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+00:00August 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...

Fiduciary Selection: A Critical Part of Any Well-Prepared Estate Plan

by Richard M. Morgan & Loraine M. DiSalvo In the estate planning context, a “fiduciary” is someone who will serve in a role of authority with regard to you, your assets, or your minor children. Fiduciary roles which may be part of an estate plan can include an Executor, a Trustee, a Guardian and/or Conservator, [...]

The Benefits of Proper Estate Planning

To see what happens without proper estate planning, let us consider a common family situation. Assume that you own most or all of the significant family assets in your individual name and you die leaving a spouse and minor children. If you die in Georgia without a valid will, your probate estate assets will be [...]

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