It comes as a surprise to many people that federal law permits civilians to own machine guns, suppressors, short barreled rifles and shotguns, destructive devices, and “any other weapon” (exotic firearms li...
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One hallmark of an attractive trust jurisdiction, like Alaska and Nevada, are their comprehensive statutory laws governing trusts. In contrast, many non-U.S. jurisdictions rely more heavily on common law. This ...
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Many people associate trusts with the very wealthy, because they are often used in the media and pop-culture in the context of two other words: “fund” and “baby”. The reality is that a trust is a helpfu...
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Many deductions allowed to an individual for federal income tax purposes for certain expenses or costs incurred have been permanently eliminated, or suspended or limited until 2026 by the 2017 Tax Act(“Act”...
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Joe is a married 55-year-old surgeon with three adolescent children. He has accumulated substantial assets in addition to his high annual income. Joe would like an estate plan that provides for his family and f...
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Competition among wealth managers for high net-worth clients is fierce. In order to attract and retain such clients, wealth managers must now offer a wide range of sophisticated services. For years, two of thes...
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A significant new letter ruling, Ltr. Rul. 200944002, enables planners to provide clients with a strategy that offers not only asset protection, but significant potential estate tax savings and other advantages...
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Many married individuals adopt an estate plan designed to avoid estate tax on the death of the first spouse to die while taking maximum advantage of the so-called unified credit (also known as the applicable ex...
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Trusts are one of the most important tools available for tax, estate and financial planning. Alaska has the best laws for setting up trusts. However, sometimes, the terms of the trust do not permit the trust to...
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