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The basic foundation for every core legacy plan starts with five documents: a will, an irrevocable or living trust, a durable power of attorney for financial management, an advanced medical directive, and a HIPAA release. John Forster, a partner with the law firm of Baker Hostetler, who has interviewed some of the most successful families in the U.S. shares his thoughts on how to get started with a core legacy plan and what you need to know.

By drastically increasing the federal estate and gift tax exemption, the 2017 Tax Cuts and Jobs Act created a significant estate tax mitigation opportunity for high-net-worth individuals and families. National Director of Wealth Strategies Blair Talty discusses how these strategies have indeed been strengthened during COVID-19.

Society is facing an unprecedented time of anxiety, and more now than ever, families of wealth are concerned about both their financial and personal well-being. A panel of experts share their insights on how advisors can help their family clients find balance during unbalanced times and establish calm—from updating the estate plan to easing the portfolio panic, from mitigating the risk of cybercrime to creating a more peaceful lifestyle, and to securing the legacy through the use of life insurance.

When making a decision on whether to participate in a Qualified Opportunity Zone investment (QOZ), be prepared to evaluate the risks and regulatory requirements. This report provides an overview on QOZ, including compliance issues and due diligence checklists for investors, advisors, and managers. It is a way of seeing whether a proposed investment of realized capital gains by an individual in a QOZ fund, business, or property makes good investment sense.

The digital assets world continues to change every year, as the industry begins to go through the maturation phase. The remainder of 2020 and next year will bring new challenges, as well as new opportunities, for the ecosystem. Staying informed will prepare you for what lies ahead. Today’s top cryptocurrency tax topics include Form 1099 compliance and reporting, W-2 and other compensation compliance, multistate taxation, indirect and gross receipts taxes, international tax issues, and self-insurance versus insurance and re-insurance.

The coronavirus pandemic turned the markets—and our daily routines—upside-down, with much of the world struggling to adjust to a COVID-19 environment. Here are some ways, including tax and estate planning strategies, that can help you regain some financial control in these unprecedented times, today, and over the long term. Plus, look at how to take advantage of the CARES Act.

Organizations of all sizes have been in survival mode since the beginning of 2020 to get through the pandemic and the economic downturn that followed. But now, as the world moves towards recovery and growth, entities must carefully consider their unique circumstances and risk exposures when analyzing how recent events may affect their financial reporting. In addition, businesses will need to properly account for and memorialize any stimulus money received from the federal government.

Whether the sale of your artwork is a remote contingency or it is an immediate need, planning for it will help you and your fiduciaries anticipate the possible risks and opportunities that lie ahead. This guide leads you through the steps and takes you to the opportunities that exist when artwork, and the associated intellectual property such as copyrights and royalties, is sold during life or at death.

For employers with less than 500 employees who provided benefits under the leave program of Families First Coronavirus Response Act (FFCRA), a separate line of identification and reporting is required on the W-2 Form. Guidance is provided in the IRS Notice 2020-54 to help employers properly report 2020 emergency paid sick leave and expanded family medical leave wages paid to employees under the FFCRA.

When seeking to preserve the family legacy and wealth, families can create custom-tailored trusts to meet their specific needs and goals. In this overview, learn about why families form trusts, the different types of trusts available, the essential role of trustee, and why families might choose a bundled trust structure versus a Directed Trust structure versus a Private Family Trust Company.