Search Results

Don’t miss this perennial Family Office Forum classic. It doesn’t take a crystal ball to know 2020 will usher in tax and estate planning change. The pandemic has disrupted the economy and interest rates, offering new opportunities for wealth transfer planning. Learn what you can do now and should do by the end of the year.Mark Harder, Partner, Warn...

Over the past 15 years, the IRS has attempted to ramp up its scrutiny of wealthy individuals. With billions in new funding promised under the Inflation Reduction Act, the IRS has announced additional tax enforcement efforts focused on the wealthiest filers, including high-income individuals, partnerships, and large corporations. Attorney Erin Lasen...

The White House released a retooled framework for the Build Back Better Act on October 28, 2021. Notable aspects of the Biden framework that will affect estate planning include estate and gift tax exemptions, grantor trusts, valuation rules, and the new surtax on high earners and non-grantor trusts—which could bring the total surtax to 8%). I...

For a business owner considering the sale of their business, there are two competing goals: maximizing the proceeds from the sale and minimizing the transfer taxes that will be due on the owner’s enhanced estate. With additional insights, Warner Partner Beth O’Laughlin discusses possible ways to accomplish both of these goals through gi...

Once you have decided to pass the family vacation property to the next generation, and you have chosen the ownership form you want to use, the last step in preparing for the transfer is to create an agreement that spells out the use and maintenance of the property and governs a family member’s exit from ownership (if that becomes necessary). Learn ...

Once a family has made a decision to pass the ownership of family cottage or vacation property to the next generation, you will need to give thought to how that ownership will be held. There are basically three options for the form of ownership and use of a cottage by multiple households of a family: co-tenancy, a trust, or a limited liability comp...

When families gather at their cottages or vacation properties, the senior generation might think how nice it would be for these multi-generational gatherings to continue after they pass. But before designing an estate plan to address the future generations’ continued use and enjoyment of this property, there are two important questio...

The New Inflation Reduction Act (the "IRA") was passed with a simple majority vote in the U.S. The IRA would raise approximately $450 billion to pay for deficit reduction, clean energy, and climate investments. Many of the original provisions that would have had significant impact for high net worth individuals have been stripped, includi...

While charitable giving peaks in December, it is good planning to go past the last month of the year to help make a greater impact for your communities. Depending on your tax needs and philanthropic goals, consider making a gift of appreciated assets, creating a charitable lead trust, and using other options that go beyond making a g...

The possibility of dramatic tax changes on lifetime gifts and after an individual’s death has increased with introduction of the For the 99.5 Percent Act and the Sensible Taxation and Equity Promotion Act in the U.S. While it remains early in the legislative process, the chances of significant changes are growing and the window for action is ...

You have too much at stake to be caught unprepared, and your family is too important to be left in the lurch by an estate plan you didn’t realize that you had outgrown. If it has been a while since you have looked at your estate planning and settlement documents, it is time to perform a stress-test on your plan to ensure that none of the key ...

Hiring domestic staff such as nannies, personal assistants, and housekeepers can expose you to liability issues and danger from unscrupulous employees. It is important to understand your areas of vulnerability and take steps to protect your family and your finances. Whether you hire your own employees or the family office hires them, three often ov...

One of the most important, yet most forgotten, parts of estate planning is keeping track of who will benefit from those assets, including life insurance, which are not governed by your will. Providing for your family includes knowing which types of assets are not governed by your will; ensuring your assets are going to where you want them to go; an...