taxes, will all revert to pre-2001 law, including significantly lower [...]

The 2010 Tax Act, Gifts, and Perpetual Dynasty Trusts – The Perfect Estate Planning Combination

One of the many provisions of the tax law which became effective on December 17, 2010 (the “2010 Tax Act”) was a provision which effectively created federal gift and generation-skipping transfer (“GST”) tax exemptions1 of $5,000,000 for each individual U.S. citizen or U.S. permanent resident. Another provision made these exemptions subject to indexing for inflation [...]

Long-Term Trust-Based Planning Makes Focusing on Intent More Important

What is your true estate planning intent? Let this question sink in for a moment, then think about it again: What is your true estate planning intent? How do you want your loved ones to benefit from the assets you leave behind? Would you like to provide a safety net or a source of support? [...]

Possibly the Best Way to Pass Assets to Your Children or Other Loved Ones: GST Planning – Part One

Eventually, we all pass on. At that point, assuming we didn’t die broke, we will usually leave some form of inheritance to people who survive us. Some of us also may also want to make gifts to our loved ones before we die. Proper estate planning allows you to control who will receive a gift or inheritance from you, and to decide how the recipients will benefit from the assets. Proper estate planning... read more

Possibly The Best Way to Pass Assets On To Your Children or Other Loved Ones: GST Planning – Part Two

In our last newsletter, we introduced the concept of “GST planning,” which is, in essence, estate planning using the generation-skipping transfer (“GST”) tax exemption in conjunction with long-term trusts to provide great benefits for the intended beneficiaries of a gift or inheritance. Last month’s newsletter article discussed the GST planning option, along with its incredible potential benefits and flexibility. We focused on trying to explain what GST planning is and what it can offer. In this issue we’ve focused on things you should keep in mind and consider when you decide to include GST planning in your own estate plan. read more...