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To develop an effective succession plan for your personal collections and tangible assets—including art, fine jewelry, wine, and antiques—you must understand their monetary value. In this ten minute interview, Natalie Annis and Brian Lucareli discuss estate planning for personal collections and the additional tax considerations that apply to the transfer of tangibles, whether during one's lifetime or at death.

In preparing for the birth of his daughter, David Slover developed a to-do list each parent should think about executing. Topics shared include Last Will and Testament, Financial and Healthcare Powers of Attorney, Living Will, Life Insurance Policies and Retirement Accounts.

For families with significant wealth, a new IRS Revenue Procedure could result in millions of dollars in tax savings. The procedure makes the Deceased Spouse Unused Exclusion available up to five years after the death of the first spouse of a married couple.

In this ten minute interview, Brian Lucareli and Tim Voigtman of Foley & Lardner discuss developments regarding the entity-level taxation. Insights are provided on the impact of the SALT limitation, as a number of U.S. states have adopted legislation that allow flow-through entities to elect to pay state income taxes as an entity level tax.

With an array of charitable giving options, it's important to understand how each gift could affect your annual deductions. Here's a quick guide to tax deductions, out-of-pocket deductions, and required substantiation. For the individuals and families looking to go beyond the standard donation, there are a few alternate options with their own tax considerations.

Non-fungible Tokens (NFT) now represent a broad class of investments, from collectibles to more financial-type assets. As the applications advance, the existing consensus on the tax treatment of NFTs may change. While there is limited guidance from the IRS, there are considerations for creators and investors to keep in mind.

The Biden administration’s fiscal year 2023 budget blueprint that was released on March 28, and it consisted of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The familiar included calls for increasing the top corporate tax rate to 28% and the individual rate to 39.6%. Among the new proposals, the minimum tax on high-net-worth individuals has garnered considerable attention. These proposals, as well as others that have not been closely scrutinized, are described in this report.

After more than a decade of record low interest rates, the combination of inflation and increasing interest rates has investors jittery; however, it also presents an opportunity for high-net-worth individuals to review and adjust their existing strategies for estate planning, business planning, financial planning, and wealth management.

A best-in-class family office tax function goes beyond preparing timely tax returns to drive tax strategy and reduce the overall income, gift, and estate tax burden across generations. Given the role taxes have on most families, it’s imperative for the family office to ensure it has the proper infrastructure and resources to understand, plan, and strategize from both the tax planning and compliance standpoint. Best practices are provided to help strengthen your family office’s tax capabilities.

Creating an enduring financial legacy becomes more challenging with each branch that is added to the family tree through marriage. With divorce rates at a high level, it is important for families to understand the wealth management considerations related to marriage and take a proactive approach to planning for changes to their family dynamics.