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The two-year window is closing on opportunities for families to capitalize on gift, estate, and generation-skipping tax provisions of the 2010 Tax Act. In this 2012 Financial Executives Forum session, Susan von Herrmann, a partner in Schiff Hardin’s private clients and trusts and estates group, looked at gifting strategies in light of the Act's imp...

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 ...

The treatment of capital gains and taxes become a little more complicated when considering a mutual fund investment. There are two scenarios where a mutual fund investor may end up paying more in capital gains taxes than expected. And the amount you pay may not depend only on you.

As an alternative to ETFs, investors are seeing the value of investing in separately managed accounts (SMAs), which offer diversified, index-like, and customizable exposure. However, what does it mean for investors who already hold a basket of appreciated ETFs but would like to unlock the potential of SMAs? This dilemma is explored through a reason...

A side effect of the new normal created by social distancing due to the Coronavirus pandemic is the inability for clients and advisers to come together in the same room to discuss, plan, and execute on their estate planning objectives. However through modern technology, these discussions can still occur in virtual spaces, and pursuant to an executi...

Although the population and life expectancies of U.S. retirees are increasing, portfolio yields remain at historically low levels. As defined benefit income becomes less commonly available, the need for informed retirement portfolio spending strategies is more critical. Because every investor's financial situation is unique, there is no one-siz...

Businesses unable to apply in time for loans from the initial Paycheck Protection Program (PPP) allocation have another opportunity to submit an application after the U.S. Senate passed a bill appropriating additional funding for the program. Similarly, businesses that submitted loan applications which could not be approved by the SBA because of th...

On April 30, the IRS released guidance providing that Paycheck Protection Program (PPP) loan borrowers may not deduct costs that are paid for with loan proceeds that are forgiven under the CARES Act. Additional guidance is provided on this and other provisions of the PPP, including loan forgiveness and mortgage interest obligations. While PPP loan ...

At the core of philanthropy, charitable giving stems from a desire to benefit a cause or program. That desire is even stronger during turbulent times. When moving forward with your charitable giving, there are a few key points to keep in mind to help maximize your strategy, including tax incentives and planning opportunities that are available...

Can a pandemic-induced market downturn become an opportunity for investors looking to modify their portfolios? Learn how constructive changes, including going from ETFs to tax-managed SMAs, can present the best chance to improve overall portfolio health.

The coronavirus pandemic has upended markets, the economy, and people’s livelihoods. Few things feel like they’re under your control. When it comes to investing, what should investors and their advisors do? While it may be strange to contemplate why the pandemic could also reshape taxes, the choices you make around investment taxes...

The passage of the Coronavirus Aid, Relief, Economic, and Security (CARES) Act brings much needed tax relief to individuals, families, and businesses. While the CARES Act provides many potential sources of relief, the focus here is on the key personal and business tax provisions in the Act, and how such measures can provide support in the short ter...

Financial planning is a long-term process, so it’s important to begin by building a strong foundation upon which the rest of your plan can grow. The foundation of your plan is designed to provide financial stability and protection. With these features in place, now may be an excellent time to examine opportunities to grow your assets and ulti...

Every year, life insurance carriers capture approximately $25 billion of economic value from policy owners and trust beneficiaries when the policies of older insureds are surrendered or allowed to lapse. Of that amount, high-net-worth families forfeit around $10 billion because they weren’t aware of how they could recapture the value of those...

When considering where to establish a Private Family Trust Company (PFTC), South Dakota is continually chosen as the top regulated PFTC jurisdiction in the United States. The low PFTC capital requirements and maintenance costs make the set-up an easier process. Other compelling reasons include asset protection, best privacy jurisdict...