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Now that the 2016 tax year is over, it’s not too early to think about planning for 2017 taxes and making tax planning a year-round activity. This year’s tax planning guide addresses potential strategies to consider amidst the uncertainty in the tax landscape, highlights important deadlines, discusses the related changes being proposed i...

In light of the portability opportunity and the recent proposal by President Trump to eliminate the estate tax, many people may believe trusts no longer serve a useful purpose in their estate plan. However, trusts still may play a critical role in taxable estates and those estates under the taxable threshold. There are also many non-tax benefits of...

President Trump’s recently released “core principles” for tax reform and simplification initiates the beginning of what is sure to be a heated debate over the future of U.S. tax policy. The announcement was short on policy details and far from enacted legislation. Also, the legislative process is complex and slow, particularly for...

Many successful individuals and prominent families do not realize the full benefits of strategic financing or leverage, especially when it comes to wealth and estate planning. In fact, an estate or succession plan that includes appropriate borrowing strategies can help preserve a family’s legacy and enable more efficient transfer of wealth fr...

Tax positions of a candidate are aspirational, and the newly-elected president will need to work with Congress to implement tax changes. In a summary comparing the outline of the tax reform proposals the Trump administration released on April 26, 2017 and the proposal the House GOP put forth in June 2016, it addresses the topics that are most relev...

For decades, Delaware has led as an innovative and flexible jurisdiction for establishing and administering personal trusts. There are five reasons to explore the First State as the premier location for your new or existing trust—even if you don’t reside in the state. Delaware is also a leader in providing “directed trusts,”...

On January 20, 2017, Donald J. Trump was sworn in as America’s 45th president. Wasting no time, President Trump has already signed some executive orders, one of which freezes federal regulations pending further review (what this means for various tax regulations, including the proposed valuation discount that the IRS issued in August 2016, is...

The Board of Directors plays a pivotal role in the effective governance of any organization, including the private family trust company. Board members fulfill their roles and responsibilities, in part, by holding regular meetings that utilize a comprehensive agenda. One vital tool for an effective Board meeting is the meeting agenda. Here, ten sugg...

Every family has its own reasons for establishing a private family trust company (PFTC) which can be structured to suit the family’s needs and desired goals. When deciding whether to establish a PFTC, there are several important issues to consider. Taking an in-depth look at these considerations—including capital requirements, regulator...

On April 26, 2017, President Donald Trump presented the core principles of his proposal to significantly overhaul the Tax Code, including reducing individual tax brackets from seven to three, lowering corporate and individual tax deductions, and eliminating the alternative minimum tax. If key elements of the administration’s tax reform propos...

Michigan recently passed an act that allows individuals to create Domestic Asset Protection Trusts ("DAPTs"), an attractive option to help people protect their assets from the claims of third party creditors. If the basic requirements of the newly adopted Michigan statute are satisfied, it also permits the trust settlor to retain certain ...

When a loved one dies, there isn’t a checklist of tasks to complete to expedite the grieving process. When you have been named the Executor (or “Personal Representative”) of the estate, you have an administrative process to navigate in addition to the emotional one. Thankfully, in that role, there are a finite number of actions th...