Whenever I attend a large conference, I try to take some time afterwards to consider the most important takeaways. Having just returned from the 53rd Annual Heckerling Institute of Estate Planning which was held from January 14-19, 2019, I spent the last week reviewing the conference materials and my notes. From this, I have compiled…
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One of the more common engagements for our firm is to assist with business sales and acquisitions. This article is part of a series of articles which will walk through and discuss the steps typically associated with the sale of a business. This series of articles will discuss the process and means of selling a…
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Overview As of November 23, 2018, the Internal Revenue Service (“IRS”) published proposed regulations providing some valuable guidance with respect to the upcoming sunset of the increased estate and gift tax exemption in the Tax Cuts and Jobs Act (“TCJA”). With the TCJA, the estate tax exemption amount was increased from $5.49 Million to $11.18…
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Overview The Tax Court recently held that a partnership interest assigned to a revocable trust was not an assignee interest but rather was a limited partnership interest, and as result, the discounts for lack or marketability and lack of control were reduced and eliminated respectively. The Estate of Frank D. Streightoff (the “Estate”) argued that…
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In the wake of the Tax Cuts and Jobs Act, P.L. 115-97 (Dec. 22, 2018), estate planning has seen a return to its genesis. At its core, estate planning is about making sure assets pass to the right people, at the right time, and in the right manner. For most estates, the estate tax tail…
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