2023
Showing 369–384 of 460 results
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Estate planning and asset protection planning go hand in hand
March / April 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 607
Abstract: Business owners understand the importance of protecting the company’s wealth from the claims of creditors and lawsuits. Doing so ensures that more wealth will be available to pass to family members. This article explains that the way a business is structured can affect its level of asset protection. It also discusses strategies to build asset barriers.
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Influencing your heirs – 4 tips for an effective incentive trust
March / April 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 675
Abstract: Estate planning isn’t just about sharing wealth with the younger generation. For many people, it’s equally important to share one’s values and to encourage their children or other heirs to lead responsible, productive and fulfilling lives. One tool for achieving this goal is an incentive trust, which conditions distributions on certain behaviors or achievements that you wish to inspire. This article explores four strategies that can increase the effectiveness of an incentive trust.
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Funding long-term care expenses: What are your options?
March / April 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 936
Abstract: Few things can derail an estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC (such as a nursing home or assisted living facility stay) at some point in their lives. And the cost of this care is steep. This article explores a few options to fund LTC expenses so that a person won’t deplete his or her nest egg. A sidebar details tax benefits available to offset LTC expenses.
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How do value conclusions and value calculations differ?
March / April 2023
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 421
Abstract: The value of a business is relevant in a wide variety of legal contexts, including divorces, shareholder disputes, mergers, bankruptcy and tax planning. Understanding the different services valuators offer can facilitate informed decision-making. This article compares and contrasts two common types of valuation services: calculations of value and conclusions of value.
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Detecting fraud with proactive measures
March / April 2023
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 666
Abstract: Each year, businesses lose about 5% of revenue to fraud, according to Occupational Fraud 2022: A Report to the Nations. A key takeaway from the biennial report is that active detection methods are far more effective than passive methods in reducing fraud loss and duration. This article delves into the details of this finding and provides other key takeaways from the report.
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Estate of Levine – Taxpayer wins on value of split-dollar arrangement
March / April 2023
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 526
Abstract: The U.S. Tax Court recently rejected the IRS’s attempt to essentially triple the value of a split-dollar life insurance arrangement in a decedent’s taxable estate. This article summarizes this case and highlights the importance of careful drafting in estate plans. Estate of Levine, No. 13370-13 (Tax Ct. Feb. 28, 2022).
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IRS sheds light on subsequent events and recycled valuation reports
March / April 2023
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 935
Abstract: A recent IRS Chief Counsel Advice memorandum offers valuable insight into the IRS’s perspective on whether subsequent events may be considered when estimating the fair market value of a private business interest for gift tax purposes. The memorandum — which can’t be used or cited as legal precedent — also addresses the issue of re-using previously issued valuations for gift and estate tax purposes. This article summarizes the key takeaways from this unofficial guidance. A sidebar explains when valuators may factor subsequent events into their analyses.
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Midsize firms poised to profit from growing demand
Winter 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 476
Abstract: The latest edition of the Thomson Reuters Institute’s Report on the State of the Midsize Legal Market paints a generally “bullish” picture for midsize law firms — with the average midsize firm outperforming its Am Law 100 counterparts in demand growth in the first half of 2022. It cautions, though, that multiple challenges remain. This article reviews some important statistics based on data from U.S.-based firms.
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Investing in alternative business structures – ABA ethics opinion sets out rules
Winter 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 630
Abstract: The American Bar Association opened the door to attorneys’ passive investments in so-called alternative business structures (ABSs) with a 2021 formal ethics opinion. But the permission comes with significant limitations that attorneys should take into account before — and after — making such investments. This article reviews the ethics opinion and the conflict analysis lay firms will need to conduct to take advantage of these arrangements.
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It’s time to review your client trust account practices
Winter 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 628
Abstract: Handling client money happens daily in every law firm. State ethics rules require most attorneys to use trust funds to segregate client funds from firm funds. Maintaining these client trust accounts (CTAs) while meeting a state’s ethics rules can be onerous, but following the rules is better than sanctions or potential disbarment. CTA rules vary by state, and this article highlights ways law firms can monitor their CTA practices.
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Pass-through entity taxes – How law firms can manage the SALT deduction limit
Winter 2023
Newsletter: Law Firm Management
Price: $225.00, Subscriber Price: $157.50
Word count: 791
Abstract: Many high-income taxpayers were upset when the Tax Cuts and Jobs Act of 2017 imposed a $10,000 limit on the federal income tax deduction for state and local taxes (SALT). In response, at least two dozen states and New York City have implemented pass-through entity taxes (PTETs) that provide a workaround for those eligible. This article looks at what such taxes mean for law firm partners, members and shareholders. A short sidebar delves into the difference in the laws of a couple of states.
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Estate Planning Pitfall – You haven’t made funeral arrangements
February / March 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 210
Abstract: No one likes to contemplate his or her own death but making funeral arrangements is a necessary evil of estate planning. Family members usually are distressed in the immediate aftermath of a loved one’s death. Thus, they may be hard-pressed to follow through with funeral arrangements that have been stipulated in a will or other document. This brief article suggests ways to ease the burden on one’s family by making clear funeral arrangements.
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Comparing inter vivos and testamentary trusts
February / March 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 584
Abstract: Creating and adhering to an estate plan is no simple task. Generally, the end goal of estate planning is to divide up and transfer assets to loved ones at a minimum or zero tax cost. Of course, a will is a good starting point, but it may be supplemented by various other estate planning techniques, including trusts. Trusts are essentially used to accommodate asset transfers beyond dispositions in a will. This article examines the two main trust types: the inter vivos trust and the testamentary trust.
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Has your buy-sell agreement recently been updated?
February / March 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 868
Abstract: A buy-sell agreement should be a critical part of an individual’s estate plan if he or she has an interest in a business that’s closely held or family owned. The agreement provides for the disposition of each owner’s interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. This article explains how a properly drafted buy-sell agreement can help address a variety of issues business owners and their families may face when a triggering event occurs.
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Gifting made easy – Max out your annual gift tax exclusion amount
February / March 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 793
Abstract: By using the annual gift tax exclusion judiciously, individuals can transfer assets to loved ones and reduce the size of their taxable estates without eroding their federal gift and estate tax exemption. This article details the benefits of making annual exclusion gifts, especially if one wants to transfer significant wealth to family members. A sidebar explains a recent U.S. Tax Court ruling regarding deathbed gifts.
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Prepare for stricter cybersecurity on DoD contracts
Winter 2023
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 430
Abstract: Winning a U.S. Department of Defense (DoD) contract can mean a substantial revenue boost for a construction company. But any entity that works on a DoD job will soon have to comply with the Cybersecurity Maturity Model Certification program. This article outlines the program and discusses why contractors should consider a cybersecurity assessment regardless of whether they plan to bid on a DoD contract.