Unlike trustees, who have very specific fiduciary duties spelled out for them in our trust laws, beneficiaries don’t have much guidance to help them in the role of beneficiary. Our answers to these frequently asked questions should help provide guidance on how to be a good beneficiary and your rights as a beneficiary under Michigan law.
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 wi...
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 leve...
Serving as a trustee for your family can be a valuable experience for you, while also providing an important service to your family. But before you accept the position, make sure that you understand the role you will play for the family and are willing to accept the responsibilities and liability that come with it.
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.
Losing a loved one can be very difficult. Yet, as an executor, spouse, or family member, you need to take steps to ensure that your loved one's financial affairs are properly settled as part of the family’s end-of-life planning. To help with the process, this step-by-step guide outlines the key tasks, including selecting an executor, considering th...
Selecting the right trustee is one of the most important decisions a grantor will make. The role of trustee has evolved significantly over the 21st century, and today’s trustee needs to recognize that a trust is rooted in a human relationship, not just a legal one. When selecting your trustee, look for the 7 traits to help you select the righ...
Before changing your residency to a new state for income tax purposes, consider the items outlined in this checklist. For additional insights, read more on how to successfully change your tax residency.
Families with the means and flexibility to choose where they live, particularly those anticipating a liquidity event or a life change such as retirement may be looking for a more tax advantageous place to call home. Changing your tax residency has many potential positives, but it’s not as simple as filing a change of address with the U.S Post...
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.
With increasing interest rates, the Treasury Department's recent publication of long-awaited proposed regulations will change the life-expectancy factors used in life expectancy-based estate planning. While the changes may not seem drastic, they should be considered by individuals contemplating its use. For most types of planning, when increase...
Social media and other digital accounts have a life of their own. Managing them is one aspect of managing a deceased person's digital estate. Sometimes the problem is simply closing an account while other times, you hope to gain access to a loved one's accumulated photos, videos, or other important files. To help manage your digital account...
Many affluent parents have concerns about the impact a significant inheritance could have on their children. If you're not ready to give the bulk of your estate to charity but you are concerned about the potential impact of inherited wealth on your children, there are other options. They include timing the cash distributions, adding genera...
The IRS is increasing its audit of large partnerships and is increasingly scrutinizing the validity and deductibility of management fee arrangements. In the case, Aspro, Inc. v. Commissioner, it offers a warning to taxpayers, including private equity and venture capital funds seeking to establish similar arrangements with their portfolio companies....
Persistent inflation and high interest rates have driven up costs and negatively affected charities. As a result, taking an efficient, tax-smart approach to maximizing donor impact has never been more important. Here are 12 ways to increase donor impact and potentially reduce taxable income in 2023 and beyond.